Newly released data from covid vaccine packaging market analysis shows that global demand of overall covid vaccine packaging market is anticipated to register a CAGR of ~8.5% during the forecasted period and reach millions of units by 2031.
Prominent sales of covid packaging solutions is due to the consistent efforts of national governments and international organizations in combatting the COVID-19 pandemic.
Global Covid Vaccine Packaging Solutions: Market Outlook
The COVID-19 vaccine packing market witnessed a drastic growth in the first quarter of 2021 and is expected to further expand at a high compound annual growth rate (CAGR) in the coming years. The outbreak of the COVID-19 pandemic across the globe has devastated the lives of many people. Since the outbreak, the demand for vaccines with high efficacy has been on the surge.
Many players in the biopharmaceutical and pharmaceutical industry like Pfizer Inc., Johnson & Johnson, Moderna Inc., and Serum Institute of India among many other are racing towards developing and delivering COVID-19 vaccines to the world population. This has incrementally heightened the demand for packaging of these covid vaccines.
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What are the Key Trends Impacting Growth of the Covid Vaccine Packaging Market?
The increasing demand for the covid vaccine packaging solutions in a short period has led to a trend among companies in offering pre sterilized primary and secondary packaging solutions.
The presterilized secondary packaging solutions like trays, nests and tubs are gaining popularity among the manufacturers. This is mainly because it conveniently eliminates the wash and sterilization process done by the pharmaceutical manufacturing companies and offers them ready to use alternatives for aseptic-fill operations.
How is Increasing Research and Product Development of SARS-CoV-2 Vaccine Reshaping the Covid Vaccine Packaging Market?
There are many companies that are working on developing vaccines with high efficacy and different administration type like oral, intranasal, intramuscular and intradermal. According to the World Health Organization (WHO) data updated on July 6, 2021, there are over 105 vaccines in clinical development and 184 vaccines that are in the pre-clinical development stage.
With the increasing number of vaccines getting approval and development of different vaccine delivery systems the covid vaccine packaging market is anticipated to witness substantial growth during the foreseeable future.
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What are the Key Challenges that may Restrain Growth of the Covid Vaccine Packaging Market?
There is alarmingly high demand for the covid vaccine packaging solutions globally. As this level of demand was not anticipated by the manufacturers in the industry the gap between the demand and supply of the packaging solutions is created.
The need for raw materials at a large scale and in a short period was difficult and this created a restraint in the covid vaccine packaging market growth. But with consistent efforts of the manufacturers as well as the government authorities to enhance the manufacturing capabilities, the effect of this restraint is dampening.
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What Strategies are the Key Players adopting to Increase their Market Share in the Covid Vaccine Packaging Market?
Key players are competing against each other in the industry to acquire maximum market share for multiple segments. In the covid vaccine packaging market, manufacturers are adopting strategies like partnerships and capacity expansions to grow their product offerings and increase the consumer base.
The manufacturers are also focused on making agreements with governments of different countries and international organizations like UNICEF for the supply of covid vaccine packaging solutions.
For instance, in July 2020, Becton, Dickinson and Company signed an agreement with the U.S. government to provide over 190 million injection devices. Further, the company also received an additional order from the Canadian government for 75 million devices.
Furthermore, in December 2020, Scott AG in its Indian subsidiary Scott Kaisha invested over US$ 17 Mn for the expansion of its vial manufacturing capacity to reach over 300 million units.
What are the Key Opportunities for Covid Vaccine Packaging Manufacturers?
The COVID-19 pandemic is still hitting major as well as minor economies of the world severely in the form of second and third waves. Although the effective treatment for the virus is yet to be found, vaccines with higher efficacy are being introduced in the market to tackle the mutated virus.
According to the Our World in Data organization facts updated on July 7, 2021, 24.6% of the total world population has received at least the first dose of vaccine. This creates a huge opportunity for the manufacturers to ramp up their manufacturing capabilities and gain higher market share by preparing themselves to fulfil the upcoming increase in demand.
Why will India Generate Significant Demand for the Covid Vaccine Packaging Market?
India is the second most populated country in the world. India also has vaccine manufacturers like Serum Institute of India and Bharat Biotech which are among the top vaccine manufacturers globally. These two factors are major contributors that are anticipated to augment the demand for the covid vaccine packaging solutions in the Indian Market.
What is the Impact of the Pandemic on the Growth of the Covid Vaccine Packaging Market?
The COVID-19 pandemic has affected many industries on a large scale. The demand for the covid vaccine packaging solutions has surged incrementally as a result of the pandemic.
The target market was mildly affected at the beginning of the virus outbreak due to the sudden surge in demand but is witnessing consistent growth as manufacturers are increasing their production capabilities to meet the elevated demand.
Key Segments of Covid Vaccine Packaging Market Covered in the Report
