Dublin, Oct. 04, 2024 (GLOBE NEWSWIRE) -- The "Vaccine Delivery Devices Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
In a significant development for the pharmaceutical and healthcare industry, the vaccine delivery devices market is experiencing a notable expansion. The market, valued at $5.81 billion in 2023, is forecasted to grow by 10.1% in 2024, reaching $6.39 billion. This growth trajectory is anticipated to continue, with projections indicating a rise to $9.45 billion by 2028 at a compound annual growth rate (CAGR) of 10.3%. The acceleration in market size is attributed to increasing immunization initiatives and vaccine development projects, along with the growing need among pediatric and geriatric populations.
Technological Advancements and Strategic Partnerships
With technology playing a pivotal role in vaccine delivery, major companies are innovating with new products like prefillable syringes to enhance the effectiveness and safety of immunizations. These advancements aim to meet the growing requirements of vaccine production, offering higher reliability and efficiency in vaccine administration. Notably, acquisitions are also shaping the industry landscape, with leading firms extending their product offerings through strategic purchases to amplify their market presence.
Driving Factors Behind Market Expansion
The relentless spread of infectious diseases is a primary driver for the vaccine delivery devices market growth. The ability of these devices to safely and accurately administer vaccines is fundamental to controlling and preventing disease outbreaks. Their crucial role in bolstering immunity and containing transmission rates has never been more evident than in the context of current global health challenges.
Regional Market Insights
Geographically, North America held the distinction of being the largest market for vaccine delivery devices in 2023. However, the Asia-Pacific region is gearing up to be the fastest-growing market in the coming years, signaling a shift in focus and investment towards emerging economies. This reflects a diverse industry landscape where innovation and demand are not confined to a single region, but are spread across the globe.
Market Composition and Forecast
The vaccine delivery devices market is composed of various segments, including jet injectors, auto-injectors, and microneedle patches, among others. These devices are integral to ensuring the efficient deployment of vaccines and are utilized across different healthcare settings. The market's future is seen as promising due to the steady demand for effective and safe vaccine delivery worldwide.
In light of these developments, the vaccine delivery devices market stands as a cornerstone in the public health sector, with its expanding capabilities and strategic importance in mitigating the impact of infectious diseases at a global scale. The continued growth and innovation within this market are essential for maintaining and improving global health standards now and in the years to come.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2024 - 2028 |
| Estimated Market Value (USD) in 2024 | $6.39 Billion |
| Forecasted Market Value (USD) by 2028 | $9.45 Billion |
| Compound Annual Growth Rate | 10.3% |
| Regions Covered | Global |
Companies Featured
- Pfizer Inc.
- Johnson & Johnson
- Merck & Co. Inc.
- Sanofi S.A.
- Novartis International AG
- AstraZeneca PLC
- 3M Company
- GlaxoSmithKline plc
- Moderna Inc.
- Becton Dickinson and Company (BD)
- Sinovac Biotech Co. Ltd.
- CSL Limited
- INOVIO Pharmaceuticals Inc.
- Terumo Corporation
- SCHOTT AG
- Serum Institute of India Pvt. Ltd.
- Bavarian Nordic A/S
- Dynavax Technologies Corporation
- CanSino Biologics Inc.
- Vaxxas Inc.
- PharmaJet Inc.
- Enesi Pharma Limited
- NanoPass Technologies Ltd.
- Gerresheimer AG
- Panacea Biotec Limited
For more information about this report visit https://www.researchandmarkets.com/r/y6226s
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