SAN FRANCISCO, July 14, 2020 /PRNewswire/ -- 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.
Key suggestions from the report:
North America is anticipated to capture the largest share in 2021 owing to growing investment by government organizations for vaccine development, 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.
The nasal, dermal, and needle-free are the 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% 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 U.S.
Grand View Research has segmented the global COVID-19 drug delivery devices market based on product, route of administration, distribution channel, and region:
COVID-19 Drug Delivery Devices Product Outlook (Revenue, USD Million, 2020 - 2027)
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)
COVID-19 Drug Delivery Devices Regional Outlook (Revenue, USD Million, 2020 - 2027)
Middle East & Africa
List of Key Players of COVID-19 Drug Delivery Devices Market
Needle-Free Drug Delivery Devices Market – The global needle-free drug delivery devices market size was valued at USD 7.37 billion in 2017. It is poised to exhibit a CAGR of 10.5% during the forecast period..
Implantable Drug Delivery Devices Market – The global implantable drug delivery devices market size was estimated at USD 16.6 billion in 2016 and is anticipated to exhibit a lucrative CAGR of 7.5% over the coming years.
Connected Drug Delivery Devices Market – The global connected drug delivery devices market size was valued at USD 138.9 million in 2017. It is anticipated to expand at a CAGR of 25.1% over the forecast period.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.