Global consumption of the Prefilled Formalin Vials Market stood at around USD 388.3 Million in 2021 and is slated to increase at a CAGR of 4.1% to reach a valuation of USD 515.8 Million by 2028.
| Data Points | Market Insights |
|---|---|
| Estimated Global Market Value (2022) | USD 405.2 Million |
| Forecasted Global Market Value (2028) | USD 515.8 Million |
| Market Growth Rate 2022 to 2028 | 4.1% |
| Top 5 Countries % Share | 47.2% |
| Key Players | Histo- Line Laboratories Srl; Cardinal Health, Inc.; Leica Microsystems GmbH; Diapath S.p.A; Genta Environmental Ltd; Carl Roth GmbH; Magnacol Ltd.; Serosep Limited; Ultident Scientific and Solmedia Limited. |
Formaldehyde also known as methanol is a naturally occurring organic compound with the formula CH2O (H-CHO). Prefilled formalin vials are in high demand due to its widespread application in the manufacturing of methanol-based resins. Urea-formaldehyde, urea-melamine-formaldehyde, and melamine-formaldehyde resins are used in a variety of industrial applications.
Prefilled formalin vials market size is expected to register substantial growth 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.
Increased focus on production of prefilled formalin vials to be used in hospital pathology labs is significantly expected to determine the market landscape in global market over the forecast period. Prefilled formalin vials are widely used in histopathology to preserve biopsy tissue samples, thereby, driving the demand of prefilled formalin vials providers in the industry.
Government support helps in the growth of the regional biotechnology and healthcare industry by offering tax exemptions for R&D, increased budgets and funding and attracting foreign direct investments. With the growing number of pharmaceutical industries and advancing veterinary industry, prefilled formalin vials experience increased demand from these end use facilities. This is expected to have vast opportunity to dwell their business of prefilled formalin vials from end use settings such as hospitals, CROs, forensic laboratories and academic institutes.
Prefilled formalin vials and tubes are safe and have advantage of preventing direct exposure of formalin with the pathologist, thus they have high adoption over the past five years and is projected to be same over the forecast period.
Acquisitions, capacity expansion, product launches and adoption of new technology based products are the key strategies adopted by manufacturers to increase the sale in different geographies.
Additionally, manufacturers are focusing on forward integration with partnerships with wholesalers, distributors and other channel partners to gain ownership over value chain in prefilled formalin vials market.
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| Particulars | Details |
|---|---|
| H1, 2021 | 4.14% |
| H1, 2022 Projected | 4.10% |
| H1, 2022 Outlook | 4.00% |
| BPS Change - H1, 2022 (O) - H1, 2022 (P) | (-) 10 ↓ |
| BPS Change - H1, 2022 (O) - H1, 2021 | (-) 14 ↓ |
In the present scenario, prefilled formalin vials can be used for various applications in forensic labs, diagnostics and veterinary labs. Growing import and export of the formalin vials in European countries have created a huge market demand for manufacturers in the region.
The prefilled formalin vials market is subject to influence by rise in adoption of prefilled formalin vials because of their safe status and least exposure to the pathologist while in use. As per the comparative analysis by Future Market Insights for market growth rate in 2021 and 2022, a decrease in 14 Basis Point Share (BPS) is expected in H1-2022 (O), as compared with H1-2021.
This owes to the high risk of cancer upon direct exposure of formalin. Whereas, in comparison to H1-2022 Projected value, the market during H1-2022 outlook period will show a dip of 10 BPS.
Other factors which might be involved in downfall of BPS include regulatory implications on formaldehyde emissions. To address this issue, key players have been focusing on expanding their product portfolio for the consumer’s safety and rise in R&D investments.
Additionally, there has been rise in adoption of formalin as a disinfectant attributing to its broad spectrum of disinfection. For instance, In India, hospitals and surgical clinics make use of formalin as a primary disinfectant to avoid contamination and maintain a sterile environment. These factors present some positive market growth opportunities for sale of prefilled formalin vials.
Sales of prefilled formalin vials market grew at a CAGR of 3.6% between 2013 and 2021.
In 2021, the global market of prefilled formalin vials accounts for approx. 3.3% of the overall pharmaceutical vials market that accounts for around USD 11.6 Billion.
Increased usage of formalin as a preservative is creating huge market opportunities. Formaldehyde is used as a preservative product in medical laboratories, mortuaries, cosmetics, medicines and antiseptics. When dissolved in water it is called formalin, which is used as a preservative and industrial disinfectant.
The aqueous solution is an effective tuberculocide, virucide, bactericide, fungicide, and sporicide. Formaldehyde in form of formalin can be used as a sterilant, preservative and disinfectant in both its liquid and gaseous states and therefore, can drive the demand for prefilled formalin vials market.
In clinical diagnostic procedures, formalin fixation is the basic procedural requirement of standardized tissue preservation. Other fixatives would lead to increased rate of histological misdiagnoses if followed by wrong treatment decisions. Thus formalin is the best preferred fixative agent used in histopathology over other alternatives, thereby driving the prefilled formalin vials market growth over the years.
The global prefilled formalin vials market is expected to grow at a CAGR of 4.1% through the forecast period 2022 to 2028.
Principal Consultant
High risk of occupational exposure to formalin might hamper the growth of market over the forecast period.
World Health Organization (WHO) suggested that, “because formaldehyde is ubiquitous, occupational exposure occurs in all workplaces”. European Union (EU), estimated in 2017 that more than nine lakh workers were evaluated to be exposed to formaldehyde above the background level. Out of these, 175,380 exposed workers to formaldehyde were registered in Italy.
Formalin is usually recognized as a toxic chemical which cause sensory irritation of eyes and upper respiratory tract. A short-term occupational exposure level (OEL) of 0.4 ppm that ranges for about 15 minutes needs to be maintained for workers’ protection from cancer causing effects.
However, a number of evidences are registered where formalin or formaldehyde exposure shows association with cancer in humans, mainly the nasopharyngeal site of the upper respiratory tract, thereby hampering the demand of formaldehyde over years.
Moreover, owing to the high risks of developing cancer on exposure to formalin in workplace. It is best to avoid excessive amount or prolonged exposure to formaldehyde by professionals, thereby hampering the formalin demand in the industries. This is expected to have a negative impact of the global formalin market in the forthcoming years.
The USA is estimated to account for around 86.3% of the North America prefilled formalin vials market in 2022 owing to the constant flux of new product lines, rising clinical research by CROs, and rising cancer awareness programs which give information about the cancer. Initiatives program by USA government to enhance availability of cancer diagnosis is projected to fuel growth of prefilled formalin vials market.
On January 20, 2016, the USA government announced establishment of Cancer Moonshot to accelerate cancer research in the USA The initiative is aimed to make more therapies available to the patients to improve and detect cancer at early stage, thereby increasing demand for prefilled formalin vials.
Germany is estimated to account for 32.4% market revenue share in Europe in 2022. Industrial advancement, technological advancement and research and development spending are the major factors boosting the demand for prefilled formalin vials market in Germany.
Over the past few years, major industries especially pharmaceutical and biotechnology have been experiencing a shift from investment in R&D and technology, from North America to Europe and Asia Pacific. The developed European countries particularly Germany have ample skilled labor and qualified manpower and upgraded technology, thereby, increasing the scope for attracting formalin manufacturers and distributors. This is expected to drive the demand for this market in this Country.
UK is expected to have huge growth due to technological advances and high healthcare expenditure with an estimated growth CAGR of 3.9% by 2028.
UK market offers vast opportunities for prefilled formalin vials (including IV tubing sets) exporters within the region in order to enhance revenue generation in European prefilled formalin vials market. In UK, a number of manufacturing activities including set up of new manufacturing facilities within the country and growing import and export of prefilled formalin vials is expected to give good contribution to market growth.
Recently demand for prefilled formalin vials market in China is rising and contribute 36.8% market revenue share in Asia Pacific region in 2022.
China have large population and high incidence of cancer cases. However, number of facilities and experienced practitioners available in these country are relatively low in order to provide effective treatment. Growing incidence of cancer in China is expected to offer lucrative growth opportunities for prefilled formalin vials manufacturers, as formalin finds major application as tissue fixative in histopathology of cancer cells.
Hospitals, cancer centers and clinics that provide cancer diagnosis is gradually increasing in China, which translated into an opportunity for prefilled formalin vials providers to introduce less complicated, cost-effective and easily available products in the region.
Additionally, increasing awareness and disease prevalence along with strong foothold of leading industry players generated abundant growth potential in this region.
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90 to 500 mL accounts for the highest global revenue share of nearly 23.8% in 2021 due to safety and convenience associated with the usage of prefilled formalin vials along with its rising adoption in the field of forensic and diagnostics, thereby, driving the segment growth.
Moreover, ease of formalin usage as tissue fixative in cancer diagnostic in histopathology, low price of prefilled formalin vials and containers with 10% neutral buffered formalin are also the major factors that will drive the demand for 90 to 500 mL by Product.
By end user, contract research organizations (CROs) lead the global market with market share of 28.9% in 2021 owing to increased use of formalin carried out in CROs. CROs researches are established for biopharmaceutical development, biologic assay development, preclinical research, clinical research, clinical trials and almost all type of research where formalin is used in huge quantity.
Additionally, prefilled formalin vials are easily handled in CROs and for the preservation of biological specimens and tissues, formalin is necessary. Thus, increased demand for formalin vials by contract research organizations will foster segmental growth.
The prefilled formalin vials market have major competitors such as Diapath S.p.A, Histo- Line Laboratories Srl, Cardinal Health, Inc., Leica Microsystems Sales GmbH (Leica Biosystems Nussloch GmbH), Genta Environmental Ltd., Carl Roth GmbH + Co. KG, Magnacol Ltd., Serosep Limited, Ultident Scientific and Solmedia Limited.
To attract more customers and expand product portfolio, the major players are focusing on increasing their market share in the developed economies through partnership with regional players as well as investment groups. On the other hand, regional market players are focusing on making long-term relationships with direct end-users to sustain continuous revenue flow. For instance.
| Attribute | Details |
|---|---|
| Forecast Period | 2022 to 2028 |
| Historical Data Available for | 2013 to 2021 |
| Market Analysis | USD Million for Value and Volume in Unit |
| Key Countries Covered | USA, Canada, Brazil, Mexico, Argentina, Germany, UK, France, Spain, Italy, Spain, Russia, Poland, China, Japan, South Korea, India, Australia, New Zealand, GCC Countries, South Africa |
| Key Segments Covered | Product, End User and Region |
| Key Companies Profiled | Diapath; Histo- Line Laboratories; Cardinal Health; Leica Biosystems Nussloch; Genta Environmental; Carl Roth GmbH; Magnacol Ltd.; Serosep Limited; Ultident Scientific; Solmedia Limited |
| Report Coverage | Market Forecast, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The global prefilled formalin vials market is worth USD 388.3 Million in 2021 and is set to expand with CAGR of 4.1% over forecast period.
The market is expected to reach USD 515.8 Milllion by the end of 2028.
The sales of prefilled formalin vials market have grown at a CAGR of nearly 3.6% between 2013 and 2021.
90-500 mL vials have huge growth opportunities in prefilled formalin vials market and is expected to grow at a CAGR of nearly 3.8% between 2022 and 2028.
USA, China and Germany are the top 3 countries that are driving the demand.
1. Executive Summary 2. Market Introduction 3. Prefilled Formalin Vials Market Opportunity Analysis 4. Market Background 5. Regulatory Scenario Global Economic Outlook 6. Key Inclusions 7. North America Prefilled Formalin Vials Market Analysis 2013 to 2021 and Forecast 2022 to 2028 8. Latin America Prefilled Formalin Vials Market Analysis 2013 to 2021 and Forecast 2022 to 2028 9. Western Europe Prefilled Formalin Vials Market Analysis 2013 to 2021 and Forecast 2022 to 2028 10. Eastern Europe Prefilled Formalin Vials Market Analysis 2013 to 2021 and Forecast 2022 to 2028 11. Asia Pacific Excluding Japan Prefilled Formalin Vials Market Analysis 2013 to 2021 and Forecast 2022 to 2028 12. Japan Prefilled Formalin Vials Market Analysis 2013 to 2021 and Forecast 2022 to 2028 13. Middle East & Africa Prefilled Formalin Vials Market Analysis 2013 to 2021 and Forecast 2022 to 2028 14. Forecast Factors: Relevance and Impact 15. Forecast Assumptions 16. Competition Analysis 16.1. Diapath S.p.A 16.2. Histo to Line Laboratories Srl 16.3. Cardinal Health, Inc. 16.4. Leica Microsystems Sales GmbH (Leica Biosystems Nussloch GmbH) 16.5. Genta Environmental Ltd. 16.6. Carl Roth GmbH + Co. KG 16.7. Magnacol Ltd. 16.8. Serosep Limited 16.9. Ultident Scientific 16.10. Solmedia Limited 17. Global Prefilled Formalin Vials Market Analysis 2013 to 2021 and Forecast 2022 to 2028 By Region 17.1. North America 17.2. Latin America 17.3. Western Europe 17.4. Eastern Europe 17.5. APEJ 17.6. Japan 17.7. Middle East & Africa 18. Global Prefilled Formalin Vials Market Analysis 2013 to 2021 and Forecast 2022 to 2028, By Product Type 18.1. <10 mL 18.2. 10 to 20 mL 18.3. 20 to 40 mL 18.4. 40 to 60 mL 18.5. 60 to 90 mL 18.6. 90 to 500 mL 18.7. 500 mL to 1 lit. 19. Global Prefilled Formalin Vials Market Analysis 2013 to 2021 and Forecast 2022 to 2028, By End User 19.1. Hospitals 19.2. Clinics 19.3. Emergency Medical Services 19.4. Diagnostic Laboratories 19.5. Academic Institutes 19.6. Forensic Laboratories 19.7. Contract Research Organizations 19.8. Veterinary Clinics 19.9. Veterinary Laboratories 19.10. Veterinary Hospitals 20. Global Prefilled Formalin Vials Market Analysis 2013 to 2021 and Forecast 2022 to 2028 21. Assumptions and Acronyms Used 22. Research Methodology
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Prefilled Formalin Vials Market
