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.
According to a recently published Fact.MR report, the global Vaccine Delivery Device market is projected to grow at a compound annual rate (CAGR) of 9.5% between 2022 and 2032. The market is expected to reach US$ 10.25 Bn by the end of 2032.
For Critical Insights on This Market, Request a Sample Report
The growing financial backing from the government and non-governmental organizations has resulted in a slew of new advances in the field, boosting the market’s size. The UK government, for example, allocated £1 million from the Global Challenges Research Fund to the Medical Research Council to investigate Zika Virus transmission and source.
Furthermore, the number of diabetic patients worldwide is increasing. According to the World Health Organization, 422 million people globally are affected by the condition, which is expected to increase the market throughout the forecast period.
Why is APEJ Predicted to be the Fastest-Growing Region?
Contribution of Developing Nations to Increase Demand for Vaccine Delivery Devices
APEJ is projected to be the fastest-growing region owing to the increasing patient pool. The presence of developing nations such as; India and China is projected to further boost the market in the region.
Moreover, the unmet vaccine demand in the untapped regions is predicted to augment the industry in APEJ in the coming time. Also, the rising geriatric population in the region can notably boost the demand for vaccination, thereby bolstering the market in APEJ. The region is forecast to grow at a CAGR of 12% through 2032.
Key players in the Vaccine Delivery Device Market
- Becton Dickinson & Company
- PharmaJet Inc.
- Valeritas Holdings Inc.
- Vaxxas Pty. Ltd
- Gerresheimer AG
- Schott AG
- Antares Pharma, Inc.
- 3M Company
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
Relate Trending Topic in The Industry
Vaccine Management Solution Market By Component (Solutions, Services), By Model (Platform, One-point), By Subscription (New, Renew), By End Use (Public, Private) & By Region – Global Market Insights 2022-2032
Vaccine Shippers Market Share & Trends Analysis, By Product (Parcel shippers, Pallet Shippers), By Temperature (< -2°C, -2 to -8°C, Others), By Usage (Single-use Vaccine shippers, Reusable vaccine shippers), By Duration, By End-users & By Region Forecast – Global Review 2021 to 2031
Vaccine Transport Carrier Market By Product Type (Active coolers, Passive coolers), By Pack Type (Frozen ice packs, Conditioned ice-packs, Cool water packs, Others), By Performance, By number of Ice, By Mobility & By Region Forecast – Global Review 2021 to 2031
Vaccinium Myrtillus Market Size, Share & Trends Analysis Report By Product Type (Fruit Extract ,Leaf Extract.), By Nature (Fresh ,Frozen ) – Global Market Insights 2021 To 2031