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Rise in government support and investment of novel vaccines, growth in immunization programs & their increasing coverage drive the growth of the global market
PORTLAND, OREGON, UNITED STATES, September 1, 2022 /EINPresswire.com/ -- Growth of the novel vaccine delivery system market is driven by rise in immunization programs & their increasing coverage, increasing government support and investment, and development of novel vaccines. In addition, increase in need for safety syringes in emerging economies and FDA approval to COVID-19 Vaccine may create a lucrative opportunity in the market.
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Rise in government support and investment, development of novel vaccines, and growth in immunization programs & their increasing coverage drive the growth of the global novel vaccine delivery systems market. However, high cost and unaffordability of safety syringes and alternative modes of drug delivery hinder the market growth. On the contrary, FDA approval to Covid-19 vaccine and increase in need for safety syringes in emerging economies would open new opportunities for the market players in the coming years.
The global Novel Vaccine Delivery System Market was accounted for $5.03 billion in 2020, and is estimated to reach $14.43 billion by 2030, growing at a CAGR of 10.8% from 2021 to 2030.
A vaccine is a biological substance that gives active acquired immunity against a specific infectious illness. A vaccination usually comprises an agent that looks like a disease-causing germ and is manufactured from weakened or destroyed microbes, their toxins, or one of their surface proteins. The agent induces the body's immune system to detect and eliminate the agent as a threat as well as any linked bacteria that it may encounter in the future. Vaccines can be prophylactic or therapeutic. Novel vaccine delivery includes formulations, technologies, methods, and systems to transfer an active pharmaceutical ingredient in the body, as desired, in order to safely accomplish its therapeutic effect.
The Covid-19 pandemic severely disrupted the workflow in the healthcare industry. The outbreak forced several industries to shut down temporarily.
However, the surge in demand for various medical services including novel vaccine delivery products increased during the pandemic. As the medical disposables including needles and syringes were in demand, several governments announced contracts to increase in manufacturing and supply of needs and syringes across the world.
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COVID-19 is a large family of viruses that causes illness ranging from common cold to more severe respiratory diseases. The COVID-19 pandemic has helped the industry grow significantly, as the demand for novel vaccine delivery system products such as syringe, needle-free injections has increased, as it helps to inject corona vaccine. Vaccinating an entire population may require approximately double the number of syringes as the COVID-19 vaccine might possibly require two doses. This supports the novel vaccine delivery system market to gain traction during the forecast period.
On the basis of device, the syringe segment held the lion’s share in 2020, contributing to more than half of the market. However, the needle-free injections segment is estimated to portray the highest CAGR of 11.3% from 2021 to 2030.
The global novel vaccine delivery system market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America held the lion’s share in 2020, accounting for more than one-third of the market. However, the market across Asia-Pacific is anticipated to showcase the highest CAGR of 12.4% during the forecast period.
The global novel vaccine delivery system market includes an in-depth analysis of the prime market players such as Becton, Dickinson, and Company, Altaris Capital Partners, LLC (Kindeva Drug Delivery), Gerresheimer AG, Carl Zeiss Foundation (Schott AG), Inovio Pharmaceuticals, Inc. (Bioject Medical Technologies), Gurnet Point Capital (Corium International Inc.), Retractable Technologies, Inc., PharmaJet, Inc., Terumo Corporation, and VAXXAS Pty Ltd.
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“We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.”
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