May 24, 2024
Multi Dose Drug Vial Adapters Market

Multi Dose Drug Vial Adapters Market Is Trending By Increasing Healthcare Expenditure

The Multi Dose Drug Vial Adapters market comprises products such as ready to use systems, diluting systems, and aspiration systems. These products enable safe and effective administration of drugs to multiple patients from a single vial without wasting drug remnants left in the vial. They play a crucial role in preventing the risk of cross-contamination and provide protection against needlestick injuries in healthcare facilities. The demand for multi dose drug vial adapters is increasing globally owing to the need for safe injection practices and compliance with stringent regulations regarding infection control.

The Global Multi Dose Drug Vial Adapters Market is estimated to be valued at US$ 1,765.7 Mn in 2024 and is expected to exhibit a CAGR of 6.9% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Multi Dose Drug Vial Adapters are BD, B. Braun SE, Terumo Medical Corporation, Adelphi Group, Med-Vet International, West Pharmaceutical Services, Inc., ICU Medical, Helapet Ltd., Sartorius AG, Thermo Fisher Scientific Inc., Miltenyi Biotec, Randox Laboratories Ltd., West Pharmaceutical Services, Inc., Amsino International, Inc., and Medline Industries, LP. These players are focusing on new product launches and partnerships to expand their market share.

The growing demand for injectable drug administration across various therapeutic areas and increasing healthcare expenditure are major factors driving the growth of the Multi Dose Drug Vial Adapters Market Size. The rising prevalence of chronic diseases coupled with the need for advanced adapter technology for efficient drug delivery will continue to support market growth over the forecast period.

Key players are also expanding their geographical presence through collaborations and acquisitions to cater to the growing needs of healthcare facilities across global markets. For instance, ICU Medical launched its Clave multi-dose vial technology in the Japanese market by collaborating with Nipro Pharma Corporation.

Market key trends

One of the key trends gaining traction in the multi dose drug vial adapters market is the increasing demand for closed-system drug transfer devices. These devices provide an additional safety layer by preventing the escape of hazardous drug vapors into the work environment. Their use can help mitigate health risks related to occupational exposure during drug compounding and administration activities. With growing awareness regarding workplace safety, the demand for closed-system vial adapters is expected to rise significantly over the coming years.

Porter’s Analysis

Threat of new entrants: Low investment is required for startups to enter the market with generic products. However established players have strong distribution networks and contracts with major pharmaceutical companies making entry difficult.

Bargaining power of buyers: Buyers have moderate bargaining power as there are few key players dominating the market. However easy availability of substitutes increases buyers power.

Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of substitute raw materials and fact that supplier base is fragmented.

Threat of new substitutes: Threat is moderate to high as packaging formats like prefilled syringes are increasingly replacing conventional vial packaging.

Competitive rivalry: Industry comprises of few dominant global players and many small regional generic players. Competition is based on innovation, product range and pricing.

Geographical Regions

North America dominates the market and held around 35% of the total market share in 2024, primarily due to high healthcare spending and technical advancements in the region. Rising number of pharmaceutical companies and increasing volume of injections administered also contribute to its large market size.

Asia Pacific is poised to be the fastest growing region during the forecast period, anticipated to expand at a CAGR of around 8%. This is attributable to large patient pool, increasing access to healthcare facilities, and growing preference of self-administration of drugs. Rising medical tourism and lower manufacturing costs make the region attractive for both patients and companies.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it