The closed system transfer device (CSTD) market has shown significant growth in recent years owing to the increased need for safety in the healthcare industry. CSTDs are designed to mechanically prohibit the transfer of environmental contaminants into a system and the escape of hazardous drug or vapor concentrations outside the system. They help contain and dispose of hazardous drugs safely during drug reconstitution or other transferring processes in hospitals and clinics. The growing risk of occupational exposure to hazardous drugs and increased safety regulations have boosted the demand for closed drug transfer systems.
The global closed system transfer device market is estimated to be valued at US$ 4.07 Bn in 2024 and is expected to exhibit a CAGR of 16% over the forecast period from 2024 to 2031.
Key Takeaways
Key players operating in the closed system transfer device market are General Electric, Molded Fiber Glass, Vesta, AREVA WIND, Bora Energy AVANTIS Energy, DeWind, ENERCON, EWT, GBT Composites Technology, Xinjiang Goldwind Science and Technology, Hexcel, Indutch composites technology, Inoxwind, Reliance Industries, Leitner, NORDEX, ReGen Powertech, SR Fibreglass Auto, and Wind World. These players are focusing on new product launches and strategic collaborations to gain a competitive edge in the market.
The growing awareness about minimizing occupational exposure during drug administration and recent regulatory guidelines mandating the use of Closed System Transfer Device market Trends present significant growth opportunities for players in the market. North America and Europe hold a major share of the global CSTD market currently but the market is expected to witness high growth in Asia Pacific as well driven by growing healthcare expenditure and increasing number of hospitals in the region.
Market drivers:
1) Stringent safety regulations: Regulatory bodies like OSHA and NIOSH have mandated the use of closed drug transfer systems for hazardous drugs to ensure personnel safety. This is a major driver boosting the CSTD market.
2) Increasing risk of occupational exposure: Continuous exposure to hazardous antineoplastic drugs can have damaging health effects on healthcare workers like cancers. This high risk is augmenting the demand for closed drug transfer devices for safe handling of such drugs.
Market Restraints:
1) High cost: CSTD devices are expensive compared to conventional drug vial syringe transfer methods. This high cost can hamper their adoption in price sensitive markets.
2) Lack of awareness: Limited awareness about hazardous drug exposure risks and availability of advanced closed drug transfer technology can restrain market growth in developing regions.
Segment Analysis
This market can be segmented by type, component, and end-user. The type segment includes Closed Vial Access Devices and Closed Syringe Safety Devices. Closed Syringe Safety Devices currently dominate the market due to the rising risk of needlestick injuries among healthcare workers. These syringe devices provide protection against accidental needles by preventing healthcare workers from recapping used needles.
The component segment comprises a positive displacement system, needleless components, vial access components, and syringe access components. Among these, positive displacement system dominates as it ensures accurate transfer of fluids without exposing them to the surrounding environment.
In terms of end-users, this market covers hospitals and clinics, diagnostic centers, and pharmacies & drug stores. Hospitals and clinics account for the largest share owing to the rising number of surgeries and increasing implementation of safety norms to avoid infections.
Global Analysis
Regionally, North America holds the highest share in the closed system transfer device market due to favorable reimbursement policies and advanced healthcare infrastructure. However, Asia Pacific is emerging as the fastest-growing market due to the improving healthcare standards, growing medical tourism, and increasing government initiatives regarding patient safety in countries such as China, India, and Japan. The key players focus on expanding their manufacturing facilities and distribution networks in developing countries to capitalize on new growth opportunities.
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The report highlights the significant players, including market size, share, and demand, development.
This report further covers the latest trends, technological advancements, and growth opportunities.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the closed system drug transfer device market include BD Medical, Equashield, ICU Medical, Teva Medical Ltd., CorvidaMedical, B. Braun.
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Closed System Drug Transfer Device Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/closed-system-drug-transfer-device-market/download-sampleMarket DynamicsThe global closed system drug-transfer device market is driven by an increased risk of chromosomal abnormalities associated with hazardous drug exposure in all healthcare workers, rising cancer cases, a growing number of oncology drug approvals, and restricting regulatory guidelines regarding the safe handling and use of hazardous drugs.
Rising awareness about CSTD products among end-users, especially in developing countries, will be expanding the growth at a significant pace during the forecast period.
Market Key Players Teva Pharmaceutical Industries Ltd. (Israel), Becton, Dickinson and Company (U.S.)Corvida Medical (U.S.) ICU Medical Inc. (U.S.) Yukon Medical (U.S.)Equashield LLC (U.S.) The global closed system drug transfer device (CSTD) market size is poised to expand at 19.10% CAGR over the forecast period (2018-2025).The market is driven by the prevalence of cancer cases globally.
CSTDs are required for protecting hospital staff from hazardous drugs and ensuring their safety.
Furthermore, safety guidelines outlined by regulatory bodies for safe handling practices at hospitals and clinics is predicted to augur well for the closed system drug transfer device (CSTD) market.Free sample copy is available @ https://www.marketresearchfuture.com/sample_request/7733Segmentation AnalysisThe closed system drug transfer device (CSTD) market is segmented by type, delivery, and end-user.By type, barrier-type was the largest shareholder in 2017, while the filtration-type held stood second in the global market.
By modes of delivery, closed bag/line access devices accounted for the largest share in the CSTD market (2017).
Among end-users, specialty centers held 70.92% market share in 2017.
This can be linked to high use of chemotherapy drugs by oncology professionals to treat patients suffering from cancer.Regional AnalysisGeographically, the closed system drug transfer device (CSTD) market covers the upcoming trends in Europe, Asia Pacific (APAC), Americas, and the Middle East & Africa (MEA).
