PUBLISHER: The Business Research Company | PRODUCT CODE: 1518273
PUBLISHER: The Business Research Company | PRODUCT CODE: 1518273
Closed system transfer devices (CSTDs) are specialized tools used for transferring drugs while mechanically preventing environmental contaminants from entering and hazardous drugs or vapors from escaping. They establish a closed, leak-proof system to ensure the safe handling of hazardous substances in healthcare settings.
There are two main types of closed-system transfer devices, needleless systems and membrane-to-membrane systems. The latter refers to a lipid membrane model commonly employed in scientific research to study biological membrane characteristics and dynamics. These devices utilize various technologies such as diaphragm-based, compartmentalized, and filtration mechanisms, often integrated with closing mechanisms such as color-to-color alignment, push-to-turn, click-to-lock, and luer-lock systems. They are utilized by diverse end-users including hospitals, clinics, oncology centers, and other healthcare facilities.
The closed system transfer devices market research report is one of a series of new reports from The Business Research Company that provides closed system transfer devices market statistics, including closed system transfer devices industry global market size, regional shares, competitors with a closed system transfer devices market share, detailed closed system transfer devices market segments, market trends, and opportunities, and any further data you may need to thrive in the closed system transfer devices industry. This closed system transfer devices market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry
The closed system transfer devices market size has grown rapidly in recent years. It will grow from $0.91 billion in 2023 to $1.04 billion in 2024 at a compound annual growth rate (CAGR) of 14.2%. The growth during the historic period can be attributed to several factors, including increased approvals for oncology drugs, a heightened focus on occupational safety, the need to reduce needlestick injuries and exposure to hazardous drugs, greater awareness of the potential dangers of cytotoxic drug exposure, and an expanding population of chemotherapy patients.
The closed system transfer devices market size is expected to see rapid growth in the next few years. It will grow to $1.78 billion in 2028 at a compound annual growth rate (CAGR) of 14.3%. In the forecast period, growth is expected to be driven by several factors, including the increasing incidence of cancer, the growing need to monitor compliance for the safe management of injurious drugs, rising awareness regarding the usage of closed system transfer devices (CSTDs), increased implementation of CSTDs for transporting hazardous medications, and the escalating number of drug approvals for cancer treatment. Major trends during this period include new product launches focusing on safety, the development of digital platforms and user-friendly devices, high levels of research and development activity, technological advancements, and the adoption of membrane-to-membrane systems.
The growth of the closed-system transfer devices market is expected to be driven by the increasing prevalence of cancer. Cancer, characterized by the uncontrolled division of abnormal cells that can spread throughout the body, is rising due to factors such as lifestyle choices, environmental factors, and increased infections. Closed-system transfer devices play a crucial role in cancer treatment by safeguarding healthcare workers and patients from the risks associated with handling and administering chemotherapy drugs. Their usage promotes a safer healthcare environment and improves treatment outcomes for cancer patients. For example, data from the National Library of Medicine in May 2021 projected a significant increase in global cancer cases by 2040, indicating a growing need for interventions such as closed-system transfer devices.
Leading companies in the closed-system transfer devices market are innovating to develop advanced solutions. Next-generation closed system transfer devices are designed to meet the evolving needs and challenges in safely managing hazardous drugs in healthcare settings. For instance, in December 2021, B. Braun Medical Inc. launched the OnGuard 2 Closed System Transfer Device (CSTD), which underwent rigorous testing with actual hazardous drugs to ensure vapor containment. This CSTD sets a high standard in air-cleaning technology and integrates enhanced features for easy operation, seamless healthcare integration, and compliance with quality standards such as USP <800>.
In April 2021, Fresenius Kabi entered an exclusive U.S. distribution agreement with Corvida Medical for the HALO Closed System Drug-Transfer Device. This agreement positions Fresenius Kabi as the exclusive distributor of the HALO system in the U.S. The HALO CSTD is designed to prevent environmental contaminants from entering the system and to contain drug vapor, aerosols, and droplets, minimizing exposure risks during the compounding and administration of hazardous drugs such as chemotherapy. Corvida Medical, known for its focus on safe drug handling technologies, collaborates with Fresenius Kabi to enhance safety measures in healthcare settings.
Major companies operating in the closed system transfer devices market are Cardinal Health Inc., Becton Dickinson and Company , Baxter International Inc. , Corning Incorporated, B Braun Melsungen AG, Grifols SA, Terumo Corporation, ICU Medical Inc., Amsino International Inc., JMS Co. Ltd. , Vygon SA , Codan Medical GmbH, Equashield LLC , Hospira Inc., Nipro Corporation , Simplivia Healthcare Ltd., Practivet Inc., Corvida Medical Inc., Yukon Medical , Caragen Ltd., Insung Medical Co. Ltd., Carmel Pharma AB, Aegis Medical Technologies, Epic Medical Pte Ltd., Smiths Medical
North America was the largest region in the closed system transfer device market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the closed system transfer devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the closed system transfer devices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The closed system transfer devices market consists of sales of closed vial access devices (CVADs), closed syringe transfer systems, closed bag systems, and closed ampoule systems. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Closed System Transfer Devices Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on closed system transfer devices market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for closed system transfer devices ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The closed system transfer devices market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.