Global Vial Adaptors for Reconstitution Drug Market: Snapshot
The global market for vial adaptors for reconstitution drugs has been experiencing a steady demand as these vial adaptors have come to be the safest solutions for quick transfer for drugs between vials. The demand for these vial adaptors is also expected to shoot up as they are exceptionally cost-effective and come with a reduced the risk of needlestick injuries. The growing prevalence of infectious diseases, widening pool of geriatrics, and increasing safety concerns have all triggered a demand for vial adaptors for reconstitution drugs. According to the research report, the global vial adaptors for reconstitution drug market was valued at US$780 mn in 2015 and is expected to reach US$1.3 bn by the end of 2024. Between the forecast years of 2016 and 2024, the global market is expected to progress at a CAGR of 7.5%.
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On the basis of therapeutic area, the vial adaptors for reconstitution drug market has been segmented into autoimmune diseases, infectious diseases, metabolic conditions, reproductive health and others. Currently, the infectious diseases segment holds a major share in the global vial adaptors for reconstitution drug therapeutic area segment. However, the autoimmune diseases segment is expected to show robust growth rate in the coming years. As of 2015, it was the second largest segment in the overall market in terms of revenue. The American Autoimmune Related Diseases Association (AARDA) states that more than 50 million individuals are affected by autoimmune disorders in the U.S. every year. This is expected to drive the autoimmune diseases segment in the coming years.
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North America to Remain the Leading Regional Market during Forecast Period
In terms of geography, the global market is segmented into North America, Europe, Asia Pacific, and Rest of the World. Out of these regional markets, North America remained dominant in the global vial adaptors for reconstitution drug market in 2015. Europe followed this lead closely. The high incidence of autoimmune diseases, rising technological advancements, and growing demand for needle-free products likely to support the growth of the vial adaptors for reconstitution drug market in North America. On the other hand, the demand in Europe will be fueled by increasing advancements in healthcare technology amidst rising safety concerns.