Closed Systems Drug Transfer Devices MarketClosed system drug transfer devices market was valued at US$ 374.48 million in 2019 and is projected to reach US$ 1,661.83 million by 2027; it is expected to grow at a CAGR of 20.5% from 2020 to 2027.
The closed system drug transfer devices protect hazardous drugs or vapors during drug preparation and administration. It comprises components that enable the filtering of dangerous vapors out of the system. Closed system drug transfer devices play a significant role in the protection of healthcare professionals from antineoplastic as well as other harmful medications. The growing emphasis on the implementation of occupational health and safety standards by government authorities are offering lucrative opportunity for the growth of the market. The closed system drug transfer devices market growth is mainly attributed to the growing adoption of chemotherapy and the improvement of regulatory guidelines regarding hazardous drugs. Moreover, the rising number of chemotherapeutic drug approvals is expected to foster market growth during the forecast period. However, the lack of regulatory guidelines regarding health workers' safety in emerging countries limits the market's development.
The market for Closed System Drug Transfer Device (CSTD) in Europe is positively affected. For instance, the necessity to divert healthcare staff and resources to address the pandemic has resulted in the suspension of cancer screening programs for asymptomatic patients in many countries. In March 2020, the Welsh government and the Scottish government suspended screening programs for breast, cervical, and bowel cancer.
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BD, B. Braun Medical Inc., ICU MEDICAL INC., EQUASHIELD, Corvida Medical, Yukon Medical, Caragen Ltd., Simplivia Healthcare Ltd., JMS CO., LTD., and Victus, Inc. are some of the leading companies operating in the closed system drug transfer devices market.
Based on the technology, the global closed system drug transfer devices market is segmented into diaphragm-based devices, compartmentalized devices, and air cleaning/filtration devices. The diaphragm-based devices segment held the largest share of the market in 2019. Certain factors, such as superior protection from hazardous drugs and increasing adoption of the devices due to pressure equalization techniques, are responsible for a considerable share of the global market segment. However, compartmentalized devices are anticipated to register the highest CAGR during the forecast period.
Global Closed Systems Drug Transfer Devices market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of Closed Systems Drug Transfer Devices market for global, Europe, North America, Asia Pacific, South America and Middle East & Africa.
An increasing number of cancer cases are anticipated to drive the adoption of chemotherapies across the globe. For instance, according to the World Health Organization (WHO), in 2018, ~9.6 million deaths were reported due to cancer worldwide. According to the study conducted by the American Cancer Society in 2019–2020, chemotherapy is the most common cancer treatment among stage III breast cancer women as ~56.0% of stage III breast cancer cases prefer chemotherapy in the US. Further, according to the same study, ~43.0% of the patients chose chemotherapy to treat large B-cells during 2012–2016. Thus, the consequent surge in adopting chemotherapies would eventually drive the demand for closed systems drug transfer devices in the coming years.
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- Current and future of Closed Systems Drug Transfer Devices market outlook in the developed and emerging markets
- The segment that is expected to dominate the market as well as the segment which holds highest CAGR in the forecast period
- Regions/Countries that are expected to witness the fastest growth rates during the forecast period
- The latest developments, market shares, and strategies that are employed by the major market players
To comprehend Global Closed Systems Drug Transfer Devices market dynamics in the world mainly, the worldwide Closed Systems Drug Transfer Devices market is analyzed across major global regions.
- North America: United States, Canada, and Mexico.
- South & Central America: Argentina, Chile, and Brazil.
- Middle East & Africa: Saudi Arabia, UAE, Turkey, Egypt and South Africa.
- Europe: UK, France, Italy, Germany, Spain, and Russia.
- Asia-Pacific: India, China, Japan, South Korea, Indonesia, Singapore, and Australia.
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