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Vaccine Delivery Devices Market - Growth, Trends, Covid-19 Impact, And Forecasts (2023 - 2028)
The vaccine delivery devices market is expected to register a CAGR of 6.7% over the forecast period of 2022-2027. At first, the COVID-19 pandemic had a substantial impact on the vaccine delivery device market due to the unexpected spread.
New York, Feb. 07, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Vaccine Delivery Devices Market - Growth, Trends, Covid-19 Impact, And Forecasts (2023 - 2028)" - https://www.reportlinker.com/p06417059/?utm_source=GNW
The vaccine delivery devices market is expected to register a CAGR of 6.7% over the forecast period of 2022-2027.
At first, the COVID-19 pandemic had a substantial impact on the vaccine delivery device market due to the unexpected spread. The article "Exploring the impact of the COVID-19 pandemic on syringe services programs in rural Kentucky”, published in May 2022 by Harm Reduction Journal, points out how the pandemic reduced and affected the syringe services programs and vaccinations regionally and globally. Further, the increasing rate of different pandemics, which leads to other comorbidities, is a major factor driving the demand for vaccine delivery devices, thereby contributing to market growth. The article "Demand Creation for COVID-19 Vaccination: Overcoming Vaccine Hesitancy through Social Marketing,"published in the MDPI Journal in April 2021, reveals the increased demand for vaccination which leads to the point of high supply of vaccines. This highlights the need for vaccination, leading to the demand for the vaccine delivery device market. Hence, COVID-19 is expected to have a very significant impact on the vaccine delivery devices market.
Furthermore, market players are engaged in marketing tactics such as mergers and acquisitions and product launches. For instance, in May 2022, Becton, Dickinson and Company, and Mitsubishi Gas Chemical signed a letter of intent (LOI) to discuss establishing a partnership to develop innovative biological drug delivery methods OXYCAPTTM, that combines the best of plastic and glass for plastic syringes. Several pharmacological substances based on technologies such as mRNA, viral vectors, or novel antibodies may confront special stability or device integration problems when packaged and administered in glass prefilled syringes. Becton, Dickinson and Company, and Mitsubishi Gas Chemical will collaborate to find practical alternatives for delivering newer biological substances. Both companies are dedicated to improving sustainability and lowering their carbon footprint.
Growing immunization programs, investment in vaccine research, and developing novel drug delivery technologies fuel the market for vaccine delivery devices. Furthermore, the industry’s growth is aided by new product launches and strategic efforts by significant market competitors. For example, in May 2022, Gerresheimer and Portal partnered to treat chronically ill patients using a needle-free medicine delivery system. Gerresheimar has invested in Portal Instruments, a developer of next-generation needle-free medicine delivery technology based in the United States. The partners hope to improve the patient experience by altering the administration of injectable drugs. Portal creates technology that enables needle-free, high-speed subcutaneous injection of medicine and, via connectivity, patient, and medical care provider adherence monitoring throughout the treatment path. As a result of the reasons outlined, the explored market is anticipated to grow throughout the analysis period. However, the costs of microneedles restrain the vaccine delivery devices market growth.
Vaccine Delivery Devices Market Trends
Syringes are Expected to Occupy a Significant Share in the Vaccine Delivery Devices Market Over the Forecast Period
Syringes are devices used to inject medication into or withdraw fluid from the body. It’s most widely used to inject vaccines into the human body. There are different syringe measures according to the intravenous, intramuscular, and intradermal requirements. Being used widely in hospitals and clinics, syringes serve a huge part in the vaccine delivery devices market. For instance, according to an article published by the Association of periOperative Registered Nurses (AORN) in April 2021, titled “Prefilled Syringes are the Preferred Choice”, prefilled syringes are preferred for the delivery of drugs and vaccines owing to various benefits offered by them in the clinical settings such as waste reduction, better storage, and lesser time consumption. Hence, due to these factors, the demand for syringes in vaccine delivery is expected to increase which is expected to boost growth in the studied segment.
Further, the growing number of immunization programs and easy availability of syringes is expected to play a crucial role in the growth of the syringes segment in the vaccine delivery market. for example, with the ongoing large-scale vaccination programs around the world, syringes are being used widely across the world in delivering vaccines and thus, the production of syringes has increased significantly. For instance, in March 2021, Hindustan Syringes & Medical Devices Ltd (HMD) received orders from the Indian government to supply 256 million auto disposable syringes, earlier HMD had received an order of 177.5 million 0.5 mL auto disposable syringes from the Indian government in the wake of COVID-19 pandemic. Hence, owing to the above-mentioned factors, the syringes segment is expected to occupy a significant share in the vaccine delivery devices market over the forecast period.
North America is Expected Holds a Major Share in the Vaccine Delivery Devices Market Over the Forecast Period
The North American region is expected to hold a major share in the vaccine delivery devices market over the forecast period. The emergence of this region can be attributed to an increase in pandemics in the United States and the rest of North America, as well as enhanced trials and studies for vaccine development. Increased investment in research and development to bring new vaccination technologies to market is also expected to boost the region’s market. According to a report published by European Commission in June 2021, the United States holds most of the shares in the research and development of vaccines. As per the news releases on May 2022 in the National Institute of Allergy and Infectious Disease, the development of clinical trials shows promising results for a vaccine for Rare but deadly mosquito-borne viruses. The vaccine is developed by the National Institute of Allergy and Infectious Diseases (NIAID) Vaccine Research Center (VRC), part of the National Institutes of Health. National Institute of Allergy and Infectious Diseases sponsored and funded this clinical trial.
Key product releases, the quick spread of pandemics, increased vaccination awareness, and the presence of manufacturers in the country are all factors that have contributed to the growth of the vaccine delivery devices market. According to the press release on December 2020, New Jersey-based Becton, Dickinson, and Company, in support of global COVID-19 Vaccination Efforts, reached a 2 billion Injection Device Milestone. In addition to assisting with initial COVID-19 vaccine preparations, they are investing USD 1.2 billion over four years to expand and upgrade manufacturing capacity and technology for pre-fillable syringes and advanced drug delivery systems, allowing for the continued development of new injectable drugs and vaccines while also providing surge capacity for increased pre-fillable syringe demand during pandemic response. The analyzed market is predicted to grow in the North American region due to the preceding factors.
Vaccine Delivery Devices Market Competitor Analysis
The vaccine delivery devices market is fragmented due to the presence of several companies operating globally and regionally. The competitive landscape includes an analysis of a few international and local companies that hold the market shares and are well known. Include Becton, Dickinson and Company, B. Braun Melsungen AG, Terumo, Gerresheimer AG, and PharmaJet Inc., among others.
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