COVID-19 Drug Delivery Devices Market Industry Analysis Comparing Industry Prospects And Challenges Of Investing
COVID-19 Drug Delivery Devices Market Growth & Trends
The global COVID-19 drug delivery devices market size is expected to reach USD 2.15 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 8.1% from 2022 to 2027. The market is expected to gain significant traction over the forecast period as various nasal drug delivery technologies for administrating COVID-19 vaccines are under clinical and pre-clinical development. For instance, in April 2020, Verndari, Inc. initiated the preclinical trials for coronavirus vaccine using its patented microneedle array dermal patch- VaxiPatch.
The nasal, dermal, and needle-free are alternatives to the traditional syringe vaccine platforms. These devices potentially reduce or eliminate needlestick injuries and reduce the associated treatment costs. According to the research article published in PLUS ONE Journal, November 2019, needlestick injury (NSI) is among a major burden in medical settings, leading to the transmission of infectious diseases, such as hepatitis and HIV.
According to the article published in StatPearls publishing, December 2019, around 2-4% of healthcare workers develop hepatitis C after suffering from needlestick injuries. The CDC further stated that needlestick injuries cost an estimated USD 3,042 per victim annually in the U.S.
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COVID-19 Drug Delivery Devices Market Report Highlights
- North America is anticipated to capture the largest share in 2021 owing to growing investment by government organizations for vaccine development, the surge in COVID-19 cases, and intensive R&D conducted by the key players
- By product, the prefilled syringe segment is expected to dominate the market in 2021 as these cost-effective delivery devices will be manufactured in bulk quantities for vaccine administration and will be the first among the approved products
- By route of administration, the parenteral segment is expected to dominate the market in 2021 as the injection devices are affordable and are among the easily available devices
- By distribution channel, the hospital pharmacies segment is expected to account for the largest market share in 2021 as these drug delivery devices require medical assistance for vaccine administration
- Market players are adopting several strategies such as significant investment in research and development and product innovation via collaborations with technology providers and universities to gain a significant share in the global market.
COVID-19 Drug Delivery Devices Market Segmentation
Grand View Research has segmented the global COVID-19 drug delivery devices market based on the product, route of administration, distribution channel, and region:
COVID-19 Drug Delivery Devices Product Outlook (Revenue, USD Million, 2020 - 2027)
- Prefilled Syringe
- Needle-free Injectors
COVID-19 Drug Delivery Devices Route of Administration Outlook (Revenue, USD Million, 2020 - 2027)
COVID-19 Drug Delivery Devices Distribution Channel Outlook (Revenue, USD Million, 2020 - 2027)
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
COVID-19 Drug Delivery Devices Regional Outlook (Revenue, USD Million, 2020 - 2027)
- North America
- The U.S.
- The U.K.
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
List of Key Players of COVID-19 Drug Delivery Devices Market
- Johnson & Johnson
- Serum Institute of India
- GlaxoSmithKline plc
- Bharat Biotech
- Novawax, Inc.
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.