Vaccine Delivery Devices Market Size & Share Analysis
The Global Vaccine Delivery Devices Market size is expected to grow from USD 5.44 billion in 2023 to USD 7.59 billion by 2028, at a CAGR of 6.89% during the forecast period (2023-2028). The COVID-19 pandemic had a substantial impact on the vaccine delivery device market.
New York, Aug. 09, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Vaccine Delivery Devices Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" - https://www.reportlinker.com/p06484417/?utm_source=GNW The Global Vaccine Delivery Devices Market size is expected to grow from USD 5.44 billion in 2023 to USD 7.59 billion by 2028, at a CAGR of 6.89% during the forecast period (2023-2028).The COVID-19 pandemic had a substantial impact on the vaccine delivery device market. Initially, the market was hampered due to limited production and disruption in the supply chain following strict regulations by governments worldwide. However, the market continued to grow during the pandemic’s later phases. As COVID-19 infection continued to spread across the communities to a global level vigorously, the demand for an effective vaccine and permanent cure for the disease increased. This further fueled the demand for the availability of novel vaccine delivery devices, hence driving the market’s growth.Additionally, vigorous vaccination campaigns and government initiatives accelerated the availability of vaccine delivery devices globally. For instance, in April 2022, Pan American Health Organization (PAHO) called for a vaccination campaign to close the vaccination gap, including COVID-19 vaccination in the United States. Furthermore, according to a data sheet released by the WHO in November 2022, more than 16 billion vaccine doses worth USD 141,000 million (USD 41 billion) were supplied in 2021, which was almost 03 times higher than the market volume in previous years. This was primarily driven by COVID-19 vaccines. Thus, due to the increasing development of COVID-19 vaccines, the demand for vaccine delivery devices also increased. Thus, owing to the factors above, the COVID-19 pandemic potentially impacted the market studied and is expected to project the market toward growth over the forecast period.Factors such as growing immunization programs and investment in vaccine research and development in novel drug delivery technologies are anticipated to fuel the segment growth over the forecast period of the study.Vaccination or immunization is a global health and development program to save millions of lives. Vaccines work with the body’s natural defense system to build protection and reduce the risks of getting a disease. With increasing awareness among the target population of improved health, the demand for vaccines and vaccinations is increasing worldwide. For instance, according to UNICEF’s data updated in July 2022, along with its partners, UNICEF conducts immunization programs in almost half of the world. In more than 100 countries, UNICEF works with governments, the private sector, non-governmental organizations, and other United Nations (UN) agencies to engage communities, procure and distribute vaccines, and help ensure affordable access for even the hardest-to-reach families. Hence, the rise in activities related to vaccination is predicted to create a demand for the availability of vaccine-delivery devices, thereby garnering the growth of the market studied.Furthermore, market players are engaged in strategic activities such as mergers and acquisitions and product launches to accelerate the availability of products in the market. For instance, in September 2022, the next-generation glass pre-fillable syringe (PFS) called BD Effivax was introduced by Becton, Dickin, son, and Company. The Company sets a new benchmark for performance for vaccine PFS with new and tighter criteria for processability, cosmetics, contamination, and integrity. In addition, in August 2021, the Drug Controller General of India (DCGI) approved the plasmid DNA Vaccine for COVID-19 called ZyCo, V-D, developed by Zydus Cadila. The vaccines are exclusively administered using the PharmaJet Tropis Needle-free jet Injection System. Thus, the availability of technologically advanced products is anticipated to fuel the market’s growth during the forecast period.Hence, growing immunization programs, investment in vaccine research, and the development of novel drug delivery technologies fuel the vaccine delivery devices market. However, the high cost of microneedles is expected to restrain the vaccine delivery devices market during the analysis period.Vaccine Delivery Devices Market TrendsSyringes are Expected to Occupy a Significant Share in the Vaccine Delivery Devices Market Over the Forecast PeriodSyringes 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.Several benefits associated with syringes increase their adoption for vaccine delivery among end users. According to an article published by the Association of periOperative Registered Nurses (AORN) in April 2021, prefilled syringes are preferred for the delivery of drugs and vaccines owing to various benefits offered in clinical settings such as waste reduction, better storage, and lesser time consumption.Also, WHO recommends the usage of auto-disable (AD) syringes for the immunization program because they are intended to prevent re-use as AD syringes lock automatically after a single use. Further, AD syringes offer the best guarantee that vaccinations are administered safely and without the chance of infection from contaminated needles. Hence, due to these benefits, the demand for syringes in vaccine delivery is expected to increase, accelerating the segment’s growth.Further, the growing number of immunization programs and easy availability of syringes is expected to play a crucial role in the growth of the syringe segment in the vaccine delivery market. In addition, with the ongoing large-scale vaccination programs worldwide, syringes are being used widely in delivering vaccines, and thus, the production of syringes has increased significantly. For instance, in March 2021, Hindustan Syringes and Medical Devices Ltd (HMD) received orders from the Indian government to supply 256 million auto-disposable syringes, earlier HMD 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 aforementioned factors, the syringes segment is expected to occupy a significant share of 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 PeriodNorth America is anticipated to hold the major market share of the vaccine delivery devices market over the forecast period. The market growth in North America can be attributed to an increase in vaccine research and development (R&D), as well as the availability of investment and funding opportunities across the countries in the region.Increased investment in R&D 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 release in May 2022 by the National Institute of Allergy and Infectious Diseases (NIAID), the development of clinical trials shows promising results for a vaccine for a rare deadly mosquito-borne virus. The vaccine is developed by the NIAID Vaccine Research Center (VRC).In addition, key product innovations, the quick spread of pandemics, increased vaccination awareness, and the presence of manufacturers in the region are factors that are anticipated to contribute to the growth of the vaccine delivery devices market. For instance, as per CDC’s update in December 2022, CDC launched the Partnering for Vaccine Equity (P4VE) program and focused on increasing equity in adult immunization. CDC provided more than USD 156 million in funding and support to national, state, local, and community-level partners, who are prioritizing equity in vaccination access and uptake for those groups that experience disparities in immunization.In addition, in December 2022, the Administration for Community Living (ACL) awarded two grants totaling USD 125 million to rapidly increase vaccination among older adults and people with disabilities to receive the updated COVID-19 vaccine and annual flu vaccine. These programs will distribute funding and leverage partnerships across the aging and disability networks to host community vaccine clinics, provide in-home vaccinations, provide transportation to vaccination sites, conduct outreach and education to older adults and disabled people, and more. Thus, owing to increasing vaccination programs and investments in vaccine research are anticipated to fuel the demand for vaccine delivery devices and garner the studied market growth in North America.Vaccine Delivery Devices Industry OverviewThe vaccine delivery devices market is competitive due to several companies operating globally and regionally. The competitive landscape includes an analysis of a few international and local companies with significant market shares and is well known. Some of the few market players in the global market include Becton, Dickinson and Company, B. Braun Melsungen AG, Terumo Corporation, Gerresheimer AG, and PharmaJet Inc., among others.Additional Benefits:The market estimate (ME) sheet in Excel format3 months of analyst supportRead the full report: https://www.reportlinker.com/p06484417/?utm_source=GNWAbout ReportlinkerReportLinker is an award-winning market research solution. 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