The global COVID-19 Vaccine Packaging And Delivery Devices market size is expected to be worth around US$ 4.6 billion by 2030, according to a new report by Trends Market Research.
The global COVID-19 Vaccine Packaging And Delivery Devices market size was valued at US$ 970.0 Mn in 2020 and is anticipated to grow at a CAGR of 5.10% during forecast period 2021 to 2030.
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 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.
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The syringes segment dominated the market for COVID-19 vaccine packaging and delivery devices and held the largest revenue share of 61.10% in 2021. The segment is further divided into empty and prefilled syringes. . The average volume of a single COVID-19 dose is estimated to be 0.5 ml, thereby 1.0 ml sterile empty syringes are preferred. The prefilled syringes segment is anticipated to witness the fastest growth during the forecast period. To vaccinate the 7.0 billion world population in a shorter time is a tedious process with the established logistic network. The presence of distribution constraints associated with current COVID-19 packaging systems is expected to increase the preference for prefilled syringes.
Vials can be classified as plastic and glass vials. As vaccine components interact with the polymers of the plastic vial it is not frequently used for the storage of biological liquids. Whereas Type 1 borosilicate glass vials are used for COVID-19 vaccine storage.
North America dominated the COVID-19 vaccine packaging and delivery devices market and held the largest revenue share of 39.7% in 2021. According to the CDC data, till 5 March 2021, 15.9 % of the total U.S. population has received a single dose of the COVID-19 vaccine, while 8.1% of the population has been fully vaccinated.
In Europe, the market for COVID-19 vaccine packaging and delivery devices held the second-largest revenue share in 2021. The region has robust vaccine production and packaging facilities. The growing concern in EU member states to keep the vaccination rate par with countries such as U.K and U.S. is one of the key factors expected to boost the growth of the market for COVID-19 vaccine packaging and delivery devices. the market for COVID-19 vaccine packaging and delivery devices is expected to experience the fastest growth rate over the forecast period. China, India, and Korea are among the notable markets for COVID-19 vaccine packaging and delivery device manufacturers.
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B. Braun Melsungen AG
Hindustan Syringes & Medical Devices Ltd.
NIPRO Medical Corporation
The COVID-19 Vaccine Packaging And Delivery Devices market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of COVID-19 Vaccine Packaging And Delivery Devices market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
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This report focuses on the global COVID-19 Vaccine Packaging And Delivery Devices market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the COVID-19 Vaccine Packaging And Delivery Devices market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted COVID-19 Vaccine Packaging And Delivery Devices market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.