Drug reconstitution can be a challenging task for non-professionals managing a chronic illness. The dosage forms should ideally be easy to administer, safe, and cost-effective. However, in order to ensure chemical and physical stability of the product, most drugs are formulated in the lyophilized form to be reconstituted at the time of administration. The lyophilized form maintains drug stability and efficacy during the shelf-life period and reduces the time required to make products stable in liquid dosage forms. This enables rapid entry of a new drug into the market, maintaining the market competitiveness. Reconstitution and mixing was a tedious job earlier; however, technological advancements have resulted in the development of novel drug reconstitution systems, making the reconstitution process easier with minimum dosing errors. These systems are highly preferred by patients, as they are well-engineered to reduce their efforts and help them stick to the dosage regimen. Selecting the right reconstitution alternative depends upon the type of drug, the diluent volume type, the administration method, and overfill issues.
Growing research and development activities by pharmaceutical and biopharmaceutical vendors, rising prevalence of several chronic diseases, increasing health care expenditure worldwide, and benefits of novel drug reconstitution systems are factors driving the global novel drug reconstitution systems market. Reconstitution systems offer several advantages such as ease of administration, reduced drug loss, decreased need for overfilling by manufacturers, improved safety, and better patient compliance. Moreover, increasing inclination toward self-administration of drugs and increasing trend of development of patient-centric drug delivery systems by manufacturers are expected to boost the global novel drug reconstitution systems market during the forecast period. However, increased costs of products led by introduction of novel techniques and stringent regulatory requirements are factors restraining the global novel drug reconstitution systems market.
The global novel drug reconstitution systems market can be segmented based on product, distribution channel, and region. In terms of product, the market can be categorized into vial adaptors, vial-to-vial systems, needleless transfer devices, direct connection to vial devices, and dual chamber syringes. Vial adapters are quick, safe, and cost-effective. They improve the reconstitution performance. A vial adapter contains a syringe with or without diluent filled in it and a vial containing lyophilized drug. The vial-to-vial system comes with an adapter connecting two vials. This is an attractive type of novel drug reconstitution system, as it does not require needles. The direct connection to vial devices enables manufacturers to design a compact packaging for the product. In terms of distribution channel, the global novel drug reconstitution systems market can be segmented into hospital pharmacy, retail pharmacy, and e-commerce system. The retail pharmacy segment is expected to hold the maximum market share by the end of the forecast period. The e-commerce segment is anticipated to expand at the maximum CAGR during the forecast period.
Geographically, the global novel drug reconstitution systems market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominates the global novel drug reconstitution systems market, owing to growing incidence of chronic diseases, high adoption of technologically advanced products in the region, high health care expenditure, and growing R&D activities to develop novel products to enhance patient comfort by players in the U.S. Europe is the second-largest market for novel drug reconstitution systems, due to growing geriatric population, increasing investments in R&D activities, and rising adoption of novel drug delivery systems to treat chronic conditions. Asia Pacific is considered as an emerging market for novel drug reconstitution systems, owing to presence of developing economies, increasing health care expenditure, and constantly rising population in the region.
Key players operating in the global novel drug reconstitution systems market are West Pharmaceutical Services, Inc., Integrity Bio, Inc., Sensile Medical AG, Yukon Medical, Nemera, Credence MedSystems, Inc., Alkermes, and Baxter.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.