The Vaccine Delivery Device Industry is Expected to Reach a Global Market Size of US$ 10.25 Bn by 2022, Owing to Rising Demand for Pain-free Needles
FACT.MR
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FACT.MR
Vaccine Delivery Device Market Analysis Report By Product (Syringe Based Vaccine Delivery Devices, Jet Injector Based Vaccine Delivery Devices), By Route of Administration (Subcutaneous, Intramuscular, Intradermal Vaccine Delivery Devices) & By Region - Global Insights 2022-2032
ROCKVILLE Md., March 07, 2022 (GLOBE NEWSWIRE) -- According to a recently published Fact.MR report, the global Vaccine Delivery Device market is projected to grow at a compound annual rate (CAGR) of 9.5% between 2022 and 2032. The market is expected to reach US$ 10.25 Bn by the end of 2032.
For instance, the UK government invested £1 million from its Global Challenges Research Fund through Medical Research Council to probe the Zika Virus transmission and its source. In addition, the demand for advanced vaccine delivery devices has increased owing to their application in treatments of influenza, hepatitis A and B, and meningitis, thereby bolstering the market size in the forecast period.
Prospects further elevated during the COVID-19 pandemic, as it created an urgency for developed and efficient vaccination devices, thereby elevating the market size. In addition, the initiatives taken by various governments and non-government organizations are anticipated to boost the market significantly.
The growing financial backing from the government and non-governmental organizations has resulted in a slew of new advances in the field, boosting the market's size. The UK government, for example, allocated £1 million from the Global Challenges Research Fund to the Medical Research Council to investigate Zika Virus transmission and source.
Furthermore, the number of diabetic patients worldwide is increasing. According to the World Health Organization, 422 million people globally are affected by the condition, which is expected to increase the market throughout the forecast period.
Why is APEJ Predicted to be the Fastest-Growing Region? Contribution of Developing Nations to Increase Demand for Vaccine Delivery Devices
APEJ is projected to be the fastest-growing region owing to the increasing patient pool. The presence of developing nations such as; India and China is projected to further boost the market in the region.
Moreover, the unmet vaccine demand in the untapped regions is predicted to augment the industry in APEJ in the coming time. Also, the rising geriatric population in the region can notably boost the demand for vaccination, thereby bolstering the market in APEJ. The region is forecast to grow at a CAGR of 12% through 2032.
Competitive Landscape The key players of the global vaccine delivery devices market adopt strategies such as; collaboration, partnership, and acquisitions.
In April 2020, Zealand Pharma acquired Valeritas Holdings, a U.S based medical company for a price of USD 23 Mn.
In November 2021, Gerresheimar entered into a partnership with Midas Pharma for a new auto injector. The partnership comprises of the development and marketing of new generation auto injector.
In August 2021, the Vaccine developer Serum Institute of India acquired a 50% stake in pharma packaging company Schott Kaisha for an amount that was not disclosed. Schott AG is a Germany-based player that manufactures vials, syringes, and cartridges.
By product type, syringes are likely to be most lucrative, accumulating US$ 900 Mn in value
Sales of intramuscular vaccine delivery devices to reach a value of US$ 1 Bn by 2022
North America to be a potential revenue hub, forecast to incline at a 10% CAGR
APEJ to be the most opportunistic market, flourishing at 12% CAGR from 2022-2032
Global vaccine delivery devices market likely to be valued at over US$ 4 Bn by 2022-end
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