According to the report, the global closed system transfer devices market was valued at US$ 764.7 Mn in 2019 and is projected to reach US$ 2.4 Bn by 2030, expanding at a CAGR of ~11% from 2020 to 2030.
Closed System Transfer Devices (CSTD) Market: Introduction
According to the report, the global closed system transfer devices (CSTD) market was valued at US$ 764.7 Mn in 2019 and is projected to reach US$ 2.4 Bn by 2030, expanding at a CAGR of ~11% from 2020 to 2030. Closed system transfer devices (CSTDs) are used to transfer medication from one reservoir to another, while limiting the potential for drug aerosolization, drug contamination, sharps exposure, and hazardous drug exposure. The closed drug reconstitution and transfer system components allow safe reconstitution of liquid or pre?dissolved powder drugs into infusion bags, flexible bottles, or syringes. Single, partial, or multiple vials can be used for each infusion solution container. Components of CSTD system are vial adaptors, syringe adaptors, spike port adaptor, connecting set, Luer lock adaptor, and tubing sets & accessories. These products have shorter lifespan and are primarily single-use products.
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Closed System Transfer Devices (CSTD) Market Dynamics
In terms of product, the global closed system transfer devices (CSTD) market has been divided into systems (needle free systems and needle systems), component (vial adaptors and syringe adaptors), tubing sets and accessories. New closed system transfer devices are easy to operate and integrate into practice, are designed to reduce waste, help make implementations easier, and reduce confusion. These factors are expected to drive the segment. Based on application, the global closed system transfer devices (CSTD) market has been categorized into pharmacy, nursing, and veterinary. Increase in awareness to avoid occupational exposure to drugs and availability of new closed system transfer devices in hospital pharmacies are likely to drive the pharmacy segment during the forecast period.
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Pharmaceuticals and biotechnology are large components of the healthcare system. Prices of drugs continue to rise every year, especially intravenous antineoplastic agents, cytotoxic antibiotics, alkylating drugs, and monoclonal antibodies. In 2017, the global sales of oncology-related medications stood at around US$ 133 Bn, with nearly US$ 50 Bn sales in the U.S. Devices such as closed system transfer devices increase the lifeline of drugs by preserving the sterility of single use medication vials for up to at least 1 week by preventing contamination. According to the U.S. Pharmacopeia Chapter 797 (USP 797), single-use vials should be used within six hours of opening, if maintained in an International Organization for Standardization (ISO) 5 environment.
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North America to Dominate Global Market
The global closed system transfer devices (CSTD) market has been segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounted for major share of the global closed system transfer devices (CSTD) market in 2019. Exposure to hazardous drugs can result in adverse health effects in healthcare workers. Hence, increase in exposure of healthcare workers to hazardous drugs at the workplace is likely fuel the growth of the market in North America. According to the Centers for Diseases Control and Prevention, nearly 8 million healthcare workers in North America are potentially exposed to hazardous drugs.
China is likely to be a highly lucrative market for closed system transfer devices (CSTD) during the forecast period. Rise in the target population requiring treatment in developed regions and higher utilization of CSTDs are expected to drive the global closed system transfer devices (CSTD) market during the forecast period.
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Competition Landscape
ICU Medical, Inc., Baxter International, Inc., B. Braun Melsungen AG, and Equashield LLC are the three major companies operating in the global closed system transfer devices (CSTD) market. The global closed system transfer devices (CSTD) market is fragmented in terms of number of players. Key players in the global market include ICU Medical, Inc., Baxter International, Inc., B. Braun Melsungen AG, Becton, Dickinson and Company, Equashield LLC, Corvida Medical, Yukon Medical, Caragen Ltd., and JMS Co. Ltd.
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