Vaccine Delivery Devices Market Is Forecast To Reach $6.21 Billion By 2025
May 2020 | Report Format: Electronic (PDF)
The global vaccine delivery devices market size is expected to reach USD 6.21 billion by 2025, according to a new report by Grand View Research, Inc. The market is primarily driven by growing immunization programs, financial support from government & nongovernment organizations, increasing vaccination initiatives & campaigns, and rising prevalence of infectious diseases globally. Growing research in the field of vaccines and development of new products is also contributing to the growth of the market.
Adoption of needle-free approach for administering these products is gaining momentum due to growing awareness and demand to avoid pain & injuries associated with the use of a needle stick. Data by the Centers for Disease Control and Prevention states that an estimated 385,000 sharp injuries including needle stick injuries occur every year in hospitals in the U.S. Advancing technologies in administering vaccines and their increasing adoption is propelling market growth. Rising interest of various key players, national institutions, and organizations in novel delivery technologies is expected to further contribute to market growth.
Various governments and international organizations are increasingly investing in the development of vaccination programs. For instance, the UK government also announced funding up to £1 million from its Global Challenges Research Fund through Medical Research Council to investigate the Zika virus and its transmission. Organizations such as GAVI Alliance, Bill & Melinda Gates Foundation, Path, and WHO are actively involved in the field of vaccines. Many governments are also undertaking several immunization programs on priority.
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Further key findings from the report suggest:
- The syringes segment held majority of the revenue share in 2016 due to increasing vaccination programs, spreading immunization coverage, and technological advancements
- Jet injectors is expected to register highest growth during the forecast period owing to rising concerns regarding needle stick injuries and growing preference for needle-free technologies
- Intramuscular vaccination dominated the route of administration segment in 2016 as majority of vaccines are given through this route owing to its advantages
- North America dominated the global vaccine delivery devices market owing to increasing awareness levels, high adoption of technology, and rising prevalence of infectious diseases
- Some of the key players include Becton Dickinson & Company, Bioject Medical Technologies, Inc. (Inovio Pharmaceutical Inc.); Gerresheimer AG; PharmaJet; Corium International, Inc.; and SCHOTT AG