A recently revamped Fact.MR report forecasts that the global vaccine delivery devices market is projected to surge at a CAGR of 9.5% from 2022 to 2032, surpassing US$ 10 Bn by the end of the said assessment period. The market is primarily driven by the growing number of immunization programs, increasing initiatives for vaccination drives. Initiatives such as; GAVI Alliance, Bill & Melinda Gates Foundation have significantly benefitted the market.
From 2017 to 2021, the market expanded at a CAGR of 8%. 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.
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.
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Key Takeaways from the Market Study
- 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
Leading players in the global market of vaccine delivery devices are PharmaJet, Inc, Becton Dickinson & Company, Vaxxas Pty. Ltd, Valeritas Holdings, Inc, Schott AG, Gerresheimer AG, 3M Company, and Antares Pharma, Inc.
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Factors Propelling Global Market Growth
Growing need for vaccination for treatment of various medical diseases and infections has led to an upsurge in demand for vaccine delivery devices globally. In a report published by the CDC, order to protect from diseases and infections such as meningitis, hepatitis A, and hepatitis B, and influenza immunization should be done during the birth, adolescence and adulthood period.
Increasing prevalence of type 1 diabetes and type 2 diabetes among the adult and geriatric population has led to a surge in demand for the vaccine delivery devices in the healthcare sector. Type 2 diabetic patients are prescribed insulin doses such as Lantus and Novorapid by the healthcare professionals. Increasing use of insulin among diabetic patients has led to surge in demand for vaccine devices globally. These factors are expected to contribute towards the global market growth of vaccine delivery devices significantly during the projected period.
Moreover, healthcare manufacturers are increasingly integrating enhanced technology to offer painless vaccine delivery devices. Recently published news update, a new device known as ‘Microneedle Patches’ is developed, which has needle-free attributes and injects a dose of vaccine within fraction of seconds. These factors are projected to impact the global market growth of vaccine delivery device positively throughout 2022.
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