New York, USA, June 29, 2022 (GLOBE NEWSWIRE) -- Closed System Drug Transfer Device Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR),”Closed System Drug Transfer Device Market Research Report: by Type, Delivery, End-user - Forecast till 2027”, the CAGR for the market is projected to be 19.10% until 2027 and the value is slated to reach USD 8.95 billion by 2027.
Closed System Drug Transfer Device Market Scope:
Closed system drug transfer devices are crucial for doctors because they prevent them from accidently injecting themselves with harmful substances. These devices transmit hazardous medications and their fumes into another system, where they are contained and cannot impact humans. With the use of CSTDs, medication can be transferred from one reservoir to another while minimizing the danger of exposure to hazardous substances and drug aerosol. It prevents the transfer of contaminants from the environment into the system and the escape of dangerous drug or vapor concentrations from the system mechanically. CSTDs are frequently employed in medical equipment to maintain the sterility of a fluid channel. They preserve the purity of the solution to be injected into a patient by inhibiting the uncontrolled entry and exit of impurities and medications. As a result of incorrect handling or faulty product design, contaminants may be identified despite the usage of CSTDs, despite the fact that it should provide complete safety to healthcare personnel while handling dangerous pharmaceuticals.
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Report Scope:
| Report Attribute | Details |
| Market Size | 8.95 billion |
| CAGR | 19.10% |
| Base Year | 2019 |
| Forecast Period | 2020-2027 |
| Historical Data | 2018 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application and End User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Rapid increase in cancer cases |
| Expansion, new product launches, partnerships and Joint ventures |
Competitive Dynamics:
The closed system drug transfer device market is highly competitive. During the evaluation period, research and development will be critical to the growth of the global closed system transfer devices (CSTD) market. A rising number of market participants are focusing product line expansion to strengthen their position in the existing closed system transfer devices (CSTD) sector.
The major market players are:
- Becton (U.S.)
- Dickinson and Company (U.S.)
- Teva Pharmaceutical Industries Ltd. (Israel)
- Equashield LLC (U.S.)
- ICU Medical Inc. (U.S.)
- Yukon Medical (U.S.)
- Corvida Medical (U.S.)
Closed System Drug Transfer Device Market Dynamics:
Market Drivers:
The expansion of this market can be attributable to the increasing need for CSTDs to combat the negative effects of cytotoxic or antineoplastic medications, the rising incidence of cancer, and the growing emphasis on implementing occupational health and safety requirements.
The use of closed system transfer devices (CSTDs) in conjunction with additional safety precautions such as gloves, gowns, masks, and vented preparation hoods is an efficient technique to increase safety when preparing, transporting, administering, and disposing of hazardous pharmaceuticals. As a result, the market for closed system transfer devices is expected to grow as a result of various government initiatives, standard operating procedures (SOPs) for handling hazardous drugs, and increased awareness among nurses and healthcare professionals about the safe use of these medications.
The increased investments in recent years toward the construction of an efficient drug-handling chain are expected to significantly boost the global market for closed system transfer devices (CSTD) in the coming years. The demand for CSTDs is expected to grow in unison with the incidence of cancer and the use of chemotherapy regimens in the coming years. Furthermore, the growing incorporation of closed system transfer devices (CSTD) into various pharmaceutical safety programs in conjunction with other technical controls is expected to drive the global closed system transfer devices (CSTD) market throughout the forecast period.
Market Limitations:
The market for closed system drug transfer devices is somewhat unrestricted. The high prevalence of medical devices that do not function as well as they should or as they were intended to function is one of the most significant problems restraining growth. There is a tendency for many of these devices to leak harmful and potent medications. Additionally, exposure to these medications can rapidly render healthcare professionals infertile. Moreover, the high cost of implementing CSTDs and the absence of reimbursement for CSTDs are anticipated to limit the growth of this market to some extent.
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Closed System Drug Transfer Device Market COVID-19 Analysis:
Numerous sectors and businesses were negatively impacted by COVID-19. The opposite was true for the players in the closed system medication transfer device industry. Because of COVID-19, the growth rate of the market is anticipated to be at least adequate.
The market for closed system drug transfer devices is anticipated to grow at a healthy rate due to the numerous technical breakthroughs occurring in this industry. Because with COVID-19, the majority of countries have closed their borders. This has an effect on the market for closed system medication transfer devices since it hinders and impedes the free flow of these devices across borders and between nations.
In addition, the COVID-19 pandemic led to a worldwide decline in chemotherapy procedures, as numerous clinics and hospitals were redesigned to boost hospital capacity for COVID-19 patients. Due to the quick increase of COVID-19 cases, the non-essential procedures contributed to a potential backlog and had a negative influence on the market.
Closed System Drug Transfer Device Market Segmentation:
based on type:
The barrier sub-segment had the largest market share in 2019and is expected to continue this trend during the forecast period, due to simplicity of use and lower risk of contamination.
based on delivery type:
The specialty centers dominated in terms of market share in 2019 and is expected to continue this trend during the forecast period.
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Closed System Drug Transfer Device Market Regional Analysis:
North America holds the largest proportion of the market for closed-system medication transfer devices. In terms of market share, the United States dominates in this region. The reason for this is because it has an advanced and comprehensive health care system. This is a result of a growth in the incidence of cancer, the presence of significant players, an increase in healthcare spending, technological developments, and an increase in government activities in the region. During the time of review, the market is anticipated to be driven by the enhanced medical infrastructure and the rise in healthcare sector investments.
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Primarily because the market for closed-system drug transfer devices is not tightly regulated, the growth rate in the Asia-Pacific area will be lower. In addition, governments in the majority of Asian nations do not prioritize healthcare spending, despite the fact that it has expanded dramatically in recent years.
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