The market is estimated to grow at a CAGR of 20.5% from 2020 to 2027.
According to The Insight Partners market research study of “Closed System Drug Transfer Devices Market to 2027 – Global Analysis and Forecast by Closing Mechanism, Type, Technology, Component, and End User,” the global closed system drug transfer devices market is expected to reach US$ 1,661.83 million in 2027 from US$ 374.48 million in 2019. The market is estimated to grow at a CAGR of 20.5% from 2020 to 2027. The report highlights trends prevailing in the global closed system drug transfer devices market and the factors driving market along with those that act as hindrances.
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.
Get sample PDF Copy at: https://www.theinsightpartners.com/sample/TIPRE00004921/
Closed Systems Drug Transfer Devices Market: Competitive Landscape
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.
The outbreak of pandemic has also affected the CSTD (closed system drug transfer devices) market across the globe. At present, the majority of the manufacturing companies and research institutes and centers are involved in diagnosing the coronavirus and vaccines to treat the deadly virus. Thus, the shift of medical device and research centers and diagnostics laboratories towards the COVID19 pandemic has hindered the market growth. However, it is expected that the impact of the pandemic is likely to be seen for a few years.
Growing Adoption of Chemotherapy
Several hazardous drugs, such as antineoplastics, monoclonal antibodies, and antibiotics, are used during patient treatment protocols. Pharmacists, physicians, nurses, and other healthcare workers are at significant risk of exposure to hazardous drugs. The cancer treatment comprises the utilization of antineoplastic medications that can cause several health implications if ingested. The antineoplastic can have a severe impact during pregnancies, and the exposure can lead to chromosomal abnormalities. The surface contamination of chemotherapy treatment can impact not only healthcare professionals but also patients and their families. 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.
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.
Closed Systems Drug Transfer Devices Market Segmentation Review
Based on the closing mechanism, the closed system drug transfer devices market is segmented into push-to-turn systems, color-to-color alignment systems, Luer-lock systems, and click-to-lock systems. The push-to-turn systems segment held the largest share of the market in 2019. However, the Luer-lock systems segment is anticipated to register the highest CAGR during the forecast period. Push-to-turn is one of the closing mechanisms that successfully prevents aerosol and vapor leakage from the vial. Increasing spending on healthcare professionals’ occupational health and growing preference for chemotherapies are likely to drive the demand for closed system drug transfer devices, which will eventually drive the segment growth.
Based on type, the closed system drug transfer devices market is segmented into a membrane-to-membrane system and needleless system. The membrane-to-membrane systems segment held the largest share of the market in 2019. However, the needleless systems segment is anticipated to register the highest CAGR in the market during the forecast period. The Membrane-to-membrane system prohibits the transfer of environmental contaminants into the system and leakage of hazardous gases outside the system. Moreover, the membrane-to-membrane system prevents the introduction of harmful vapor aerosols and spills outside the system with air-cleansing technology.
Closed Systems Drug Transfer Devices Market Research Study at: https://www.theinsightpartners.com/buy/TIPRE00004921/
About Us:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
Contact Us:
If you have any queries about this report or if you would like further information, please contact us:
E-mail: sales@theinsightpartners.com
Phone: +1-646-491-9876