COVID-19 Vaccine Packaging And Delivery Devices Market – Industry Insights by Product and Region, 20

The global COVID-19 vaccine packaging and delivery devices market size was valued at USD 962.0 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.4% from 2022 to 20

The global COVID-19 Vaccine Packaging And Delivery Devices Market size is anticipated to reach USD 3.6 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.4% from 2022 to 2028. 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 COVID-19 vaccines 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.

Scientists around the world are investigating the scope of needles free delivery that would eliminate the need for vials and syringes hindering the market growth in the extended run. For instance, scientists at the University of Texas developed a film-based peelable inexpensive COVID-19 vaccine delivery device. On the other side, Bharath Biotech develops an innovative nasal vaccine to battle COVID-19.

Related Press Release@ COVID-19 Vaccine Packaging And Delivery Devices Market Report

COVID-19 Vaccine Packaging And Delivery Devices Market Report Highlights

• Based on the product, syringes held the largest proportion of the market share in 2021
• Prefilled syringes are expected to grow at the fastest rate owing to their advantages such as usage simplicity, low cost, and ease of distribution
• The plastic vials segment is anticipated to register a lucrative CAGR during the forecast period
• The glass vials segment accounted for a major proportion of the market share in 2021
• The empty syringes segment is expected to grow at a healthy rate due to the speeding COVID-19 vaccination rates globally
• North America holds the largest share in this market. The U.S. is one of the major suppliers globally
• In Asia Pacific, the market is expected to grow at the fastest rate over the forecast period due to building people trust in the approved vaccines and the public readiness to get vaccinated