Market Definition
The global closed system transfer devices market was valued at USD 914.0 Million in 2021 and it is anticipated to grow at 18.1% CAGR during the forecast period to reach up to USD 4834.1 Million by 2031.
A closed system transfer device or “CSTD” is a drug transfer device, which mechanically restricts the transfer of environmental contamination in the medical system and the escape of hazardous drug or vapor concentrations outside the system. Open versus closed systems are commonly applied in medical devices to maintain the sterility of a fluid pathway. CSTDs work by preventing- uncontrolled inflow and outflow of contaminants and drugs, preserving the quality of the solution to be infused into a patient. These devices ensure the safety of healthcare workers during the usage of hazardous drugs or chemicals. Closed system transfer device designs and models have changed at a rapid rate in recent years, resulting in the development of a number of independent testing methodologies to assess closed system transfer device performance. Currently, manufacturers in the closed system transfer devices market are focusing more on adhering to performance requirements, which largely focus on patient safety and sterile practices.
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Market Outlook
The key factors such as rising use of CSTDs to combat the harmful effect of cytotoxic and antineoplastic drugs. Antineoplastic drugs are widely used in the treatment of cancer and are considered hazardous drugs. Healthcare workers involved in the preparation, transport, distribution, administration (pre and post-administration), and disposal of these drugs are at extremely high risk. The National Institute for Occupational Safety and Health (NIOSH) recommends the use of CSTDs to eliminate the harmful effects caused by exposure to hazardous substances that escape out of the system during drug preparation and administration. CSTDs act as a barrier and prevents the entry of contaminants prevent the transfer of contaminants from the atmosphere to a sterile environment. Due to these advantages, CSTDs are increasingly being used in healthcare facilities to combat the harmful effects of hazardous drugs.
Chemotherapy, a widely adopted cancer treatment, uses one or more antineoplastic drugs, which destroy abnormal cells in patients. The use of closed system transfer devices (CSTDs) in conjunction with other safety precautions such as gloves, gowns, masks, and vented preparation hoods is an effective way to increase safety when preparing, transporting, administering, and disposing of hazardous drugs. With the increasing incidence of cancer and increasing adoption of chemotherapy treatments, the demand for CSTDs is expected to increase in the upcoming years.
Market Restraints and Challenges
The major factor hindering the market growth is the high cost of implementation of CSTDs and lack of reimbursement. The cost of a closed system transfer device is one of the major constraints limiting its adoption in healthcare facilities. The cost of a typical CSTD primarily depends upon factors like manufacturer, components used, and drug that is to be administered. Moreover, since CSTDs are meant for single-use, the cost per unit is higher than regular syringes. The median price of CSTD ranges between USD8-12 per dose. According to the regulatory guidelines, CSTDs are categorized as IV consumables. Its usage is not mandatory in European and other developing nations. Since the use of these devices is absolutely voluntary in these countries, its reimbursement is unlikely. Hence, the lack of standard guidelines further acts as a hindrance to the adoption of these devices.
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Research Objectives
• Estimates and forecast the overall market size for the total market, across product, service type, type, end-user, and region
• Detailed information and key takeaways on qualitative and quantitative trends, dynamics, business framework, competitive landscape, and company profiling
• Identify factors influencing market growth and challenges, opportunities, drivers and restraints
• Identify factors that could limit company participation in identified international markets to help properly calibrate market share expectations and growth rates
• Trace and evaluate key development strategies like acquisitions, product launches, mergers, collaborations, business expansions, agreements, partnerships, and R&D activities
• Thoroughly analyze smaller market segments strategically, focusing on their potential, individual patterns of growth, and impact on the overall market
• To thoroughly outline the competitive landscape within the market, including an assessment of business and corporate strategies, aimed at monitoring and dissecting competitive advancements.
• Identify the primary market participants, based on their business objectives, regional footprint, product offerings, and strategic initiatives
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Market Segmentation
The report analyses the global closed system transfer devices market based on closing mechanism, type, component, end user, and region.
Major Players
The key players in the closed system transfer devices market are B. Braun Holding GmbH & Co. KG, Baxter International, Becton, Dickinson and Company, Caragen Ltd, Corvida Medical, Equashield, FIMI Opportunity Funds (Simplivia Healthcare), ICU Medical, JCB Co Ltd. (JMS Co Ltd.), Yukon Medical.
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Research Scope
• Scope – Highlights, Trends, Insights. Attractiveness, Forecast
• Market Sizing – Product Type, End User, Offering Type, Technology, Region, Country, Others
• Market Dynamics – Market Segmentation, Demand and Supply, Bargaining Power of Buyers and Sellers, Drivers, Restraints, Opportunities, Threat Analysis, Impact Analysis, Porters 5 Forces, Ansoff Analysis, Supply Chain
• Business Framework – Case Studies, Regulatory Landscape, Pricing, Policies and Regulations, New Product Launches. M&As, Recent Developments
• Competitive Landscape – Market Share Analysis, Market Leaders, Emerging Players, Vendor Benchmarking, Developmental Strategy Benchmarking, PESTLE Analysis, Value Chain Analysis
• Company Profiles – Overview, Business Segments, Business Performance, Product Offering, Key Developmental Strategies, SWOT Analysis
• Market Size in 2021 – $914.0 mn
• Market Size in 2031 – $4834.1 mn
• CAGR % – 18.1%
• Historic Period – 2015-2020
• Forecast Period – 2022-2031
• Base Year – 2021
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