New Study Indicates Increasing Adoption of Prefilled Formalin Vials in Hospital Pathology Labs

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Nov 13, 2018, 07:30 ET

VALLEY COTTAGE, New York, November 13, 2018 /PRNewswire/ --

A recently published study emphasizes the growing use of prefilled formalin vials in hospital pathology labs with the necessary precautions in place. New European guidelines mandate the safety of workers in pathology labs, where an excess of formalin fumes are posing dangerous health hazards. While chemical hoods are a viable solution to safeguard workers from poisonous formalin fumes, there has been a noticeable shift towards prefilled formalin vials in surgical theatres, as these are found to be effective in lowering the exposure levels to dangerous fumes emanating from formalin.

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This exhaustive study conducted by market research firm Future Market Insights identifies the growing adoption of prefilled formalin vials in hospital surgery theatres and pathology labs as a key driver of revenue growth of the global market. Besides, the report titled "Prefilled Formalin Vials Market: Global Industry Analysis 2013-2017 and Opportunity Assessment 2018-2028" lists the following additional factors responsible for increase in sales revenue of prefilled formalin vials.

Cost-effective methods of histopathological diagnosis
Increasing end-use demand for formaldehyde and formalin (derivative of formaldehyde)
Growing applications of formalin as a disinfectant and preservative

According to the report forecasts, global revenue from the sales of prefilled formalin vials is anticipated to reach US$ 343.9 Mn by the end of 2018 with a projected compound annual growth rate of 4.1% in the coming decade.

"We are about to witness transformational changes in terms of innovation and technological advancements in the formaldehyde industry and prefilled formalin vials will play a crucial role in enabling these changes." - Pharmaceuticals practice lead, Future Market Insights

A sample of this report is available upon request @ https://www.futuremarketinsights.com/reports/sample/rep-gb-7582

Key End Users of Prefilled Formalin Vials

The report focuses on the demand and adoption scenario of leading end users of prefilled formalin vials including hospitals, clinics, diagnostic laboratories, emergency medical services, forensic laboratories, and contract research organizations.

Contract research organizations are expected to remain the most attractive and lucrative end users in the prefilled formalin vials market
Emergency medical services will continue to witness fastest growth during the period 2018 - 2028

Opportunity Analysis of the Prefilled Formalin Vials Market Reveals Lucrative Growth Prospects in Developing Regions and Fast Growing European Countries

Developing economies of the Asia Pacific including India and China - already burdened by burgeoning population growth - exhibit relatively high incidence of cancer cases. This is pushing manufacturers of prefilled formalin vials to expand base in these countries, owing to the rising application of formalin as a tissue fixative in histopathology. Introduction of simple, cost-effective, and readily available products will help manufacturers gain entry benefits in these emerging markets.

The last few years have witnessed a strategic industrial shift in pharmaceutical and biotechnology R&D and technology investments from North America to Asia Pacific and Europe. Developed European countries such as the U.K and Germany with the necessary professional skills and advanced technology are emerging as attractive regional markets for manufacturers and distributors of prefilled formalin vials. Growing governmental initiatives to support the growth of the biotechnology sector coupled with growth in the pharmaceuticals industry is attracting manufacturers of prefilled formalin vials to the European market, owing to rising demand from these end-use industries.

"Enhanced product offerings in prefilled formalin vials and the capability to expand product outreach through strategic agreements with contract research organizations and primary care hospitals in Asian and European countries will be a key growth differentiator for companies in the prefilled formalin vials market."

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Revenue Growth in the Prefilled Formalin Vials Market Likely to be Challenged by Critical Safety and Regulatory Restraints

Future Market Insights forecasts reveal that sales revenue of prefilled formalin vials is expected to be restricted to a certain extent owing to the below factors:

Increased risk of exposure of healthcare professionals to formalin
Rising cancer risk from excessive exposure to formalin
Global regulatory implications on formaldehyde

High Impact of Global Regulatory Frameworks Governing the Use of Formaldehyde in Hospitals and Healthcare Institutions

The global medical fraternity is mandated to abide by the stringent regulations and laws governing the use of formalin in clinics and hospitals. Regulating bodies such as the United States Environmental Protection Agency (EPA) and the Occupational Safety and Health Association (OSHA) clearly dictate norms pertaining to production safety and the health and safety of workers exposed to formaldehyde. These regulations carry a high to mid-level impact on the use of formalin in hospitals and other healthcare facilities. Future Market Insights anticipates a slight dip in revenue in the global prefilled formalin vials market on account of these stringent regulatory mandates.

For more insights on the key regulations dictating formalin use across industries along with other aspects impacting revenues in the global prefilled formalin vials market, get in touch with Future Market Insights analysts at [email protected]

Preview Analysis On Prefilled Formalin Vials Market Segmentation By Product Type - <10 mL, 10 - 20 mL, 20 - 40 mL, 40 - 60 mL, 60 - 90 mL, 90 - 500 mL, and 500 mL - 1 Litre: https://www.futuremarketinsights.com/reports/prefilled-formalin-vials-market

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