The global Vial Adaptor for Reconstitution Drug Market is fairly consolidated as top four players hold a leading share in the global market. A report by Transparency Market Research states that West Pharmaceutical Services, Inc., Cardinal Health Inc., Baxter International Inc., and Becton, Dickinson & Company collectively held about 67% in the global market in 2015. These companies are expected to focus on enhancing their product portfolio, expanding their geographical presence, and making strategic acquisitions and mergers to stay ahead of the competition in the coming years.
The research report states that the global vial adaptors for reconstitution drug market is expected to be worth US$1.3 bn by the end of 2024 as compared to US$780 mn in 2015. During the forecast years of 2016 and 2024, the global market is expected to progress at a CAGR of 7.5%.
The global vial adaptors for reconstitution drug market has been witnessing a spike in demand for products as they are safer options for transferring diluents for reconstitution processes as compared to conventional ways. These also minimize the risk of potential needlestick injury. The market also stands to benefit due to the growing pool of geriatrics, who are susceptible to a wide range of diseases and disorders that require administration of drugs through vial adaptors. Furthermore, the high prevalence of infectious diseases is also likely to augment the demand for reconstitution drugs, which in turn will reflect positively on the demand for vial adaptors required for the same.
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The growing demand for lyophilized drugs has also upped the demand for vial adaptors for reconstitution drugs in recent years. The lack of contamination and reduced risk of drug spillage is also expected to drive the rising revenue of the global market all through the forecast period.
The steady pace of market drivers is likely to face a few hurdles during the forecast period. The key restraint in the global vial adaptors for reconstitution drug market is the need for customization for specific products. This demands wide screening of off-the-shelf deployment of vial adaptors, which is the biggest logistical problem for the global market. The demand for vial adaptors for reconstitution drug market is also being hampered by availability of substitutes such as prefilled syringes and auto-injectors.