Adoption of auto-disable and single use syringes for vaccination drives is forecast to elevate market growth.
Adoption of auto-disable and single use syringes for vaccination drives is forecast to elevate market growth.
Fact.MR, New York: The global vaccine delivery device market is forecast to showcase an impressive growth throughout the period 2017-2022. As per a study by Fact MR, the global vaccine delivery device market is estimated to cross the valuation of US $ 4000 Mn by the end of 2022. Rising geriatric population and increasing cases of diabetes among adults are key market growth factors. Growing problems associated with usage of reusable needles are motivating the market players towards developing innovative and optimum vaccine delivery products.
According to a report published by centers for disease control and prevention (CDC) consistent vaccination is necessary between the period of birth and adulthood to protect body from several infections and diseases like hepatitis A and B and influenza. Rising demand for mass vaccination will tremendously affect the vaccine delivery device demand.
“Rising experimentation on developing needle free vaccine delivery systems in order to enhance the immunology of vaccine and reduce dosage will amplify the market growth”, said a lead analyst at Fact.MR.
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Vaccine delivery devices market: Key Findings
- North America owns the largest share in vaccine delivery device market. The market growth is supported by robust and advance medical infrastructure and growing awareness regarding vaccination.
- Huge investment in research and development of new vaccine devices fuels the market growth in Europe.
- Asia-Pacific region is forecast to observe tremendous growth owing to rising population and low vaccination rates along with rapid infrastructure development.
- Intramuscular vaccine is gaining popularity among patients and is estimated to reach the valuation of US$ 1000 Mn by the end of 2022.
- Syringes will also register healthy growth in global vaccine delivery device market owing to high utility during mass vaccination and inexpensive nature.
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Vaccine delivery devices market – Key Driving Factors
- Growing urgency and necessity for vaccination to cure various diseases and infections fuels the market growth.
- Increasing number of patients suffering from diabetes (type 1, type 2) is forecast to increase the demand for vaccine delivery devices.
- Soaring usage of insulin in treatment of diabetes boosts market demand.
Vaccine delivery devices market – Key Restraints
- Improper sterilization of needles leading to cross contamination and blood-borne infections hinders the market growth.
- Growing demand for pain free and non-invasive drug delivery devices along with high rate of needle stick injuries impedes the market growth.
- High cost of micro-needle patches and unaffordable to population of emerging countries hampers the market growth.
Vaccine delivery devices market – COVID-19 Impact
COVID-19 pandemic stressed the global healthcare system to the extreme. Search for effective vaccine across the global laboratories has further burdened the system. With raging pandemic, the demand for vaccine delivery devices is expected to increase during the forecast period. Heavy government investments for vaccine development and delivery devices especially for countries with sub-par medical infrastructure will further fuel the market growth.
Competitive Landscape
Some of the leading vaccine delivery device manufacturers are Valeritas Holdings, Inc, PharmaJet, Inc, Vaxxas Pty. Ltd, Antares Pharma, Becton Dickinson & Company, Gerresheimer AG, Schott AG, and 3M Company. Their main focus is developing new minimum pain vaccine delivery products to cater the rising demand. For instance, a new device called as micro-needle patches is in development phase reported by Center of Disease Control and Prevention (CDC). The specialty of the device is it injects the drugs in microsecond and it is needle free preventing cross contamination.
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More Insights on the vaccine delivery devices market
In its latest report, Fact.MR offers unbiased analysis of the vaccine delivery device market. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of product type (Jet injectors, syringes, others), Route of administration (subcutaneous, intramuscular, intradermal), across six regions (North America, Latin America, Europe, Japan, Asia Pacific excluding Japan, and Middle East & Africa).
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Source: Fact.MR