LOS ANGELES, May 05, 2021 (GLOBE NEWSWIRE) -- The Global COVID-19 Vaccine Packaging Market is expected to grow at a CAGR of around 5.5% from 2020 to 2027 and reach the market value of over US$ 3,456.4 Mn by 2027.
Europe controls the majority of the global COVID-19 vaccine packaging market. Rising public awareness of vaccination programs, increased vaccine research, rising prevalence of infectious diseases, and the presence of a large number of logistic providers with years of experience in the region are the major factors driving the market in the region.
Asia Pacific, on the other hand, is expected to register a higher CAGR during the forecast period due to rising government investments in the region's healthcare infrastructure. The increasing focus of major players on the vaccine storage and packaging market in Asia Pacific is also expected to drive growth. Furthermore, India and Japan present numerous opportunities for market participants. In addition, over the next seven years, India's immunization program is expected to contribute significantly to revenue generation. The region's market is also being driven by an increase in communicable diseases.
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Market Dynamics
The ongoing pandemic's resulted in high demand for immunization, as well as manufacturer initiatives to expand production capacity, are expected to drive up demand for packaging materials. The rapidly increasing vaccine inoculation rate and growing public trust in COVID-19 vaccines are expected to drive market growth. The growing public willingness to get vaccinated at a young age is expected to drive the manufacturing and distribution processes, propelling market growth over the forecast period. Increasing funding and investments in R&D activities aimed at developing an innovative vaccine, packaging material, and delivery devices are expected to drive market growth during the forecast period.
For example, the federal government of the United States invested US$ 143 Mn to develop plastic alternatives to traditional glass vials for biological liquid storage. Scientists all over the world are researching the scope of needle-free delivery, which would eliminate the need for vials and syringes, thereby slowing market growth in the long run. For example, researchers at the University of Texas created a film-based, peelable, low-cost COVID-19 vaccine delivery device. Bharat Biotech, on the other hand, is working on an innovative nasal vaccine to combat COVID-19.
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Furthermore, the need for vaccine storage and packaging is expected to be extremely high in 2021 due to the Covid-19 pandemic. However, factors such as the higher cost of primary packaging design and development are expected to stymie market growth.
Segmental Analysis
The global COVID-19 vaccine packaging market is segmented based on product and type. By product, the market is segmented as vials and syringes. Vials are further classified into glass and plastic. Syringes are further bifurcated into empty and prefilled. By type, the market is segregated into storage and packaging.
Some of the leading competitors are Becton, Dickinson and Company, B. Braun, Hindustan Syringes & Medical Devices Ltd., Terumo Corporation, Nipro Medical Corporation, SCHOTT AG, Gerresheimer AG, Cardinal Health, Inc., and among others.
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Some of the key observations regarding the COVID-19 vaccine packaging industry include:
- In July 2020, Becton, Dickinson and Company announced a partnership with U.S. Government. As part of the partnership, BARDA will invest an estimated US$42 million into a US$70 million capital project to further expand BD's operations and manufacturing capacity in Nebraska, where the company has manufactured medical devices for nearly 70 years. The new capacity is expected to be online within 12 months and once completed, BARDA will have priority access to injection devices from these new manufacturing lines to support mass vaccination efforts for COVID-19 and future pandemics.
- In April 2020, Pfizer announced a collaboration with BioNTech. The collaboration, which was previously announced in March 2020, is aimed at advancing the development of multiple COVID-19 vaccine candidates into human clinical testing, based on BioNTech’s mRNA vaccine platforms to ensure rapid worldwide access to the vaccine, if approved. Also, the collaboration will leverage Pfizer’s broad vaccine research and development expertise, along with its regulatory capabilities, and global manufacturing and distribution network.
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