A freshly compiled business intelligence study by Transparency Market Research (TMR) has detected that the shares in the global market for vial adaptors for reconstitution drugs are considerably consolidated within a handful of prominent players.
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The report has identified West Pharmaceutical Services, Inc., Baxter International Inc., Cardinal Health Inc., and Becton, Dickinson & Company as market leaders, dominating via their impressive product portfolio, regular geographical expansions, and strategic acquisitions. West Pharmaceuticals, a renowned name in the vial adapters market for reconstitutions drugs, offers vial adapters of 13mm or 20mm with air filter that is completely expanded PTFE membrane over non-woven polyester membrane support.
As per the estimations of the TMR report, the global vial adaptors market for reconstitution drug market will be worth US$1.3 billion by the end of 2024, with the demand expanding at an impressive CAGR of 7.5% during the forecast period of 2016 to 2024. Based on product type, the analyst of this vial adaptors market has segmented it into 20 mm and 13 mm.
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Material-wise, the market has been bifurcated into silicon, polyethylene, polyethylene terephthalate glycol, polycarbonate, and others. This business intelligence report has also estimated the potential of demand that can be expected out of the therapeutic areas of reproductive health, metabolic conditions, infectious diseases, autoimmune diseases, and others. The two delivery modes studied under this report are infusion and injection.
This report also represents the demand or revenue that companies of vial adaptors can gain from North America including the U.S., Europe including the U.K. and Germany, and Asia Pacific including Japan and China. For each of these regional and product segments, the report contains historical figures on how the demand has evolved in the recent past as well as growth rate during the forecast period of 2016 to 2024.
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Affordability and Prevalence of Chronic Diseases Driving Demand
Cost-effectiveness of vial adapters is among the primary drivers that are providing traction to the market. As the healthcare infrastructure improves across developing countries, strong prevalence of chronic diseases are expected to meet their ideal therapies and these affordable products are expected to be used. These vials are safe in use and enable quick transfer of reconstitutions of drugs between syringes and vials.
Latest technologies have enabled methods that have significantly reduced the end-user variability pertaining to conventional needles. Technologically advanced vial adaptors go a long way in reducing exposure to needle-stick injuries and decreases chances of costly overfills.
Increased number of interventional therapies for incrementing pool of geriatrics, prevalence of several infectious diseases, and growing demand for lyophilized drugs are some of the other factors anticipated to reflect positively over the market for vial adaptors for reconstruction drugs. On the other hand, complexities pertaining to customization of certain products and availability of alternatives such as auto-injectors and prefilled syringes are some of the restraints challenging this market from flourishing.
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Key Takeaways:
- The global vial adapters market for reconstitution drugs will breach a billion dollar valuation by 2024
- Competitive landscape is consolidated among a small group of prominent players
- Affordable cost of the products is the key driver of the market for the same
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