Dublin, June 09, 2023 (GLOBE NEWSWIRE) -- The "Global Closed System Transfer Devices Market Report and Forecast 2023-2031" report has been added to ResearchAndMarkets.com's offering.
The global closed system transfer devices market size attained a value of USD 879.3 million in 2022. The market is anticipated to grow at a CAGR of 19.2% during the forecast period of 2023-2031 to attain a value of USD 4,306 million by 2031.
Closed System Transfer Devices Market: Introduction
Closed system transfer devices (CSTDs) are medical devices used to transfer hazardous drugs from one container to another while minimizing the risk of exposure to healthcare workers and patients. They are designed to prevent the release of hazardous drugs into the environment, thus reducing the risk of contamination and exposure.
CSTDs are used in a variety of healthcare settings, including hospitals, clinics, and pharmacies, for the preparation and administration of hazardous drugs. These drugs include chemotherapy agents, hormones, and immunosuppressants, among others. The use of CSTDs is particularly important for healthcare workers who handle hazardous drugs on a regular basis, as they are at a higher risk of exposure to these drugs and their harmful effects.
Benefits of CSTDs include:
- Increased safety: CSTDs reduce the risk of exposure to hazardous drugs by preventing leaks and spills, minimizing the release of drug particles into the air, and providing a closed system for drug transfer
- Compliance with regulations: The use of CSTDs is mandated by regulatory bodies such as the US Occupational Safety and Health Administration (OSHA) and the National Institute for Occupational Safety and Health (NIOSH)
- Cost-effective: The use of CSTDs can help reduce healthcare costs by preventing exposure-related illnesses and injuries and minimizing the need for additional medical treatment
- Improved drug efficacy: CSTDs can help improve the efficacy of hazardous drugs by reducing the loss of drug particles during preparation and administration
Overall, the use of CSTDs is an important measure for ensuring the safety of healthcare workers and patients who handle or are exposed to hazardous drugs. CSTDs provide a closed system for drug transfer, which reduces the risk of contamination and exposure to hazardous drugs, while also complying with regulatory requirements and improving drug efficacy.
Closed System Transfer Devices Market Segmentations
The market can be categorised into type, technology, component, end user, and major region.
Market Breakup by Type
- Needleless
- Membrane to Membrane
Market Breakup by Technology
- Diaphragm Based
- Filtration
- Compartmentalized
Closed System Transfer Devices Market Breakup by Component
- Devices
- Accessories
Market Breakup by End user
- Hospitals and Clinics
- Academic and Research Institute
- Others
Market Breakup by Region
North America
- United States of America
- Canada
Europe
- United Kingdom
- Germany
- France
- Italy
- Others
Asia Pacific
- China
- Japan
- India
- ASEAN
- Australia
- Others
Latin America
- Brazil
- Argentina
- Mexico
- Others
Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- Nigeria
- South Africa
- Others
Closed System Transfer Devices Market Scenario
The global closed system transfer devices (CSTD) treatment market is witnessing significant growth, driven by the increasing use of hazardous drugs in chemotherapy and other medical treatments. CSTDs are used to transfer hazardous drugs from one container to another while minimizing the risk of exposure to healthcare workers and patients. The use of CSTDs is particularly important for healthcare workers who handle hazardous drugs on a regular basis, as they are at a higher risk of exposure to these drugs and their harmful effects.
The market for CSTDs is expected to continue to grow at a steady pace, driven by several factors, including increasing awareness about the risks associated with exposure to hazardous drugs, the development of new and innovative CSTDs, and the increasing adoption of CSTDs in emerging markets.
North America is the largest market for CSTDs, owing to the high prevalence of cancer and well-established healthcare infrastructure in the region. However, the Asia-Pacific region is expected to witness significant growth in the coming years, driven by the increasing focus on cancer treatment and the rising demand for cost-effective medical devices. Countries like China and India are expected to be major contributors to this growth due to their large populations and increasing healthcare spending.
The market for CSTDs is highly competitive, with many players offering a wide range of products to cater to the diverse needs of healthcare providers and patients. Some of the key players in the market include Becton, Dickinson and Company, ICU Medical, Inc., Equashield, LLC, and Teva Pharmaceutical Industries Ltd.
Overall, the CSTD treatment market is expected to continue to grow at a steady pace, driven by the increasing demand for safe and effective healthcare delivery. The market is highly competitive, with many players vying for market share through product innovation and expansion into new geographies. With increasing awareness about the risks associated with exposure to hazardous drugs, the adoption of CSTDs is likely to increase in the coming years, further fuelling the growth of the market.
Key Players in the Global Closed System Transfer Devices Market
The report gives an in-depth analysis of the key players involved in the closed system transfer devices market, sponsors manufacturing the drugs, and putting them through trials to get FDA approvals. The companies included in the market are as follows:
- Baxter International Inc
- B. Braun Holding Gmbh & Co. Kg
- Becton, Dickinson, and Company
- Corvida Medical, Inc
- Caragen Ltd
- ICU Medical
- EQUASHIELD
- Simplivia
- YUKON MEDICAL
- JMS North America Corporation
- Epic Medical
- Others
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 140 |
| Forecast Period | 2023 - 2031 |
| Estimated Market Value (USD) in 2023 | $1055 Million |
| Forecasted Market Value (USD) by 2031 | $4306 Million |
| Compound Annual Growth Rate | 19.2% |
| Regions Covered | Global |
Key Topics Covered:
1 Preface
2 Executive Summary
3 Global Closed System Transfer Devices Market Overview
4 Global Closed System Transfer Devices Market Landscape
5 Global Closed System Transfer Devices Market Dynamics
6 Global Closed System Transfer Devices Market Segmentation
7 North America Closed System Transfer Devices Market
8 Europe Closed System Transfer Devices Market
9 Asia Pacific Closed System Transfer Devices Market
10 Latin America Closed System Transfer Devices Market
11 Middle East and Africa Closed System Transfer Devices Market
12 Patent Analysis
13 Grants Analysis
14 Funding Analysis
15 Partnership and Collaborations Analysis
16 Regulatory Framework
17 Supplier Landscape
18 Global Closed System Transfer Devices Market - Distribution Model (Additional Insight)
19 Key Opinion Leaders (KOL) Insights (Additional Insight)
20 Company Competitiveness Analysis (Additional Insight)
21 Payment Methods (Additional Insight)
Companies Mentioned
- Baxter International Inc.
- B. Braun Holding GmbH & Co. Kg
- Becton, Dickinson, and Company
- Corvida Medical, Inc.
- Caragen Ltd
- Icu Medical
- Equashield
- Simplivia
- Yukon Medical
- Jms North America Corporation
- Epic Medical
For more information about this report visit https://www.researchandmarkets.com/r/kp5ezi
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