Market Trends of Global Vaccine Delivery Devices Industry
This section covers the major market trends shaping the Vaccine Delivery Devices Market according to our research experts:
Syringes are Expected to Occupy a Significant Share in the Vaccine Delivery Devices Market Over the Forecast Period
Syringes are devices used to inject medication into or withdraw fluid from the body. It's most widely used to inject vaccines into the human body. There are different syringe measures according to the intravenous, intramuscular, and intradermal requirements. Being used widely in hospitals and clinics, syringes serve a huge part in the vaccine delivery devices market.
Several benefits associated with syringes increase their adoption for vaccine delivery among end users. According to an article published by the Association of periOperative Registered Nurses (AORN) in April 2021, prefilled syringes are preferred for the delivery of drugs and vaccines owing to various benefits offered in clinical settings such as waste reduction, better storage, and lesser time consumption.
Also, WHO recommends the usage of auto-disable (AD) syringes for the immunization program because they are intended to prevent re-use as AD syringes lock automatically after a single use. Further, AD syringes offer the best guarantee that vaccinations are administered safely and without the chance of infection from contaminated needles. Hence, due to these benefits, the demand for syringes in vaccine delivery is expected to increase, accelerating the segment's growth.
Further, the growing number of immunization programs and easy availability of syringes is expected to play a crucial role in the growth of the syringe segment in the vaccine delivery market. In addition, with the ongoing large-scale vaccination programs worldwide, syringes are being used widely in delivering vaccines, and thus, the production of syringes has increased significantly. For instance, in March 2021, Hindustan Syringes and Medical Devices Ltd (HMD) received orders from the Indian government to supply 256 million auto-disposable syringes, earlier HMD received an order of 177.5 million 0.5 mL auto-disposable syringes from the Indian government in the wake of COVID-19 pandemic. Hence, owing to the aforementioned factors, the syringes segment is expected to occupy a significant share of the vaccine delivery devices market over the forecast period.
North America is Expected Holds a Major Share in the Vaccine Delivery Devices Market Over the Forecast Period
North America is anticipated to hold the major market share of the vaccine delivery devices market over the forecast period. The market growth in North America can be attributed to an increase in vaccine research and development (R&D), as well as the availability of investment and funding opportunities across the countries in the region.
Increased investment in R&D to bring new vaccination technologies to market is also expected to boost the region's market. According to a report published by European Commission in June 2021, the United States holds most of the shares in the research and development of vaccines. As per the news release in May 2022 by the National Institute of Allergy and Infectious Diseases (NIAID), the development of clinical trials shows promising results for a vaccine for a rare deadly mosquito-borne virus. The vaccine is developed by the NIAID Vaccine Research Center (VRC).
In addition, key product innovations, the quick spread of pandemics, increased vaccination awareness, and the presence of manufacturers in the region are factors that are anticipated to contribute to the growth of the vaccine delivery devices market. For instance, as per CDC's update in December 2022, CDC launched the Partnering for Vaccine Equity (P4VE) program and focused on increasing equity in adult immunization. CDC provided more than USD 156 million in funding and support to national, state, local, and community-level partners, who are prioritizing equity in vaccination access and uptake for those groups that experience disparities in immunization.
In addition, in December 2022, the Administration for Community Living (ACL) awarded two grants totaling USD 125 million to rapidly increase vaccination among older adults and people with disabilities to receive the updated COVID-19 vaccine and annual flu vaccine. These programs will distribute funding and leverage partnerships across the aging and disability networks to host community vaccine clinics, provide in-home vaccinations, provide transportation to vaccination sites, conduct outreach and education to older adults and disabled people, and more. Thus, owing to increasing vaccination programs and investments in vaccine research are anticipated to fuel the demand for vaccine delivery devices and garner the studied market growth in North America.
