The closed system transfer devices global market report 2024from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Closed System Transfer Devices Market, 2024report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size – 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 in the historic period can be attributed to increased oncology drug approvals, rise in focus on occupational safety, rise in need to curb needlestick injuries and exposure to hazardous drugs, increased awareness about potential dangers of cytotoxic drug exposure, growth in chemotherapy patient population.
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%. The growth in the forecast period can be attributed to increasing occurrence of cancer, increasing need for monitoring compliance for safe management of injurious drugs, growing awareness regarding usage of closed system transfer devices , rising implementation of cstds for transporting hazardous medications, escalating quantity of drug sanctions for cancer. Major trends in the forecast period include new product launches and safety, development of digital platforms and user-friendly devices, high research and development activity, technological advancements, adoption of membrane-to-membrane systems.
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Scope Of Closed System Transfer Devices Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Closed System Transfer Devices Market Overview
Market Drivers –The increasing occurrence of cancer is expected to propel the growth of the closed-system transfer devices market going forward. Cancer is a disease characterized by an uncontrolled division of abnormal cells, which can invade nearby tissues and spread to other body parts through the blood and lymph systems. The cases of cancer are on the rise due to various factors, such as lifestyle factors, environmental exposures, and increased infections. Closed-system transfer devices are essential tools in cancer treatment, protecting healthcare workers and patients from the risks associated with handling and administering chemotherapy drugs. Their use contributes to a safer healthcare environment and better treatment outcomes for cancer patients. For instance, in May 2021, according to the National Library of Medicine, a US-based medicine library, the global cancer burden is expected to be 28.4 million cases in 2040, a 47% rise from 2020, with many deaths. Furthermore, in January 2023, according to the National Center for Biotechnology Information, a US-based intergovernmental organization, there were 1,958,310 new cancer cases in the United States and 609,820 cancer deaths are projected to occur in 2023. Therefore, increasing cancer cases drive the closed system transfer devices market.
Market Trends – Major companies operating in the closed-system transfer devices market are developing innovative closed-system transfer devices. Next-generation closed system transfer devices represent a proactive approach to addressing the evolving needs and challenges associated with the safe handling and administration of hazardous drugs in healthcare settings. For instance, in December 2021, B. Braun Medical Inc., a US-based company that manufactures healthcare devices, launched the next-generation OnGuard 2 Closed System Transfer Device (CSTD). The OnGuard 2 CSTD was tested explicitly with actual hazardous drugs for vapor containment, making it a market leader in CSTD air-cleaning technology. This advanced CSTD incorporates enhanced features to ensure easy operation, integration into healthcare practices, and compliance with USP <800> quality standards for handling hazardous drugs.
The closed system transfer devices market covered in this report is segmented –
1) By Type: Needleless Systems, Membrane-To-Membrane Systems
2) By Technology: Diaphragm-Based , Compartmentalized, Filtration
3) By Closing Mechanism: Color-To-Color Alignment Systems, Push-To-Turn Systems, Click-To-Lock Systems, Luer-Lock Systems
4) By End User: Hospitals And Clinics, Oncology Centers , Other End Users
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Regional Insights – 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.
Key Companies – 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
Table of Contents
- Executive Summary
- Closed System Transfer Devices Market Characteristics
- Closed System Transfer Devices Market Trends And Strategies
- Closed System Transfer Devices Market – Macro Economic Scenario
- Global Closed System Transfer Devices Market Size and Growth
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- Global Closed System Transfer Devices Market Competitive Benchmarking
- Global Closed System Transfer Devices Market Competitive Dashboard
- Key Mergers And Acquisitions In The Closed System Transfer Devices Market
- Closed System Transfer Devices Market Future Outlook and Potential Analysis
- Appendix
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