Closed system transfer devices are used to transfer medication from one reservoir to another. While minimizing the risk of drug aerosols, sharps exposure, drug contamination, and hazardous drug exposure. It prevents the entry of external contaminants into the system & the escape of hazardous drugs outside the system mechanically.
In 2021, the market value of closed system transfer devices was worth USD 785.24 billion. And by 2030 it will reach USD 3.8 billion, growing at a 19.2% CAGR during the forecast period.
In the upcoming years, the market will expand as a result of the rising global healthcare spending. And the rapid advancements in medical science. Also, the expanding use of closed system transfer devices in numerous therapeutic areas and the rising deployment of automated drug-compounding robots will fuel market expansion throughout the projection period.
The rise in oncology product approvals and the rising incidence of cancer contribute to the market’s overall expansion. The GLOBOCAN 2020 report estimates that there will be approximately 19,292,789 new cases of cancer globally in 2020. By 2040, this number will increase to 28,887,940. The large population of cancer patients, driving demand for cutting-edge drug delivery methods, will contribute to the market’s expansion for closed system transfer devices.
The closed system drug transfer devices market is driven by expanding demand from nations like China, Japan, and India, as well as rising healthcare costs and drug approvals. Growing safety concerns, an increase in the production of biohazardous waste, and a growing demand for better healthcare services all contribute to the market’s expansion.
The high implementation costs associated with closed system transfer devices immediately raise the price of services and goods. Additionally, market growth may be hampered by faulty regulatory guidelines in developing and undeveloped nations.
Drugs known as cytotoxic agents are intended to kill rapidly and uncontrollably proliferating cells. The use of this medication is rising quickly in the healthcare industry worldwide, and it will expand in the coming years.
Monoclonal antibodies, the Guerin strain of Mycobacterium Bovis (BCG), and other non-cytotoxic medications like Bacillus of Calmette are also in great demand and will expand at a quick rate in the future.
By Device Type
On the basis of device type, the membrane-to-membrane system ruled the entire market with 63% of the revenue share. The membrane-to-membrane transference devices isolate the medical preparation using a dual membrane system between the syringe and vial. The largest share is due to the ease of operation and reduced risk of contamination attributed with Double Membrane Containment Systems.
On the basis of component, the vial access segment led the entire market with the largest revenue share. The largest market share is due to oncology doctors’ growing usage of CSTD products and vial access devices.
On the basis of end-user, the hospital & clinic segment was the market leader with a significant revenue share. The largest share of this segment is due to the hospitals’ substantial financial resources and the pressing need for regulatory requirements.
North America was the biggest regional market in 2022. The largest share is due to the U.S. Food and Drug Administration and other North American regulatory organizations’ efforts to assure patient safety and the region’s growing number of oncology medicine approvals. Asia-Pacific will expand significantly due to reasons like the expansion of cancer research and the rising incidence of the disease in the region’s developing and impoverished nations. Additionally, using closed system transfer devices to combat dangerous drugs in the area and ongoing efforts by public and private organizations will promote regional growth.
Zephyrus Innovations, a privately held medical device company that designs and manufactures safety syringes and Closed System Transfer Devices (CSTDs), has received its first FDA 510(k) approval for its Aeroject 3ml safety syringe.
The FDA has approved ublituximab-xiiy for treating adults with relapsing multiple sclerosis (RMS), including relapsing-remitting disease, clinically isolated syndrome, and active secondary progressive disease.
- Dickinson and Company
- Braun Melsungen
- Corvida Medical
- CODAN Medizinische Geräte
- ICU Medical
- Yukon Medical
- Corvida Medical
- Simplivia Healthcare
- Baxter International
In 2021, the market value of closed system transfer devices was worth USD 785.24 billion. And by 2030 it will reach USD 3.8 billion, growing at a 19.2% CAGR during the forecast period. Technological improvements and large investments in research & development drive market expansion. Global demand for closed system drug transfer devices has increased due to new product releases and acquisitions by top market players.
Urinary Catheters Market Report – The global urinary catheters market will witness a robust CAGR of 5.5%, valued at $2.11 billion in 2021, expected to appreciate and reach $3.4 billion by 2030, confirms Strategic Market Research. A globally Increasing number of surgical procedures, favorable reimbursement scenario. The growing prevalence of urinary incontinence, and the high incidence of prostate cancer are the key reasons for the growth of industry size.