Dublin, Feb. 01, 2022 (GLOBE NEWSWIRE) -- The "Closed System Transfer Devices Market by Type, By Technology, and End User: Global Opportunity Analysis and Industry Forecast, 2021-2030" report has been added to ResearchAndMarkets.com's offering.
The global closed system transfer devices market was valued at $823.58 million in 2020, and is projected to reach $3,271.74 million by 2030, registering a CAGR of 15.4% from 2021 to 2030.
Closed system transfer devices also known as CSTDs are among the systems used to transfer medication from one reservoir to another and limit the potential for drug aerosols, drug contamination, sharps exposure, and hazardous drug exposure. It mechanically prohibits the transfer of environmental contaminants into the system and the escape of hazardous drug or vapor concentrations outside the system.
The National Institute of Occupational Health and Safety (NIOSH) uses the term "hazardous drug" to designate medicines that may cause unfavorable mutagenic and reproductive reactions in the health of employees. As a result, many guidelines for safe handling of drugs categorized as hazardous by NIOSH have been created. For the protection of healthcare workers, several recommendations for biological and environmental monitoring of these hazardous medications have been put in place. In addition to monitoring requirements, one such engineering control that can assist protect personnel's health is the use of closed system transfer devices (CSTDs).
CSTDs are widely used in medical equipment to maintain the sterility of a fluid pathway. They function by limiting uncontrolled inflow and outflow of contaminants and medications, thereby maintaining the quality of the solution to be injected into a patient. It should provide total protection to healthcare personnel while handling hazardous medications; nevertheless, contaminants may still be identified despite the use of CSTDs owing to poor handling or inadequate product design.
Furthermore, when linked to the reservoir (usually a drug vial), CSTD devices balance the pressure gradient with the vessel carrying the drug as well as the syringe. Furthermore, without a pressure equalization system, pressure fluctuations can cause the formation of fine aerosols, which can escape into the air and expose the environment, patients, and healthcare workers to hazardous drugs. Other CSTDs use the inbuilt filter to cleanse escaping air that has been contaminated with hazardous drug vapors or aerosols.
The growth of the global closed system transfer devices market is majorly driven by rising prevalence of cancer. According to the American Cancer Society, in 2021, it is estimated that there will be 1.9 million new cancer cases diagnosed and 608,570 cancer deaths in the U.S. Chemotherapy, a major cancer treatment, utilizes one or more antineoplastic drugs to destroy abnormal cells in patients. CSTDs are beneficial in the delivery of cytotoxic chemotherapeutic agents and drugs, such as antineoplastic, a cancer-treating therapy.
Cancer is among the leading causes of death worldwide. According to the International Agency for Research on Cancer and World Health Organization (WHO), based on the statistics of Global Cancer Observatory, in 2018, there were 18.1 million new cases and 9.5 million cancer-related deaths worldwide. By 2040, the number of new cancer cases per year is expected to rise to 29.5 million and the number of cancer-related deaths is expected to rise to 16.4 million. Thus, rise in prevalence of cancer is anticipated to drive the growth of the market.
On the contrary, the high cost of CSTD implementation along with lack of reimbursement for CSTDs and compliance with regulatory requirements in developing countries impedes the adoption of these devices in hospitals and oncology centers as they are for single usage and costly than regular syringes. At the same time, lack of awareness of the use of CSTD among underdeveloped economies is also anticipated to hinder the growth of the market.
Emerging markets and significant R&D to develop efficient closed system transfer devices, innovation of various systems, unmet demand in underdeveloped and developing countries are projected to provide substantial growth opportunities for key players in the closed system transfer devices market.
The global closed system transfer devices market is segmented on the basis of type, technology, end user, and region. On the basis of type, the market is categorized into membrane to membrane and needleless. By technology, the market is fragmented into diaphragm-based, compartmentalized, and filtration. By end user, the market is categorized into hospitals & clinics, oncology centers, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Some of the major companies that operate in the global closed system transfer devices market are B. Braun Holding GmbH & Co. KG, Baxter International, Inc., Becton, Dickinson and Company, Caragen Ltd., Corvida Medical, Equashield LLC., FIMI Opportunity Funds (Simplivia Healthcare), ICU Medical, Inc., JCB Co., Ltd. (JMS Co., Ltd.), and Yukon Medical.
KEY BENEFITS FOR STAKEHOLDERS
- This report provides an extensive analysis of the current and emerging market trends and dynamics in the global closed system transfer devices market to identify the prevailing opportunities.
- This study presents the competitive landscape of the global market to predict the competitive environment across geographies.
- Comprehensive analysis of factors that drive and restrict the market growth is provided.
- Region- & country-wise analysis is provided to understand the market trends and dynamics.
Key Topics Covered:
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
2.1. Key findings of the study
2.2. CXO perspective
CHAPTER 3: MARKET LANDSCAPE
3.1. Market definition and scope
3.2. Key findings
3.2.1. Top investment pockets
3.2.2. Top winning strategies
3.3. Porter's five forces analysis
3.4. Top player positioning, 2020
3.5. Market dynamics
3.5.1. Drivers
3.5.1.1. Rising incidence of cancer
3.5.1.2. Increasing number of oncology drug approvals
3.5.1.3. Rise in safety concerns of healthcare workers
3.5.2. Restraint
3.5.2.1. High cost of implementation and lack of awareness
3.5.3. Opportunity
3.5.3.1. Increasing application of CSTDs in other therapeutic areas coupled with rise in safe usage initiative
3.5.4. Impact analysis
3.6. Impact analysis of COVID-19 on the closed system transfer devices market
CHAPTER 4: CLOSED SYSTEM TRANSFER DEVICES MARKET, BY TYPE
4.1. Overview
4.1.1. Market size and forecast
4.2. Membrane to membrane
4.2.1. Key market trends, growth factors, and opportunities
4.2.2. Market size and forecast, by region
4.2.3. Market analysis, by country
4.2.4. Market analysis, by end user
4.3. Needleless
4.3.1. Key market trends, growth factors, and opportunities
4.3.2. Market size and forecast, by region
4.3.3. Market analysis, by country
4.3.4. Market analysis, by end user
CHAPTER 5: CLOSED SYSTEM TRANSFER DEVICES MARKET, BY TECHNOLOGY
5.1. Overview
5.1.1. Market size and forecast
5.2. Diaphragm Based
5.2.1. Market size and forecast, by region
5.2.2. Market analysis, by country
5.3. Compartmentalized
5.3.1. Market size and forecast, by region
5.3.2. Market analysis, by country
5.4. Filtration
5.4.1. Market size and forecast, by region
5.4.2. Market analysis, by country
CHAPTER 6: CLOSED SYSTEM TRANSFER DEVICES MARKET, BY END USER
6.1. Overview
6.1.1. Market size and forecast
6.2. Hospitals & Clinics
6.2.1. Market size and forecast, by region
6.2.2. Market analysis, by country
6.3. Oncology Centers
6.3.1. Market size and forecast, by region
6.3.2. Market analysis, by country
6.4. Others
6.4.1. Market size and forecast, by region
6.4.2. Market analysis, by country
CHAPTER 7: CLOSED SYSTEM TRANSFER DEVICES MARKET, BY REGION
CHAPTER 8: COMPANY PROFILES
8.1. B. BRAUN HOLDING GMBH & CO. KG
8.1.1.1.1.1. Company overview
8.1.2.1.1.2. Company snapshot
8.1.3. Operating business segments
8.1.4.1.1.4. Product portfolio
8.1.5.1.1.5. Business performance
8.1.6. Key strategic moves and developments
8.2. BAXTER INTERNATIONAL INC
8.2.1. Company overview
8.2.2. Company snapshot
8.2.3. Operating business segments
8.2.4. Product portfolio
8.2.5. Business performance
8.2.6. Key strategic moves and developments
8.3. BECTON, DICKINSON, AND COMPANY
8.3.1. Company overview
8.3.2. Company snapshot
8.3.3. Operating business segments
8.3.4. Product portfolio
8.3.5. Business performance
8.4. CARAGEN LTD.
8.4.1. Company overview
8.4.2. Company snapshot
8.4.3. Operating business segments
8.4.4. Product portfolio
8.5. CORVIDA MEDICAL, INC.
8.5.1. Company overview
8.5.2. Company snapshot
8.5.3. Operating business segments
8.5.4. Product portfolio
8.5.5. Key strategic moves and developments
8.6. EQUASHIELD LLC.
8.6.1. Company overview
8.6.2. Company snapshot
8.6.3. Operating business segments
8.6.4. Product portfolio
8.6.5. Key strategic moves and developments
8.7. FIMI OPPORTUNITY FUNDS (SIMPLIVIA HEALTHCARE LTD.)
8.7.1. Company overview
8.7.2. Company snapshot
8.7.3. Operating business segments
8.7.4. Product portfolio
8.8. ICU MEDICAL INC.
8.8.1. Company overview
8.8.2. Operating business segments
8.8.3. Product portfolio
8.8.4. Business performance
8.8.5. Key strategic moves and developments
8.9. JCB CO., LTD. (JMS CO LTD)
8.9.1. Company overview
8.9.2. Company snapshot
8.9.3. Operating business segments
8.9.4. Product portfolio
8.10. YUKON MEDICAL, LLC.
8.10.1. Company overview
8.10.2. Operating business segments
8.10.3. Product portfolio
8.10.4. Key strategic moves and developments
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