The vial adaptors for the reconstitution drug market studied were projected to grow with a CAGR of nearly 7.3% over the forecast period. The major factor attributing to the growth of the market increasing prevalence and incidence of chronic diseases like cancer, kidney diseases, and infectious diseases. According to World Health Organization(WHO), approximately 50,000 people are dying every day from infectious diseases and 30 new diseases have surfaced in the last 20 years and now together threaten the health of hundreds of millions of people. Furthermore, the growing awareness about the advantages of using vial adaptors and the rising number of geriatric population are the major factors boosting the market growth. However, the availability of substitutes is a major drawback of market growth.
Scope of the Report
As per the scope of the report vial adapters are a cost-effective solution for the safe and rapid transfer and reconstitution of drugs between vials and syringes. This report is segmented by Material Type, by Therapeutic Area, and by Geography.
Key Market Trends
The infectious diseases segment holds a major share in the global market.
- Infectious diseases are caused by pathogenic microorganisms, such as bacteria, viruses, parasites or fungi; the diseases can be spread, directly or indirectly, from one person to another.
- According to the Centers for Disease Control and Prevention, 15.5 million people are getting diagnosed for infectious diseases only in the United States. As the incidence and prevalence of infectious diseases increase the demand of the adapters increases.
- As per the statistics, the increase in the number of patients is directly proportional to the market growth. Thus, considering the rising prevalence of infectious diseases the market is expected to grow over the forecast period.
North America Dominates the Market and Expected to do Same in the Forecast Period
North America is expected to dominate the overall vial adaptors for the reconstitution drug market, throughout the forecast period. The market growth is due to factors such as the presence of key players, established healthcare infrastructure, and availability of branded drugs are some of the key factors accountable for its large share in the market. Furthermore, beneficial government initiatives and an increase in the number of research partnerships are some of the drivers expected to increase the market growth. The United States has a unique healthcare system among developed countries. However, the cost of hospitals is very high in the country; the government or private insurance covers it. The rising prevalence of chronic diseases in the country is the prime factor responsible for the growth of the market in the country.
The vial adaptors for reconstitution drug market is moderately competitive and consists of several major players. Some of the market players are Miltenyi Biotec, Baxter, Randox Laboratories Ltd., West Pharmaceutical Services, Inc., B. Braun Medical Inc., Shimadzu Corporation, and Thermo Fisher Scientific
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