COVID-19 Vaccine Packaging and Delivery Devices Market Size Worth $3.58 Billion By 2028 | CAGR: 20.1%
According to the research firm Polaris Market Research, the global COVID-19 vaccine packaging and delivery devices market was valued at USD 1.9 million in 2020 and is expected to reach USD 3.58 Billion by 2028 and is estimated to grow at a CAGR of 20.1% during the forecast period.
The emergence of the COVID-19 pandemic has posed a significant challenge to the healthcare infrastructure across the globe owing to the lack of drugs to cure the condition. The mortality rate is much higher when compared to other kinds of viral-associated diseases such as flu caused by Influenza. This has led to sudden market demand for COVID-19 vaccine packaging and delivery devices.
Hence, there is a huge interest in developing vaccines to combat the pandemic. These vaccines need to be packaged and transported properly in a sterile manner and need to be administered properly and this is expected to be the major driving factor for the growth of the global market for COVID-19 vaccine packaging and delivery devices.
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There is a huge market demand for the product across the globe. U.S., China, and India are expected to be the biggest market for the COVID-19 vaccine due to their large population and huge investment in vaccine production. Till now, over 1 billion doses of vaccines are administered worldwide with 225.6 million doses in the U.S.; 216.1 million doses in China; and 140 million in India.
In March 2021, the U.S. government said that it will order another 100 million doses of the Johnson & Johnson, and the country has already ordered a total of 700 million doses of vaccine. The increasing demand for serums across the globe will be the main driving force behind the market growth for COVID-19 vaccine packaging and delivery devices.
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In addition, India also has ordered 10 million extra doses of AstraZeneca’s Covaxin, which is produced by Serum Institute of India (SII), and 4.5 million of Covaxin indigenously produced by Bharat Biotech. The country is expected to cover 300 million people by August of this year. However, when compared to the total population, much more doses of vaccines are needed to vaccinate the majority of people across the globe.
There are many new serums in the pipeline and with the emergence of new strains pharmaceutical companies are expected to develop new serums. Since packaging and delivery is an integral part of any product manufacturing, there is a huge growth opportunity over the coming for the COVID-19 vaccine packaging and delivery devices industry.
Companies are collaborating on the production, packaging, and delivery devices for COVID-19 serums across the world. In March 2021, Novavax and the UK Government Vaccines Taskforce entered into an agreement with GSK under which GSK will support the production of around 60 million doses of the Novavax serum candidate. This is expected to have a positive impact on the market growth for COVID-19 vaccine packaging and delivery devices.
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Major market Participants such as B. Braun Melsungen AG, Terumo, Becton, Dickinson and Company, Hindustan Syringes & Medical Devices Ltd., SCHOTT AG, Cardinal Health, NIPRO Medical Corporation and Gerresheimer AG are some of the key players operating in the global market for COVID-19 vaccine packaging and delivery devices.