Closed System Transfer Devices Market Key Trends And Strategies For Expansion 2024-2033

Global closed system transfer devices market size is expected to reach $1.78 Bn by 2028 at a rate of 14.3%, segmented as by type, needleless systems, membrane-to-membrane systems

Aug 26, 2024 - 14:01

Closed System Transfer Devices Market Key Trends And Strategies For Expansion 2024-2033

Closed system transfer devices (CSTDs) are specialized drug transfer devices designed to mechanically prevent environmental contaminants from entering the system and to stop hazardous drugs or vapor concentrations from escaping. These devices create a closed, leak-proof system to ensure the safe handling of hazardous substances in healthcare environments.

Sizing and Forecast

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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Segmentation & Regional Insights

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

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.

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Major Driver Impacting Market Growth

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.

Key Industry Players

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

The closed system transfer devices market report table of contents includes: