COVID-19 Vaccine Packaging And Delivery Devices Market Expected To Fuel Industry Growth With $3.6 Billion By 2028: Grand View Research Inc.
The global COVID-19
vaccine packaging and delivery devices market size is anticipated to reach USD 3.6 billion by 2028, according to a
new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.4% from 2022 to 2028. High
demand for immunization for the ongoing pandemic and manufacturer's initiatives
to expand their production capacities are the factors expected to boost the
demand for packaging materials.
The hurtling vaccine inoculation rate
and growing public trust in COVID-19 vaccines are anticipated to fuel the
growth of the market. According to the global attitude towards the COVID-19
vaccine survey, the share of people going for immunization has increased
significantly in 2021. The increasing public willingness to get vaccinated
early is expected to drive the manufacturing and distribution process,
propelling market growth over the forecast period.
The increasing funding and investments
in R&D activities specific to the development of an innovative vaccine,
packaging material, and delivery devices are anticipated to fuel the growth of
the market during the forecast period. For instance, the federal government of
the U.S. invested USD 143 million to develop plastic alternatives to
conventional glass vials for the storage of biological liquids.
Scientists around the world are
investigating the scope of needles free delivery that would eliminate the need
for vials and syringes hindering the market growth in the extended run. For
instance, scientists at the University of Texas developed a film-based peelable
inexpensive COVID-19 vaccine delivery device. On the other side, Bharath
Biotech develops an innovative nasal vaccine to battle COVID-19.
COVID-19 vaccines are packed in
multidose glass vials like many other pharmaceutical liquid formulations. The
distribution will require suitable packaging to avoid wastage. The speeding
rollouts, expanding production capacity, and a significant number of vaccines
in the late stages of clinical approvals are the factors expected to primarily
contribute to the growth of the market for COVID-19 vaccine packaging and
delivery devices. Till April 2021, more than 50.0% of the U.S. population aged
65 years has been fully vaccinated.
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Increasing investment in R&D to
develop packaging material of superior performance in terms of material
strength and chemical inertness is expected to fuel the growth of the market
for COVID-19 vaccine packaging and delivery devices. For instance, Corning
Incorporated develops an innovative glass vial called “Valor”. It is a unique
glass vial having benefits over conventional borosilicate vials. The benefits
of the Valor glass vial include delamination resistance, breakage resistance,
and reduced particulate generation. According to the Our World in Data report,
till March 4, 2021, around 270 million doses of COVID-19 vaccines have been
administered globally. The U.S. contributing to around 30% of the total dose
administered. The national government in several countries is vaccinating
people at a faster pace, which is expected to propel the demand. For instance,
BD received an order from the U.S. government to supply 50 million needles and
syringes by end of 2020 to support vaccination campaigns.
COVID-19 Vaccine
Packaging And Delivery Devices Market Report Highlights
- Based on the product, syringes held the
largest proportion of the market share in 2021
- Prefilled syringes are expected to
grow at the fastest rate owing to their advantages such as usage
simplicity, low cost, and ease of distribution
- The plastic vials segment is anticipated
to register a lucrative CAGR during the forecast period
- The glass vials segment accounted for a
major proportion of the market share in 2021
- The empty syringes segment is expected to
grow at a healthy rate due to the speeding COVID-19 vaccination rates
globally
- North America holds the largest share in
this market. The U.S. is one of the major suppliers globally
- In Asia Pacific, the market is expected
to grow at the fastest rate over the forecast period due to building
people trust in the approved vaccines and the public readiness to get
vaccinated
The key companies are observed to
enter into long agreements with national governments and vaccine developers.
For instance, in July 2020, BD entered into an agreement with the U.S.
government to supply an additional 140 million injection devices, bringing the
order total to 190 Million from BD itself. At the same time, the Canadian
government bumped in its 75 Million injection device order. The major market
players are observed to adopt strategies such as market expansion, product
differentiation, mergers, collaboration, and capacity expansion to be order
winners in the highly competitive environment. For instance, in December 2020,
Schott Kaisha, an Indian-based subsidiary of Schott AG, invested around USD 17
Million to expand its vial manufacturing capacity by 300 million to prepare for
the potential surge in demand for vials and syringes. Some of the prominent
players in the COVID-19 vaccine packaging and delivery devices market include.
- BD
- B. Braun Melsungen AG
- Hindustan Syringes & Medical Devices
Ltd.
- Terumo
- NIPRO Medical Corporation
- SCHOTT AG
- Gerresheimer AG
- Cardinal Health
About
Grand View Research
Grand View Research, Inc. is a U.S. based market
research and consulting company, registered in the State of California and
headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
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