New York, NY, April 03, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Closed System Transfer Device Market by Type (Needleless Systems and Membrane-To-Membrane Systems), by Closing Mechanism (Luer-Lock, Color-To-Color Alignment, Push-To-Turn, and Click-To-Lock Systems), by Component (Bag/Line Access Devices, Syringe Safety Devices, Vial Access Devices, and Accessories), by Technology (Compartmentalized Devices, Diaphragm-Based Devices, and Air Cleaning/Filtration Devices), and By End-User (Oncology Centers & Clinics, Hospitals, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025”. According to the report, the global closed system transfer device market was valued at approximately USD 326 million in 2018 and is expected to generate around USD 1,180 million by 2025, at a CAGR of around 20.2% between 2019 and 2025.
Closed system transfer devices (CSTDs) allow safe drug transfer while restricting the inflow of environmental contaminants and outflow of drugs to be transferred into the system. CSTDs are useful in transferring cytotoxic chemotherapeutic agents and drugs.
Browse through 88 Tables & 37 Figures spread over 110 Pages and in-depth TOC on “Global Closed System Transfer Device Market: By Type, Size, Share, Trends, Industry Analysis and Forecast 2018–2025”.
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The demand for closed system transfer devices is growing rapidly, owing to the increasing prevalence of cancer, rising adoption of closed system transfer devices for transferring hazardous drugs, such as antineoplastic or cytotoxic drugs, the growing need for regulatory compliance for safe handling of harmful drugs, and escalating number of drug approvals for cancer. These are some primary factors driving the global closed system transfer device market. Additionally, closed system transfer devices help in avoiding environmental contamination with harmful drugs resulting in increased device adoption, which, in turn, drives the market growth. However, the high implementation cost of CSTDs and lack of regulatory compliance in emerging countries may hamper the global closed system transfer device market.
The global closed system transfer device market segments are based on closing mechanism, type, technology, component, and end-user. Based on the type, the market is segmented into membrane-to-membrane systems and needleless systems. Membrane-to-membrane systems held the largest market share in 2018, as they offer a double layer of protection and help in the safe transfer of hazardous drugs. Additionally, needleless systems are expected to show at the highest CAGR over the forecast timeline.
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Based on the closing mechanism, closed system transfer device market is segmented into color-to-color alignment systems, push-to-turn systems, click-to-lock systems, and Luer-lock systems. Push-to-turn systems held the largest market share in 2018.
Based on the component, closed system transfer device market is segmented into syringe safety devices, vial access devices, accessories and bag/line access devices. Syringe safety devices are expected to register the highest CAGR in the future.
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Based on technology, the closed system transfer device market is segmented into compartmentalized devices, diaphragm-based devices, and air cleaning/filtration devices. Diaphragm-based devices dominated the market in 2018, with about 48% market share, owing to their ease of use and safety these devices offer for transfer.
Oncology centers and clinics, hospitals, and others comprise the end-user segment of the market. Hospitals accounted for the largest market share in 2018, owing to a large patient pool, their ability to purchase expensive closed system transfer devices, and growing need to comply with regulatory standards.
By region, North America dominated the global closed system transfer devices market, with a market share of about 44%, in 2018. This regional dominance is attributed to the increasing prevalence of cancer, rising adoption of closed system transfer devices for safe handling of harmful drugs, and the presence of key market players in this region. Additionally, the easy accessibility of technologically advanced products due to the presence of major CSTD manufacturers, increasing awareness about the use of CSTDs among healthcare professionals, such as nurses, oncologists, pharmacists, etc., and the need to avoid environmental contamination with cytotoxic hazardous drugs are major factors contributing toward this regional market’s growth. At the country level, the U.S. is projected to contribute majorly toward the North American closed system transfer device market followed by Canada.
Browse the full “Closed System Transfer Device Market by Type (Needleless Systems and Membrane-To-Membrane Systems), by Closing Mechanism (Luer-Lock, Color-To-Color Alignment, Push-To-Turn, and Click-To-Lock Systems), by Component (Bag/Line Access Devices, Syringe Safety Devices, Vial Access Devices, and Accessories), by Technology (Compartmentalized Devices, Diaphragm-Based Devices, and Air Cleaning/Filtration Devices), and By End-User (Oncology Centers & Clinics, Hospitals, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025” Report at https://www.zionmarketresearch.com/report/closed-system-transfer-device-market
Europe was the second largest closed system transfer device market in 2018 globally, due to the increasing healthcare spending, high cancer disease burden, and increasing aging population. Germany, France, and UK are the major regional revenue contributors to the European closed system transfer device market. UK is estimated to a significantly growing country over the forecast time period. Germany dominated the European closed system transfer device market with a revenue share of about 32% in 2018 and was closely followed by UK. Increasing cancer prevalence, health awareness, and established healthcare system are some factors contributing toward the market growth in UK, Spain, Germany, Italy, and France.
The Asia Pacific closed system transfer device market will register the highest CAGR over the forecast time period, owing to the rapid adoption of CSTDs, increasing prevalence of cancer, growing geriatric population, and the presence of developing economies, such as India and China. Japan and China are the key regional revenue contributors to the Asia Pacific closed system transfer device market. China dominated the Asia Pacific closed system transfer device market with a revenue share of about 35% in 2018. India will register the highest CAGR in this market over the forecast time period, owing to the emerging healthcare system and the presence of domestic manufacturers.
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Latin America is another important regional market for closed system transfer device, which is likely to witness moderate growth over the forecast time period. Brazil held the largest revenue share, about 60%, in 2018 and is a major country in the Latin American closed system transfer device. The Middle Eastern and African closed system transfer device market will register slow growth in the upcoming years, owing to low awareness, lack of advanced technologies, and underdeveloped healthcare infrastructure.
Some key players of the global closed system transfer device market include ICU Medical, Inc., Becton, Dickinson, and Company, JMS Co., Ltd., B. Braun Melsungen, Teva Pharmaceutical Industries Ltd., Equashield, Yukon Medical, Corvida Medical, Codan Medizinische Geräte GmbH & Co Kg, Caragen Ltd., Victus, Inc., and Baxter International Inc.
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This report segments the global closed system transfer device market into:
Global Closed System Transfer Device Market: By Type
- Membrane-To-Membrane Systems
- Needleless Systems
Global Closed System Transfer Device Market: By Closing Mechanism
- Push-To-Turn Systems
- Color-To-Color Alignment Systems
- Luer-Lock Systems
- Click-To-Lock Systems
Global Closed System Transfer Device Market: By Component
- Vial Access Devices
- Syringe Safety Devices
- Bag/Line Access Devices
- Accessories
Global Closed System Transfer Device Market: By Technology
- Diaphragm-Based Devices
- Compartmentalized Devices
- Air Cleaning/Filtration Devices
Global Closed System Transfer Device Market: By End-User
- Hospitals
- Oncology Centers and Clinics
- Others
Global Closed System Transfer Device Market: By Region
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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