COVID-19 Vaccine Packaging Market (By Product: Vials, Syringes; By Type: Storage, Packaging) - Global Industry Analysis, Market Size, Opportunities and Forecast 2020 - 2027
The global COVID-19 vaccine packaging market is expected to grow at a CAGR of around 5.5% from 2020 to 2027 and expected to reach the market value of around US$ 3,456.4 Mn by 2027.
Model labels for vials and packaging have historically been prepared by World Health Organization (WHO) for many vaccines to provide guidance to manufacturers on the advised format. In order to unify the labeling requirements for vaccines that will be supplied through the COVAX facility, WHO has developed a working position for vial and carton label requirements.
Growth Factors
Rising demand for immunization for the ongoing pandemic have positive impact for the growth of COVID-19 vaccine packaging market
The Centers for Disease Control and Prevention (CDC) report identifies demographic characteristics, including race/ethnicity, of people receiving COVID-19 vaccinations at the national level. The CDC reported that race/ethnicity was known for just over half (55 percent) of people who had received at least one dose of the vaccine as of April 26, 2021. Nearly two-thirds of this group was White (64%), 12% Hispanic, 9% Black, 6% Asian, 1% American Indian or Alaska Native, and 1% Native Hawaiian or Other Pacific Islander, while 8% reported multiple or other races. Furthermore, in most states reporting data, White people received a higher share of vaccinations compared to their share of cases and deaths and their share of the total population. In Colorado, for example, White people received 81% of vaccinations despite accounting for 68% of the population. White people received more than a third (39%) of vaccinations in Alaska, which is proportional to their share of deaths (38%) but less than their share of the population (65%). This pattern reflects, in part, the fact that the proportion of vaccinations received by American Indian and Alaska Native people (20%) is higher than the proportion of the total population (15%) in Alaska.
Rising investment in research and development of COVID-19 vaccine stimulates the growth of global COVID-19 vaccine packaging market
The development of a new medicine is dependent on the work of scientists in academic, government, and private research institutions who focus on problems ranging from understanding a specific type of immune response to determining what type of packaging will keep heat-sensitive products viable. Commercial investment is the single largest source of R&D funding for drugs and vaccines produced for populations in affluent countries. According to a report released by the Center for Global Development, only about US$6 Bn is spent each year on diseases in developing countries, almost entirely from public and philanthropic sources, out of more than US$100 Bn spent on health R&D globally. Furthermore, according to the HM Government report, the business community invested US$3,219.5 Mn in R&D in 2018, accounting for more than two-thirds of total R&D funding, though the picture varies across the four nations.
Rising government initiative for immunization program and storage of vaccines bolster the growth of global COVID-19 vaccine packaging market
According to a Commonwealth of Australia report, the National Immunization Program (NIP) provides free vaccines to eligible people to help reduce diseases that can be prevented through vaccination and increase national immunization coverage. The NIP is available to babies, young children, teenagers, and seniors in Australia. The program also targets people of all ages who are more likely to suffer serious consequences from certain diseases. Furthermore, the National Institutes of Health (NIH) announced the Accelerating COVID-19 Therapeutic Interventions and Vaccines (ACTIV) public-private partnership in April 2020 to develop a coordinated research strategy for prioritizing and speeding the development of the most promising treatments and vaccines. NIH is pursuing four fast-track focus areas most ready for opportunity through the ACTIV initiative, each of which is led by a working group of senior scientists from government, industry, non-profit, philanthropic, and academic organizations. The increasing reliance on cold chain storage boosts the global market's growth. A proper cold chain is a temperature-controlled supply chain that includes all equipment and procedures used in the storage, packaging, and handling of vaccines from the time the vaccine is manufactured until it is administered. For example, the National Centre for Cold Chain Development (NCCD), an autonomous centre of excellence, has been established as a registered society to promote and develop the integrated cold chain in India in close collaboration with industry and other stakeholders.
Market Segmentation
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.
By product, vials are anticipated to dominate the global COVID-19 vaccine packaging market.
Appropriate vaccine storage and packaging is an important factor in the immunization process. The successful immunization can be attributed to proper vaccine storage and handling. If vaccines are exposed to temperatures outside of the recommended ranges, the potency and protection provided by the vaccine are reduced. Errors in storage and packaging can result in thousands of dollars in vaccine waste. Vaccine management, including proper storage and packaging procedures, is the foundation for developing good immunization practices. Vaccines must be properly stored from the time they are manufactured until they are used. According to an American Chemical Society report, vials are critical for vaccine storage, packaging, and final delivery. Pfizer, for example, signed a multi-year agreement with Corning in May 2020 to purchase Valor glass vials for some of its already-on-the-market drugs. Corning received US$204 Mn from the US Biomedical Advanced Research and Development Authority (BARDA) a month later to expand domestic manufacturing of Valor glass vials for COVID-19 vaccines. Furthermore, another organization, SiO2 Materials Science, is using plastic medical vials lined with a glass-like coating. In June, the company was awarded a US$143 Mn contract by BARDA to manufacture vials for COVID-19 vaccines and therapeutics.
Regional Overview
In terms of region, Europe is expected to hold the lion's share of the global COVID-19 vaccine packaging market. Rising public awareness of vaccination program, increased vaccine research, rising prevalence of infectious diseases, and the presence of a large number of logistic providers with years of experience in the region are the major factors driving the market in the region.
Competitive Landscape
The prominent players of the global COVID-19 vaccine packaging market involve Becton, Dickinson and Company, B. Braun, Hindustan Syringes & Medical Devices Ltd., Terumo Corporation, Nipro Medical Corporation, SCHOTT AG, Gerresheimer AG, Cardinal Health, Inc., and among others
Market Segmentation
Market By Product
Vials
- Glass
- Plastic
Syringes
- Empty
- Prefilled
Market By Type
Storage
Packaging
Market By Geography
North America
• U.S.
• Canada
Europe
• U.K.
• Germany
• France
• Spain
• Rest of Europe
Asia-Pacific
• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia-Pacific
Latin America
• Brazil
• Mexico
• Rest of Latin America
Middle East & Africa
• GCC
• South Africa
• Rest of Middle East & Africa
Frequently Asked Questions
What will be the market value of the COVID-19 vaccine packaging market?
COVID-19 vaccine packaging market is expected to reach a market value of around US$ 3,456.4 Mn by 2027.
At what CAGR, the COVID-19 vaccine packaging market is expected to grow during the forecast period (2020-2027)?
The COVID-19 vaccine packaging market is expected to grow at a CAGR of around 5.5% from 2020 to 2027.
Which is the leading segment in the COVID-19 vaccine packaging market?
Based on product, vials segment is the leading segment in the overall market.
What are the key drivers of the COVID-19 vaccine packaging market?
Rising government initiatives is one of the prominent factors that drive the demand for COVID-19 vaccine packaging market.
Which are the prominent players in the COVID-19 vaccine packaging market?
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.
Which region held the highest market share in the COVID-19 vaccine packaging market?
Europe is anticipated to grab the highest market share in the regional market
Which region is expected to be the fastest growing market over the forecast period?
Asia Pacific is expected to be the fastest growing market in the forthcoming years
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