According to the report, the valuation of the global COVID-19 drug delivery devices market in 2019 was around USD 2,232.7 million and is projected to reach a value of about USD 3,901.5 million by 2026, developing at a CAGR of about 8.3% between 2020 and 2026.
COVID-19, or coronavirus disease, is a communicable disease triggered by a recently found coronavirus. At present, there are no explicit treatments or vaccines for COVID-19. Though, there are several ongoing clinical trials assessing possible treatments. Thus, the first-time outburst has forced numerous researchers and expert groups with different backgrounds to cooperatively function for vaccine development against COVID-19. The global COVID-19 drug delivery devices market is anticipated to witness substantial growth during the forecast period owing to extreme rise in drug development on account of the COVID-19 pandemic and competitive race among several healthcare firms due to the dearth of efficient vaccines or treatments. Continuous attempts are executed to make appropriate vaccines accessible for fulfilling the emergency requirements caused by current situation. In addition, unobtainability of sufficient drugs and the lack of efficient substitutes for COVID-19 management are projected to fast-track the approval pathway of the US Food and Drug Administration, thereby generating several opportunities for the global COVID-19 drug delivery devices market.
The global COVID-19 drug delivery devices market is classified based on product, distribution channel, route of administration, and region. The market, based on product, is bifurcated into needle-free injectors, prefilled syringes, patches, inhalers, and others. Among these, the prefilled syringe segment is anticipated to hold the biggest market share owing to numerous efforts made by the government institutions to speed up production of prefilled syringe.
Based on route of administration, the global COVID-19 drug delivery devices market is segmented into nasal, dermal, and parenteral. Among these, the parenteral segment is projected to govern the market as the injection devices are inexpensive and are among the easily obtainable devices. Further, the nasal segment is also expected to observe substantial growth rate in the years to come as the vaccine and drug producers are concentrating on making vaccines that would decrease administration costs and storage. Thereby, the innovative method assists in excluding needle stick injuries and disease transmission, saving medical expenses in the already saddled healthcare settings. Based on distribution channel, the market is categorized into retail pharmacies, online pharmacies, and hospital pharmacies. Among these, the hospital pharmacies segment is anticipated to hold the biggest market share during the forecast period as these drug delivery devices need medical help for administration of vaccine.
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Regionally, the global COVID-19 drug delivery devices market is anticipated to be governed by North America during the forecast period. This regional expansion can be attributed to the factors such as deep-rooted healthcare infrastructure and a huge digit of major pharmaceutical firms. Most of the population in North America has health insurance and availability of healthcare services. Also, North America is a developed economy with greater disposable income that allows people to select from numerous advanced treatment alternatives. In addition, constant innovations are expected to fuel the regional growth in years to come. Further, Asia Pacific is also projected to witness a considerable growth rate during the forecast period as it has emerging economies such as China, India, and Japan. Huge population base, exponential registered COVID-19 cases, and increase in research funding are other few factors projected to drive the market growth in this region.
Few of the prominent players within global COVID-19 drug delivery devices market include Serum Institute of India, Bharat Biotech, Johnson & Johnson, AstraZeneca, PharmaJet, Pfizer, Novawax, Inc., GlaxoSmithKline Plc, and Moderna, among others.
