Closed System Transfer Device Market Size US$ 1,620.6 Million by 2027

Precedence Research, Recently Published Report on "Closed System Transfer Device Market Size, Share Growth, Trends, Scope, Regional Outlook and Forecast 2020 - 2027".

OTTAWA, May 18, 2021 (GLOBE NEWSWIRE) -- The global closed system transfer device market size was valued at USD 380 million and is predicted to reach USD 1,620.6 million by 2027, with a CAGR of 20.6% from 2020 to 2027.

Closed System Drug Transfer Device (CSTD) is employed for safe drug transmission and to curb transmission of environmental impurities into the arrangement and leakage or transmission of vapor absorptions or hazardous drug outside the arrangement. Uncontrolled inflow and outflow of preparations and impurities are prevented by CSTDs and solution’s drug grade is conserved along with contributing protection to the healthcare workers that take care of the drug solution. CSTDs have two design types: those that work by way of a physical barrier and those that use air-cleaning expertise. Working exposure while compounding and controlling hazardous preparations is linked to a variety of negative health significances. Both the design types of CSTDs prevent the discharge of hazardous preparations into the workplace. Many harmful drugs are frequently employed in patient treatment procedures. They can comprise of antineoplastic drugs for chemotherapy procedures, new monoclonal antibodies, and antibiotics. Healthcare experts, including nurses, pharmacists, and veterinarians, can be vulnerable to hazardous drug through skin contact, inhalation, sharps and needle stick injuries, or unintentional hand-to-mouth assimilation.

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Growth Factors:

Factors such as growing prevalence of cancer and rising need for monitoring compliance for harmless handling of damaging drugs are driving the growth of closed system transfer device market. Antineoplastic drugs, also known as anticancer drugs, are life-saving for cancer patient. However, these drugs can also be detrimental to the health of the medical professionals. This can occur if the drugs escape during compounding, rebuilding or delivery to patients. At the oncology center, the pharmacy specialists prepare all quantities of chemotherapy under the direction of the expert pharmacist. The CSTDs (Closed system drug transfers devices) are very well known for efficiency at decreasing surface adulteration and contact of healthcare workers after execution. CSTDs are thus necessary for such medicinal preparations. Growing prevalence of cancer all over the world has heavily amplified the demand for the closed system drug transfer devices. Globally, cancer prevalence rate has amplified to make it the second chief cause of demise after cardiovascular disease.

Hazardous drugs, specifically the subclasses of antineoplastic medications, have been designated as the highest chemical hazard existing in the health field and one of the furthermost dangerous chemical agents ever made. Establishments focused on industrial safety, such as the Occupational and Safety and Health Administration (OSHA), Joint Commission, and the Pan American Health Organization (PAHO) are offering increasing consideration to recommendations and tactics for improving protection regarding harmful drugs.

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Report Highlights:

• Among the type segment, membrane-to-membrane systems are expected to dominate the overall market. Membrane-to-membrane systems have multiple advantages over other systems which makes them a system of choice in many settings.

• The push-to-turn systems accounted for the largest revenue in the closing mechanism segment with more than 34% share in 2019. Increasing awareness regarding the use of push-to-turn systems for safe transfer of drugs is the major reason for high market share of push-to-turn systems. Luer-lock systems are expected to grow at the topmost CAGR during the forecast time-frame.

• Vial access devices accounted for the largest revenue in the component segment. High usage frequency is the key reason for high market share of vial access devices.

• Hospitals accounted for the largest revenue in the end-user segment. High frequency of chemotherapy administration in hospitals is the key reason for high market share of hospitals.

• ICU Medical, Inc. accounted for a significant share of the global closed system transfer device market.
  

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Regional Analysis:

The report covers data for North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. In 2019, North America dominated the global market with a market share of more than 42%. U.S. represented the highest share in the North American region primarily due to presence of leading market players and high awareness regarding drug safety. Furthermore, early adoption of latest healthcare technologies also contributed to the high market share of the United States.

Europe was the second important market chiefly due to presence of latest healthcare infrastructure and high investment in research and development. The presence of skilled researchers in the European region is also expected to boost the demand for closed system transfer device market in the near future. Asia Pacific is anticipated to grow at the maximum CAGR of around 18% in the forecast period due to high incidence of cancer. Latin America and the African and Middle Eastern region will display noticeable growth.

Key Market Players and Strategies:

The major companies operating in the worldwide closed system transfer device are Baxter International Inc., Becton, Dickinson, and Company, CodanMedizinischeGeräte GmbH & Co Kg, ICU Medical, Inc., Yukon Medical, B. Braun Melsungen, Equashield, Teva Pharmaceutical Industries Ltd., Victus, Inc., and Corvida Medical among others.

High investment in the research and development along with acquisition, mergers, and collaborations are the key strategies undertaken by companies operating in the global closed system transfer device market. Arisure closed system transfer device from Baxter helps in preventing hazardous drug exposure and maintain medication sterility. The Arisure CSTD is designed to be simple to use with an importance towards safety.

Market Segmentation:

By Type

• Needleless Systems

• Membrane-to-Membrane Systems

By Closing Mechanism

• Color-To-Color Alignment Systems

• Push-To-Turn Systems

• Click-To-Lock Systems

• Luer-Lock Systems

By Component

• Syringe Safety Devices

• Vial Access Devices

• Accessories

• Bag/Line Access Devices

By End User

• Clinics & Oncology Centers

• Hospitals

• Others
  

By Geography

• North America
  
  

  • U.S.

  • Canada

• Europe
  
  

  • Germany

  • France

  • United Kingdom

  • Rest of Europe

• Asia Pacific
  
  

  • China

  • Japan

  • India

  • Southeast Asia

  • Rest of Asia Pacific

• Latin America
  
  

  • Brazil

  • Rest of Latin America

• Middle East & Africa (MEA)
  
  

  • GCC

  • North Africa

  • South Africa

  • Rest of Middle East & Africa

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