The global diagnostic vials market is anticipated to expand at a CAGR of ~6.1%, during the forecast period.
Newly released data from diagnostic vials market analysis shows that global demand for overall diagnostic vials is anticipated to reach a million units by the end of 2031. The plastic diagnostic vials segment is forecasted to slightly grew during the forecasted period due to its benefits such as lightweight, cost-effective, break resistance, and non-vulnerable to corrosion.
Diagnostic Vials Market: An Overview
The vials are the small container that is used to store the content and is majorly used in pharmaceutical, cosmetic, personal care, and other industries. The diagnostic vials are the vials having a heavy wall which are ideal for freeze-drying and lyophilization applications.
The diagnostic vials are made from tubular or molded glass or plastic material and are available in different sizes based on the requirement such as 2ml, 3ml, 5ml, 7ml, and others. Moreover, these vials are available with different cap or closure types that are meant to meet the specific storage and shipping requirements such as screw thread, cork or stopper, flip cap, and others.
These diagnostic vials protect the drug or medication content from moisture and other environmental temperature and also, are best suitable for transporting the drug or chemical or medication. The diagnostic vials helps the end-user in consuming the dosage in the right quantity which reduces the chances of human error.
Also, the diagnostic vials help in protecting the medications or drugs from getting contaminated which is the major factor leading the diagnostic vials market. Overall considering the benefits offered by diagnostic vials the demand for the same is anticipated to bolster during the forecasted period along with increasing demand for packaging in the pharmaceutical and healthcare industry as well as increasing development in drugs & medications required for diagnosis.
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What Bolster the Demand for the Diagnostic Vials?
The main factor driving the demand for diagnostic vials is the protection offered against environmental elements. The plastic diagnostic vials are resistant to breakage as well as are non-vulnerable to corrosion which leads to increasing the shelf life of the drug or medication.
The diagnostic vials made from plastic reduces the risk of delamination. The diagnostic vials helps in marinating the purity of the drug without deteriorating the properties of the drug or medication which bolster the demand for diagnostic vial among the pharmaceutical and healthcare industries.
The rising innovation and development in drugs and medication to cure various health problems push the sales of diagnostic vials. Moreover, the diagnostic vials made from plastic or glass are recyclable which address the sustainable concern. Increasing demand for unit-dose packaging also augments the sales of diagnostic vials among the end-users.
Thus, the various characteristics of diagnostic vials are the key factors that will help in increasing the market for diagnostic vials.
Will Demand for Cost-effective & Flexible Packaging Enable Growth?
The demand for drugs is increasing in various countries due to the shortage of drugs which leads to the import of drugs from other countries. This will require proper packaging to store and ship the drug or mediation and also the packaging need to be ensured that it protects the drug from various climatic and environmental elements during the transportation.
The need for safety will generate a growth opportunity for the diagnostic vials market. Also, the research in the pharmaceutical and healthcare industries are rising day by day, this also boosts the demand for diagnostic vials.
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What Limits the Growth of the Diagnostic Vials Market?
The diagnostic vials majorly are available in glass material. Also, the demand for glass diagnostic vials is more than the plastic diagnostic vials this limits the market for diagnostic vials as glass diagnostic vials require extra packaging and care while shipping and storing. This increases the cost of transportation.
The production of glass diagnostic vials require more energy and power as glass do not get melted at low temperature which increases the carbon footprint. These factors hinder the market growth of diagnostic vials.
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What Strategies Are Adopted by Key Players for Increasing their Market Share in the Diagnostic Vials Market?
The key players majorly are trying to expand their capacity by investing and establishing their new plants in the existing as well as in untapped market. Along with this, the players are expanding the capacity and resources by adopting an acquisition strategy.
The key strategies adopted by some of the key manufacturing players are: -
In October 2020, DWK Life Sciences, a leading manufacturer of laboratory glass and life science packaging materials announced the acquisition of Müller + Müller, a German manufacturer to expand its glass vial manufacturing capacities.
In October 2020, the company named Airnov Healthcare Packaging announces the launch of a new vial named HAT® IN vial with integrated ADP which will provide a high moisture barrier as well as excellent moisture adsorption.
In March 2021, Gerresheimer AG invested in a new plant in Skopje, the Republic of North Macedonia for manufacturing plastic medical systems and syringes. This will increase the production capacity and will help in fulfilling the increasing demand.
Why the United States will have Huge Demand for Diagnostic Vials?
The increasing development in new drugs and medication in the United States to curve various health problems will boost the demand for diagnostic vials. Also, the increasing illness and diseases in the United States will push the sales of diagnostic vials.
According to National Cancer Institute, around 1 million new cancer cases were found in the United States in 2020. This rise in the number of cancer cases will raise the demand for diagnostic vials which will be used for storing and transporting the cancer drugs.
How India Will Generate Growth Opportunity for the Diagnostic Vials Market?
The pandemic breakout leads to the development of a new vaccine to curve the virus. The drug manufacturer is developing the vaccines which will require a diagnostic vial to store the drug and to transport it. This will generate a huge demand for diagnostic vials.
The manufacturing of vaccine is increasing to meet the demand due to the large population this lead towards the growth opportunity for the diagnostic vials market. Thus, the increasing demand for the vaccine will supplement the sales of diagnostic vials in India.
How has COVID-19 impacted the Growth of the Diagnostic Vials Market?
The COVID pandemic has a high positive impact on the diagnostic vials market. Due to the breakout of the virus, the requirement for drugs and medication has been rapidly increasing to cure the patient which increases the demand for diagnostic vials.
Also, the import-export of drugs and medication has increased to meet the hefty demand and to save the life of patients which augment the sales of diagnostic vials to protect the drug and medication while in transit. Overall, with the increase in the development of different drugs to cure the virus the demand for diagnostic vials is increasing among healthcare institutions, research institutions, and drug manufacturers.
Key Segments of Diagnostic Vials Market Covered in the Report
