Prefilled Formalin Vials Market Size is expected to register substantial growth over 2022-2028, owing to the broad application scope of the substance in biopsies conducted in operating rooms, pathology labs, and other medical facilities. Prefilled formalin vials refer to sterilized containers that provide easier visualization of samples in healthcare sectors. Wide-mouth, clarified polypropylene containers are commonly used for these vials, and allow a more autoclavable, crack-resistant, and flexible way to visualize specimens.
The escalating number of road accidents in emerging nations and subsequent rise in hospitalizations are major factors driving prefilled formalin vials market trends. According to the WHO (World Health Organization), more than 1.3 million fatalities are caused due to road traffic crashes, while between 20 million to 50 million more people sustain non-fatal injuries, thus increasing the need for hospitalization. Given this rise in hospital admissions, the risk of hospital-acquired infections will increase as well, amplifying the need for disinfectants like formaldehyde, which could, in turn, boost prefilled formalin vials industry demand. Formalin is considered an ideal disinfectant, given its fungicide, bactericide, anti-spore, and virucide properties.
Based on application, cancer diagnostic will emerge as a major segment for the prefilled formalin vials market by 2028, owing to the prolific rise in cancer research activities. In July 2021, Merck KGaA announced a collaboration with Germany-based independent research institute BioMed X in the oncology field. This alliance, which is the eighth such joint research program between the two firms is designed to examine the role ecDNA (extrachromosomal DNA) plays in cancer. The program will also complement two of the other ongoing oncology programmes of BioMed X, which are focused on RNA splicing and DNA damage response. Since most of these research efforts are reliant on the collection of live specimens, organizations require strong preservatives for these samples like formalin, which demonstrates strong potential in tissue fixation and other applications. FFPE (formalin-fixed paraffin-embedded) tissues, for instance, play a key role in cancer research, adding further impetus to industry growth over the forecast spell.
Europe prefilled formalin vials market is set to gain rapid momentum by 2028, on account of the new medical technologies and products being employed, as well as consistent healthcare infrastructure development in the region. For instance, In July 2021, the UK government opened up the selection process for 8 new hospitals in the region, as part of the generation’s largest hospital building programme. With this programme, the government is providing support to the NHS to deliver on the manifesto commitment of constructing 40 new hospitals throughout England by 2030, an initiative backed by a $4.18 billion initial investment. Developments like these, coupled with increasing cancer research activities at such facilities, will add considerable impetus to prefilled formalin vials industry growth over the years ahead.
Some of the prominent players operating in the prefilled formalin vials market are Azer Scientific, Inc, Diapath S.p.A, Genta Environmental Ltd, Leica Microsystems Sales GmbH (Danaher Corporation), Histo-Line Laboratories Srl, Global Scientific Inc, Solmedia Limited, Medline Industries Inc, Thomas Scientific, and Cardinal Health Inc. These entities are undertaking various initiatives like strategic collaborations and expansions to boost their presence in the global market space.
The onset of the novel coronavirus pandemic, which caused more than 2.6 million fatalities as of March 2021, and incurred economic costs between USD 5-14 trillion annually, has made virus containment and response measures a crucial endeavor, most notably the production of vaccines. Vaccine development, production, and distribution have witnessed significant progress over the past year, with many pharmaceutical companies making targeted efforts to curb the spread of the COVID-19 disease. This has, in turn, provided a boost to market share, given the use of inactivating ingredients like formaldehyde for the elimination of bacteria, viruses, or toxins in the vaccine.
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