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.

Download an Illustrative overview: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=251802928

Browse in-depth TOC on "Closed System Transfer Devices Market"

150 - Tables
70 - Figures
250 - Pages

Closed System Transfer Devices Market Scope:

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.

Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=251802928

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.

Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=251802928

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.

Related Reports:

Infusion Pump Market - Global Forecasts to 2029

Insulin Delivery Devices Market - Global Forecasts to 2028

Radiotherapy Market - Global Forecasts to 2028

Blood Screening Market - Global Forecasts to 2028

Research Antibodies & Reagents Market - Global Forecasts to 2028

About MarketsandMarkets™:

MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:

Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Research Insights: https://www.marketsandmarkets.com/ResearchInsight/closed-system-transfer-device-market.asp
Visit Our Website: https://www.marketsandmarkets.com/
Content Source: https://www.marketsandmarkets.com/PressReleases/closed-system-transfer-device.asp

Logo: https://mma.prnewswire.com/media/2297424/MarketsandMarkets_Logo.jpg 

View original content:https://www.prnewswire.com/news-releases/closed-system-transfer-devices-market-worth-2-5-billion--marketsandmarkets-302102376.html

SOURCE MarketsandMarkets