South Korea Vaccine Refrigerator Market Report and Forecast 2024-2032

South Korea Vaccine Refrigerator Market Size

The South Korea vaccine refrigerator market reached a value of approximately USD 32.80 million in 2023. The market is projected to grow at a CAGR of 4.8 % between 2024 and 2032, reaching a value of around USD 49.94 million by 2032.

South Korea Vaccine Refrigerator Market Outlook

• The Ministry of Health and Welfare states the Korean pharmaceutical market ranks 13th globally, valued at USD 0.02 trillion in 2023.

• The Ministry of Health and Welfare convened at the Korea Pharmaceutical Association to approve “The 3rd Comprehensive Bio-Pharmaceutical Development Plan” (2023-2027).

• Samsung Biologics, a fully integrated CDMO in South Korea, boasts the world's largest production capacity at 620,000L.

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South Korea Vaccine Refrigerator Market Growth Rate

Vaccine refrigerator comprises various products including vaccine under-counter refrigerators, vaccine stainless steel refrigerators, vaccine dual temperature refrigerators, and solar vaccine refrigerators. Various innovations including the integration of the Internet of Things (IoT) and artificial intelligence (AI) facilitate predictive maintenance, automatic temperature regulation, and data-driven enhancement of vaccine storage conditions.

Further, the use of advanced insulation materials improves temperature consistency and reduces heat transfer, ensuring the integrity of vaccines during storage and transit. Professionals with expertise in regulatory compliance navigate the complex requirements governing vaccine storage and transportation, guaranteeing that vaccine refrigerators adhere to essential standards and certifications for market authorization.

As per MOHW, the Republic of Korea, the pharmaceutical industry aims to increase high-quality employment opportunities from 120,000 in 2021 to 150,000 by 2027.

Key Trends and Developments

Emphasis on cold chain management, data logging and remote monitoring, technological advancements, and the growth of vaccination initiatives are the major trends impacting the South Korea vaccine refrigerator market growth.

January 22, 2023

Carrier Global Corp.'s joint venture in South Korea aimed to boost sales by prioritising the cold chain sector. This sector involved processes and equipment that maintained products at specified low temperatures from production to consumption.

January 18, 2024

Glad Alliance developed safer refrigerator systems with integrated anti-blackout and automatic alarm systems, along with double-locking doors. Their collaboration with Korean automation manufacturers aimed to advance healthcare facilities towards highly automated environments.

December 2022

The DAIHAN® ULT Freezer has established a cold chain infrastructure for COVID-19 vaccines in South Korea. Its DuoFreez™ technology, featuring an independent dual compressor freezing system, ensures the essential functions of ULT freezers, including high stability and resilience.

January 28, 2021

Winia Dimchae, a kimchi storage manufacturer, partnered with its affiliate, Dayou Plus, to create an ultra-low temperature freezer for vaccine storage. The Medibox freezer, compact with a 90-litre capacity, stored 18,000 vaccine doses.

Emphasis on Cold Chain Management

Growing emphasis on maintaining the integrity of the vaccine cold chain, from manufacturing facilities to vaccination sites, underscores the importance of high-quality vaccine refrigeration equipment capable of preserving vaccine efficacy throughout the supply chain.

Data logging and remote monitoring

Incorporating remote monitoring and data logging features in vaccine refrigerators enables healthcare providers to monitor temperature conditions in  real-time, ensuring ideal storage conditions and facilitating prompt action in case of temperature fluctuations.

Technological advancements

Continual advancements in vaccine refrigeration technology, including the refinement of temperature control systems, enhancement of insulation materials, and implementation of energy-efficient cooling mechanisms, improve the effectiveness and dependability of vaccine refrigerators.

The growth of vaccination initiatives

The expansion of vaccination programs, encompassing routine immunization schedules and mass vaccination campaigns, boosts the demand for dependable and efficient vaccine storage solutions, thereby driving market growth.

South Korea Vaccine Refrigerator Market Trends

Increasing emphasis on sustainability drives the demand for eco-friendly vaccine refrigerators powered by renewable energy sources like solar panels. These sustainable solutions align with global efforts to reduce carbon footprints and promote environmental conservation.

The growing demand for specialized vaccine storage solutions tailored to specific vaccine types and storage requirements drives the development of customisable refrigeration systems, catering to the diverse needs of healthcare facilities and pharmaceutical companies.

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South Korea Vaccine Refrigerator Industry Segmentation

South Korea Vaccine Refrigerator Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Market Breakup by Product

• Vaccine Stainless Steel Refrigerators

• Vaccine Under Counter Refrigerators

• Vaccine Dual Temperature Refrigerators

• Solar Vaccine Refrigerators

Market Breakup by End User

• Pharmaceutical Companies

• Hospitals

• Blood Banks

• Academic and Research Institutes

South Korea Vaccine Refrigerator Market Share

Vaccine stainless steel refrigerators contribute to the South Korea vaccine refrigerator market growth as they typically adhere to rigorous regulatory standards for vaccine storage, offering reassurance to healthcare professionals and regulatory authorities regarding the safety and quality of vaccines stored within.

Many vaccines stainless steel refrigerators are equipped with advanced features such as temperature monitoring, and data logging capabilities which help healthcare providers ensure proper storage conditions and respond promptly to any deviations.

Solar vaccine refrigerators eliminate the need for traditional power sources, such as electricity or fuel, reducing operational costs in the long run. They provide a backup solution during power outages, ensuring uninterrupted vaccine storage and minimizing the risk of vaccine spoilage.

Hospital drives growth in the South Korea vaccine refrigerator market share by prioritizing vaccination as part of preventive care strategies, necessitating adequate storage capacity for vaccines.

With the expansion of vaccination programs, hospitals require reliable and efficient vaccine storage solutions, leading to an increased demand for vaccine refrigerators. Moreover, hospitals are prioritising investment in innovative solutions to optimise vaccine storage conditions and enhance patient care outcomes.

Pharmaceutical companies invest in the development of new vaccines and biologics, leading to an increased demand for specialized vaccine refrigeration equipment. Moreover, pharmaceutical companies are investing in advanced vaccine refrigerators equipped with temperature monitoring and alarm systems to ensure compliance with cold chain requirements.

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Leading Manufacturers in the South Korea Vaccine Refrigerator Market

The companies produce and offer products including low-temperature storage equipment, refrigerators, specialized medical and laboratory equipment and others to hospitals, blood banks and others.

WINIA Electronics Co., Ltd.: Established in 1974 and is headquartered in Gwangju, Republic of Korea. The company offers products including refrigerators, washing machines, kitchen appliances, air conditioners, TVs, and small appliances.

PHC Holdings Corporation: Founded in 2014 and is a Chiyoda-ku, Tokyo-based company. The company offers diabetes management products and services, healthcare solutions, diagnostics, and life sciences solutions utilized by patients, healthcare professionals, and researchers across more than 125 nations.

Haier Biomedical: Established in 2005 and is headquartered in Qingdao, Shandong. The company focuses on the research & development, manufacturing, and sales of low-temperature storage equipment for biomedical samples.

Helmer Scientific Inc.: Founded in 1977 and is headquartered in Noblesville, Indiana. The company designs, integrates, manufactures, markets, and distributes specialized medical and laboratory equipment to clinical and life science clients in more than 125 countries.

Other South Korea vaccine refrigerator market key players are Dometic Group AB, and Thermo Fisher Scientific Holdings, Inc., among others.

Key Highlights of the Report

South Korea Vaccine Refrigerator Market Report Snapshots

South Korea Vaccine Refrigerator Market Size

South Korea Vaccine Refrigerator Market Growth

South Korea Vaccine Refrigerator Market Trends

South Korea Vaccine Refrigerator Market Share

South Korea Vaccine Refrigerator Manufacturers