Asia-Pacific Components and Systems market valued US$ YY million in 2020 and is estimated to reach US$ YY million by 2028, growing at a CAGR of 8.1% during the forecast period.
The Asia-Pacific market is expected to expand at a higher rate than the rest of the regions due to the increasing number of small and unorganized packaging manufacturers in emerging countries such as China, India, Indonesia and others. Manufacturers of isothermal boxes for vaccines can invest in the growing market, such as the Asia-Pacific region.
Furthermore, due to rising vaccination awareness and increased immunization programs, Asia-Pacific presents lucrative prospects for isothermal boxes key players in the vaccines industry to grow in the forecast period. The market expansion in this region may be attributed to an increase in vaccination demand, increase in the senior population, increased awareness and continued government support for vaccine development.
All countries and territories in Asia-Pacific have established vaccination programs that include a minimum number of routine vaccines (such as those for polio, diphtheria, tetanus, pertussis and measles); additional vaccines (such as those for pneumococcus, rotavirus and human papillomavirus) are added at the national or subnational level based on local morbidity, mortality and cost-effectiveness analysis.
In addition, In 2019, the overall vaccination of children against pertussis (provided through combined vaccines containing diphtheria and tetanus), measles and hepatitis B was high in most Asia-Pacific countries. While vaccination rates have plateaued at a high level in many countries and territories in Asia-Pacific, some countries with historically low rates have made substantial progress in recent years. Vaccine safety surveillance is improving globally, with 73% and 63% of nations reporting adverse events following immunization in the WHO areas of South East Asia and Western Pacific, respectively. Thus improving vaccination percentage in the region has created a huge market share for isothermal boxes for vaccine storage in the Asia-Pacific region.
The outbreak of COVID-19 was started in China and has shown a severe effect on the global population. Out of the most affected regions, Asia-Pacific holds a dominating position in global statistics. To control the further transmission of the virus, various countries of the region have started vaccination drives and some of them have set a global record of COVID-19 vaccination.
In, the middle of 2021, a surge in new cases of coronavirus illness (COVID-19) has emphasized the need to speed up and scale up immunization initiatives in Asia- Pacific. The Asia-Pacific Vaccine Access Facility, or APVAX, is the main vehicle for this support, started in December 2020. This US$ 9 billion mechanism includes a quick response component that funds early vaccine procurement and shipment, a project investment component that funds in-country distribution and administration and community outreach and surveillance.
India is a vaccine powerhouse usually capable of pumping out about 60% of all global supplies. Before April 2021, it had provided some 66.4 million doses of COVID-19 vaccines to over 90 countries, including Cambodia, Laos and Myanmar in Southeast Asia. In addition to export of vaccines, as of September 2021, 65% of country's eligible adult population had received at least one dose of the vaccine, while 22% had been fully vaccinated. Thus, growing vaccine export and ongoing vaccination drive in India have shown booming demand for isothermal boxes for the vaccine. The growing initiatives by the government, such as door-to-door vaccination, are further expected to escalate the market share for the product in the forecast period.
Furthermore, In 2019, close to 40% of registered manufacturing sites for active pharmaceutical ingredients were located in India and China. The local players for pharmaceutical ingredients are increasing in the Asia-Pacific, especially in India, where the government is supporting the growth of local players, which has created immense opportunities for the isothermal boxes for vaccines to proliferate in the forecast period.
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