COVID-19 Drug Delivery Devices Market Prediction and Analysis Offered By New Study

The global COVID-19 drug delivery devices market is anticipated to be worth USD 2.15 billion by the year 2027, advancing at a healthy CAGR of 8.1% during this period, according to a recent GVR report. The spread of the COVID-19 pandemic across the world since the beginning of 2020 has been swift, with countries, both developed and developing, reeling from its impact. With more than 15 million confirmed cases and more than 610,000 deaths globally, the pandemic is expected to sustain its impact over the coming months. The outbreak has seen an unprecedented surge in research and development of various drugs and vaccines, with many established organizations entering into partnerships to develop an effective combatant to coronavirus.

The drug development phase began almost as soon as the pandemic started its global spread from China; however, there are still vast improvements to be made in this regards, with many of them still in the trial phase, which would ensure the growth of the market for COVID-19 drug delivery devices over the coming year. The US FDA has fast-tracked the drug approval phase for manufacturers, with the country being the leading in terms of both the number of confirmed cases as well as deaths, which has necessitated the distribution of an effective drug to the affected population at the earliest. 

The market is also expected to witness sharp growth in the coming months, on account of initiatives and partnerships undertaken by organizations and economies to bring vaccines for people at the global level. The WHO set up a Research and Development (R&D) Blueprint in April 2020, with the aim to speed up development of diagnostics, vaccines, and therapeutics for the pandemic. Additionally, a number of economies entered into partnerships and alliances for exchanging knowledge and resources to come up with an effective solution. An example is the Inclusive Vaccine Alliance, formed by France, Germany, Italy, and the Netherlands, which has partnered with AstraZeneca for the supply 300 to 400 million doses of vaccine in Europe post-approval. Additionally, India, where the pandemic has shown no signs of stopping, has been granted funds to support vaccine development from a number of sources, such as the DBT-BIRAC consortium, while relaxations have also been allowed on previously stringent norms to speed up vaccine development.

The global COVID-19 drug delivery devices market has been segmented on the basis of product, route of administration and distribution channel. In terms of product, the market is classified into prefilled syringe, needle-free injectors, inhalers and patch. The prefilled syringe segment is expected to lead the market in the near future, as their bulk production will make them one of the first products to be approved in coming months. Needle-free injectors are also expected to show substantial growth in this period, as they eliminate the occurrence of needlestick injury (NSI), which is a cause for transmission of fatal diseases such as HIV and hepatitis. The CDC has stated that NSIs cost an estimated USD 3,042 per victim annually in U.S. 

Based on the administration route, the market has been segmented into parenteral, nasal and dermal. Out of these, the parenteral segment is expected to account for a substantial market share in the future, owing to its affordability and accessibility. Till very recently, 10 potential COVID-19 vaccine candidates have entered the clinical trials, out of which majority are to be administered through the parenteral route. The distribution channels for the market include hospital, retail and online pharmacies, out of which hospital pharmacies are expected to assert dominance in the coming years. As recently as June 2020, the National Association of Chain Drug Stores (NACDS) requested the US government to depend on pharmacies for rapid COVID-19 vaccine deployments, which is expected to boost the segment growth.

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Trends and Developments:

A number of drugs such as the combination of lopinavir and ritonavir, which are used in cases of HIV, are currently being evaluated for the treatment of COVID-19; however, their uncontrolled dosage can cause grave issues such as diarrhea, nausea and liver damage in patients. The development of a controlled release formulation is expected to reduce the burden on the liver by 81%. Thus, similar developments in this area can result in optimum drug release in the target patients.

A combination of concepts by the Chalmers University of Technology, Sweden, the University of Gothenburg, and AstraZeneca, among others, has resulted in the investigation of a unique nasal spray mRNA vaccine to combat COVID-19. Further research is expected to show the efficacy of this method for combating the pandemic.

PharmaJet, which specializes in developing needle-free injections, teamed up with Abnova Corporation, a Taiwan based antibody manufacturer, in May 2020, for the development of a needle-free injection system technology to deliver a messenger RNA (mRNA) vaccine against coronavirus.

Vesicular drug-delivery systems are being employed as co-delivery tools for personalized theranostics that combine diagnostic, prognostic therapeutic and image-guided therapeutic effects. 

About Grand View Research
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