CHICAGO, March 29, 2024 /PRNewswire/ -- Closed System
Transfer Devices Market in terms of revenue was estimated
to be worth $1.1 billion in 2024 and
is poised to reach $2.5 billion by
2029, growing at a CAGR of 14.5% from 2024 to 2029 according to a
new report by MarketsandMarkets™. The increasing prevalence of
chronic diseases such as cancer, rising focus on workplace safety,
growing awareness of the benefits of CSTDs, advancements in CSTD
technology, and growing regulatory compliance are expected to drive
the market growth. However, the substantial expenses associated
with implementing CSTD, limited compatibility with certain
medications or drug delivery systems, and limited reimbursement
hinders the use of CSTDs, thereby hampering the adoption of these
products in hospitals and oncology centers to a certain extent.
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Browse in-depth TOC on "Closed System Transfer Devices
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150 - Tables
70 - Figures
250 -
Pages
Closed System Transfer Devices
Market Scope:
Report
Coverage
|
Details
|
Market Revenue in
2024
|
$1.1 billion
|
Estimated Value by
2029
|
$2.5 billion
|
Growth Rate
|
Poised to grow at a
CAGR of 14.5%
|
Market Size Available
for
|
2019–2029
|
Forecast
Period
|
2024–2029
|
Forecast
Units
|
Value (USD
Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
By Type, Closing
Mechanism, Technology, Component, End User and Region
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, Latin America, and the Middle East &
Africa
|
Report
Highlights
|
Updated financial
information / product portfolio of players
|
Key Market
Opportunities
|
Regulatory Compliance
Requirements
|
Key Market
Drivers
|
Increased Awareness of
Occupational Hazards
|
Closing mechanism system is expected to grow at the highest
CAGR during the forecast period.
Based on the closing mechanism, the market is segmented into
Luer lock systems, push-to-turn systems, click-to-lock systems, and
color-to-color alignment systems. In 2023, the Luer lock systems
segment accounted for the highest share of 32.5% of the market. The
closing mechanism's primary role is to establish a secure
connection within the CSTD system, preventing leaks and hazardous
drug exposure. market. Its role in ensuring safety, user
experience, and compatibility with existing systems makes it a
crucial determinant of market success and growth. This directly
impacts the safety of patients and healthcare workers, which is a
primary driver for the CSTD.
Membrane-to-membrane systems segment is expected to account
for the largest share, by type in the closed system transfer
devices market.
Based on type, the CSTD market is segmented into
membrane-to-membrane systems and needleless systems. In 2023, the
membrane-to-membrane systems segment accounted for the largest
share of 72.4% of the CSTDs market. The large share and high growth
of this segment are attributed to their ease of operation and lower
risk of contamination associated with double-membrane containment
systems. Membrane-to-membrane systems provide a high level of
safety by creating a completely sealed environment during drug
transfer. This prevents any potential leakage or contamination,
thereby minimizing the risk of hazardous drug exposure for
healthcare workers.
Diaphragm-based devices segment accounted for the largest
share of closed system transfer devices market in 2023
Based on technology, the CSTDs market is segmented into
diaphragm-based devices, compartmentalized devices, and air
cleaning/filtration devices. In 2023, the diaphragm-based devices
segment accounted for the largest share of 43.0% of the market.
Diaphragm-based devices are often compatible with a wide range of
drug delivery systems and container closures, providing versatility
for various clinical applications. This compatibility enhances
their appeal to healthcare facilities seeking flexible solutions
for hazardous drug handling. Thus, their effectiveness, safety,
ease of use, and compatibility is expected to drive the segment
growth.
Vial access components segment accounted for the largest
share of closed system transfer devices market in 2023
Based on components, the CSTDs market is segmented into vial
access components, male luers, bag spikes, female components, and
other components. In 2023, the vial access components segment
accounted for the largest share of 24.9% of the market. Vial access
components are widely used in healthcare settings for accessing and
transferring medications from vials. Also, the design of vial
access components is engineered to minimize the risk of leaks,
spills, and contamination during medication transfer. By providing
a reliable and secure closure mechanism, they enhance the safety
and efficacy of closed system transfer devices, which is a critical
factor driving market preference.
Hospitals & Clinics accounted for the largest share of
closed system transfer devices market in 2023
Based on end users, the market is segmented into hospitals &
clinics, oncology centers, and other end users. In 2023, hospitals
& clinics accounted for the largest share of 82.1% of the CSTDs
market. The healthcare facilities, especially hospitals and
clinics, are subject to stringent regulatory standards governing
the handling of hazardous drugs. Regulatory bodies like OSHA
(Occupational Safety and Health Administration) in the United States mandate the use of CSTDs to
protect healthcare workers from exposure to hazardous drugs.
Compliance with these regulations drives the widespread adoption of
CSTDs in hospitals and clinics.
In 2023, North America
accounted for the largest share of the closed system transfer
devices market
The closed system transfer devices market is segmented into five
major regions, namely, North
America, Europe,
Asia Pacific (APAC), Latin America, and the Middle East and Africa.
North America accounted for the
largest share of closed system transfer devices market in 2023.
Owing to the continuous development and introduction of advanced
CSTD technologies along with enhanced safety, efficiency, and user
experience contributes to the high adoption rates of CSTDs in this
region. Moreover, stringent regulations governing the handling of
hazardous drugs in healthcare settings mandate the use of CSTDs to
minimize the risk of exposure to hazardous drugs. Compliance with
these regulations drives the demand for CSTDs in the region.
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Closed System Transfer Devices
Market Dynamics:
Drivers:
1. Increased Awareness of Occupational Hazards
Restraints:
1. Cost Implications
Opportunities:
1. Regulatory Compliance Requirements
Challenge:
1. Compatibility Issues and Standardization
Key Market Players of Closed System Transfer Devices
Industry:
The key players in the global closed system transfer devices
market include Becton, Dickinson and Company (US), ICU Medical
(US), Equashield (US), Corning Incorporated (US), Simplivia
Healthcare (Israel), Corvida
Medical (US), Yukon Medical (US), JMS (Japan), Baxter International (US), Terumo
Corporation (Japan), Cardinal
Health (US), Eraser Medical (Turkey), B Braun Melsungen (Germany), West Pharmaceuticals Services (US),
CODAN Medizinische Geräte GmbH & Co KG (Germany), Victus (US), Caragen (Ireland), Vygon SA (US), Practivet (US), and
Insung Medical (South Korea).
A breakdown of the primary participants (supply-side) for the
closed system transfer devices market referred to for this report
is provided below:
- By Company Type: Tier 1–42%, Tier 2–37%, and Tier 3–21%
- By Designation: C-level–39%, Director Level–33%, and
Others–28%
- By Region: North America–64%, Europe–17%, Asia Pacific–7%,
Latin America- 6%, Middle East & Africa-6% .
Recent Developments of Closed System Transfer Devices
Industry:
- In January 2022, ICU Medical,
Inc. (US) acquired Smiths Medical with the aim of broadening its
product portfolio with the inclusion of syringe & ambulatory
infusion devices, vascular access, and vital care products.
- In March 2022, Baxter
International (US) entered into an agreement with a subsidiary of
Pfizer Inc. to acquire the rights to Zosyn, a premixed frozen
piperacillin-tazobactam product, to be supplied in North America. This product is used for the
treatment of intra-abdominal infections, nosocomial pneumonia, skin
and skin structure infections, female pelvic infections, and
community-acquired pneumonia.
- In October 2023, EQUASHIELD LLC.
(US) Syringe Unit received additional FDA clearance for full-volume
use. This approval results in a cost-effective solution for
medication compounding & administrating requirements.
- In March 2022, Vygon
SA(France) acquired Macatt Medica,
a distribution company located in Lima,
Peru, boosting Vygon's presence in South America. The company sells the bulk of
Vygon's products in Peru,
including a line of enteral nutrition products.
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Closed System Transfer Devices Market - Key Benefits of
Buying the Report:
The report will help the market leaders/new entrants in this
market with information on the closest approximations of the
revenue numbers for the overall the closed system transfer devices
market and the subsegments. This report will help stakeholders
understand the competitive landscape and gain more insights to
position their businesses better and plan suitable go-to-market
strategies. The report also helps stakeholders understand the pulse
of the market and provides them with information on key market
drivers, restraints, challenges, and opportunities.
This report provides insights into the following
pointers:
- Analysis of key drivers (growth in the closed system transfer
devices market in developing countries,rising cancer rates, focus
on patient and worker safety, growing use of CSTDs beyond oncology,
and increasing use of hazardous drugs), restraints (high cost of
implementation, and limited reimbursement policies), opportunities
(integration with automation, and data-driven CSTDs) and challenges
(inconsistency in regulatory guidelines, and compatibility issues
with certain drugs)
- Market Penetration: It includes extensive information on
product portfolios offered by the major players in the global the
closed system transfer devices market. The report includes various
segments in market closing mechanism, type, component, technology,
end user, and region.
- Product Enhancement/Innovation: Comprehensive details about new
product launches and anticipated trends in the global the closed
system transfer devices market.
- Market Development: Thorough knowledge and analysis of the
profitable rising markets by closing mechanism, type, component,
technology, end user, and region.
- Market Diversification: Comprehensive information about newly
launched product and services, expanding markets, current
advancements, and investments in the global the closed system
transfer devices market.
- Competitive Assessment: Thorough evaluation of the market
shares, growth plans, offerings of product and services, and
capacities of the major competitors in the global the closed system
transfer devices market.
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