COVID-19 Drug Delivery Devices Market To Grow Strongly And Reach USD 3,901.5 Million by 2026 – ZMR
Zion Market Research has published a new report titled “COVID-19 Drug Delivery Devices Market by Product (Prefilled Syringes, Needle-Free Injectors, Inhalers, Patches, and Others), by Route of Administration (Parenteral, Nasal, and Dermal), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and by Region: Global Industry Perspective, Comprehensive Analysis and Forecast, 2020 – 2026” According to the report, global demand for COVID-19 drug delivery devices market was valued at approximately USD 2,232.7 Million in 2019, and is expected to generate revenue of around USD 3,901.5 Million by end of 2026, growing at a CAGR of around 8.3% between 2020 and 2026.
The novel corona virus disease or COVID-19 has spread to almost all the countries in a very short span of time. Over 16 million people have been diagnosed positive for the disease and the number is increasing exponentially. More than 4 million people have been affected in the U.S. alone. The rapid spread of COVID-19 due to lack of proper treatment and vaccine has prompted many countries to implement a nation-wide lockdown. The unprecedented outbreak has prompted numerous researchers and a group of experts with diverse backgrounds to work together to improve COVID-19 vaccines. Constant attempts are being made to include the best vaccines to address the emergency needs triggered by this pandemic.
It is anticipated that unavailability of appropriate medicines and lack of successful COVID-19 management alternatives will accelerate the U.S. The FDA approval processes have produced a flood of drug delivery tools for COVID-19 by 2020 end. Germany, France, Italy, and the Netherlands have also joined forces to form the Inclusive Vaccine Alliance in early June 2020. Such countries have signed an agreement with AstraZeneca on the availability of coronavirus vaccine in June 2020. The business will post-approval distribute more than 500 million doses of vaccine across Europe. The company has signed agreements with vaccine organization GAVI and the Coalition for Disease Preparedness Initiatives (CEPI) to help distribute 700 million doses in order to increase the global supply. As well, AstraZeneca has partnered with India’s Serum Institute to help produce 1 billion doses.
The global market for the COVID-19 drug delivery devices is segmented into product, route of administration, distribution channel, and region. Based on the product, the global market for COVID-19 drug delivery devices is segmented into needle-free injectors, prefilled syringes, inhalers, patches, and others. The prefilled syringe segment is expected to account for the largest revenue share in the forecast period as the government organizations are making several efforts to increase prefilled syringe output. The developers are concentrating on designing new drug delivery systems for use in resource-constrained environments, thus accelerating the growth of devices for the delivery of nasal drugs. The machines will theoretically minimize costs of prescribing medications, including transportation and storage.
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On the basis of route of administration, the market is categorized into nasal, parenteral, and dermal. The parenteral segment is expected to capture major share and is expected to retain its lead over the projected period. Clinical trials are currently studying novel biologics like recombinant nanoparticles, RNA and DNA-based vaccines, and monoclonal antibodies. These biologics can only be intravenously administered because they get degraded when given orally. By distribution channel the market is categorized into online pharmacies, retail pharmacies, and hospital pharmacies. The division of hospital pharmacies is projected to account for the highest market share as these vaccine delivery systems need medical assistance from hospitals.
Regionally, the COVID-19 drug delivery devices market is segmented into North America, Latin America, Asia Pacific, Europe, and the Middle East & Africa. There is a well-established health care system in North America and a large number of major pharmaceutical firms. It is a developed economy with a high disposable income that allows people to choose between various specialized care choices. The majority of this region’s population has health insurance and access to healthcare facilities. Over the projected era, Asia Pacific is expected to experience a substantial CAGR as the region consists of emerging economies. Large population base, increased funding for research and exponential recorded cases of COVID-19 are expected to boost regional market growth.
The report also includes detailed profiles of some of the players like Bharat Biotech, Serum Institute of India, AstraZeneca, Johnson & Johnson, Pfizer, PharmaJet, Moderna, Novawax, Inc., and GlaxoSmithKline Plc among others. Market players are pursuing multiple approaches, such as acquisitions to expand the product portfolio and for international expansion, substantial investment in research and development, and product launch and innovation to obtain a large share of the global market.
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This report segments the COVID-19 drug delivery devices market as follows:
Global COVID-19 Drug Delivery Devices Market: By Product
- Prefilled Syringes
- Needle-Free Injectors
Global COVID-19 Drug Delivery Devices Market: By Route of Administration
Global COVID-19 Drug Delivery Devices Market: By Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
Global COVID-19 Drug Delivery Devices Market: By Region
- North America
- The U.S.
- The UK
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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