Global Novel Vaccine Delivery System Market Grows at a Staggering CAGR of 10.8%

Immunizations, also known as vaccinations, involve injecting a person with a pathogen that has been weakened to start the body producing antibodies or disease immunity. Since vaccinations are crucial to preserving people's long-term health in various nations, they are utilized in numerous regional disease-prevention projects. In essence, vaccinations are given to individuals of all ages to boost their immune systems and protect against a range of infectious diseases. Market Dynamics Increasing Government Support and Investment Drives the Global Market Increased funding for government immunization programs fosters commercial expansion. Higher investments in developing new vaccines are projected to boost the market for novel vaccine delivery methods in the coming years. The Indian government supports these initiatives by boosting its R&D expenditures. Relevant government funding agencies that have boosted their support for vaccine-related R&D include the Department of Biotechnology (DBT), the Indian Council of Medical Research (ICMR), and the Indian Council of Agricultural Research (ICAR). Rising Need for Safety Syringes in Emerging Economies Creates Tremendous Opportunities The Asia-Pacific region and LAMEA are desirable markets for smart syringes because of their developing economies. Conventional syringes are being adopted more slowly due to the prevalence of needlestick injuries and the rising rates of HIV and hepatitis transmission. The demand for smart syringes has been considerably driven by the WHO's awareness campaigns on the risks and effects of improper injections in countries like India, China, Africa, Turkey, and Indonesia. In contrast, the purchasing power is less in developing countries due to unfavorable or low reimbursement rates for using smart syringes. By 2025, however, it is anticipated that this problem will have less of an impact due to the availability of better healthcare facilities and an increase in consumer spending power. Regional Analysis North America is the most significant shareholder in the global novel vaccine delivery system market and is expected to grow at a CAGR of 9.8% during the forecast period. The rising incidence of several chronic illnesses and disorders, including polio, measles, and influenza, is raising the demand for vaccinations and encouraging the creation of a ground-breaking vaccine delivery system in this field. Other factors supporting the expansion of the market for innovative vaccine delivery methods in this region include a well-developed healthcare infrastructure, higher purchasing power, higher levels of healthcare spending, and rigorous regulations. For instance, the US government granted two contracts to Retractable Technologies Inc. and Marathon Medical Corp. to supply syringes and needles for pandemic immunization. Europe is expected to grow at a CAGR of 10.5%, generating USD 4,342.77 million during the forecast period. The growth of infectious illnesses like measles and influenza in European countries is driving the market for novel vaccine delivery technologies in this region. According to the World Health Organization (WHO), there were a record number of measles cases in Europe. Therefore, it is projected that during the forecast period, the population of Europe will receive immunizations and vaccinations against the new coronavirus. Ultimately, this increases the availability of vaccine-delivery products in the area. It is projected that these elements would increase demand for novel vaccine delivery systems across Europe, driving the market's growth. Key Highlights The global novel vaccine delivery system market was valued at USD 5,738.8 million in 2021. It is projected to reach USD 14,436.8 million by 2030, growing at a CAGR of 10.8% during the forecast period (2022-2030).  Based on delivery mode, the global novel vaccine delivery system market is bifurcated into intradermal, subcutaneous, intramuscular, and others. The intramuscular segment is the highest contributor to the market and is expected to grow at a CAGR of 10.3% during the forecast period. Based on the device, the global novel vaccine delivery system market is bifurcated into syringes, needle-free injection systems, and others. The syringe segment owns the highest market share and is expected to grow at a CAGR of 10.8% during the forecast period. North America is the most significant shareholder in the global novel vaccine delivery system market and is expected to grow at a CAGR of 9.8% during the forecast period. Competitive Players The global novel vaccine delivery system market’s major key players are Altaris Capital Partners, LLC (Kindeva Drug Delivery), Becton, Dickinson and Company, Carl Zeiss Foundation (Schott Ag), Gerresheimer Ag, Gurnet Point Capital (Corium International Inc.), Inovio Pharmaceuticals, Inc. (Bioject Medical Technologies), Pharmajet, Inc., Retractable Technologies, Inc., Terumo Corporation, and Vaxxas Pty Ltd. Market News In November 2022, Researchers at the University of Pennsylvania developed a new mRNA vaccine that aims to protect against all known flu strains in a single dose and has shown promise in animal studies. Scientists are optimistic that the new vaccines could potentially prevent the next influenza pandemic. Global Novel Vaccine Delivery System Market: Segmentation By Delivery Mode Intradermal Subcutaneous Intramuscular Other By Device Syringe Needle-Free Injection System Others By Regions North America Europe Asia-Pacific LAMEA