In 2019, the global closed system transfer device market size was valued at USD 380 million and is predicted to reach USD 1,620.6 million by 2027, with a CAGR of 20.6% from 2020 to 2027.
Key market Insights:
The requirement for (CSTDs) closed system transfer devices is increasing rapidly, due to the increasing occurrence of cancer, rising implementation of CSTDs for transporting hazardous medications, such as cytotoxic or antineoplastic drugs, the increasing need for monitoring compliance for safe management of injurious drugs, and escalating quantity of drug sanctions for cancer. These are some key factors driving the global closed system transfer device market. Moreover, closed system transfer devices support in circumventing environmental contamination with damaging drugs resulting in augmented device adoption, that in turn, drives the market development. The use of closed system transfer devices for other healing applications and quick use of CSTDs in developing markets are projected to generate new growth opportunities for the worldwide closed system transfer device market.
Crucial factors accountable for market growth are:
Significant Market Trends:
Membrane-to-Membrane Systems Segment Seized Foremost Market Stake in 2019
Membrane-to-Membrane Systems segment recorded the prime market share in the global closed system transfer device Market in 2019. The membrane-to-membrane transference devices use the dual membrane system among the syringe and vial further supports to isolate the medical preparation. The factors such as reduced contamination risk, and ease of usage of the double-membrane systems confirm the safety expected to increase the usage of the membrane-to-membrane transmission devices over the estimate period.
The needleless systems are projected grow at the highest CAGR during the forecast period mainly due to benefits such as needle-free transmission of the drugs. Moreover, new product launches are expected to contribute in high growth of needleless systems.
Push-To-Turn Systems Projected to Rulethe Closing Mechanism Segment of Closed System Transfer Device Market Revenue
Closed system transfer devices are rapidly being employed for the safe transfer of harmful medical preparations. High research and development activity in closed system transfer device for the transfer of oncology medications is the major reason for the high revenue share of closed system transfer devices.
Luer-lock systems segment will expand at the highest CAGR during the forecast time-frame.
Hospitals Projected to Dominate the End-User Segment of Closed System Transfer Device Market Revenue
Hospitals have the funds to procure expensive closed system transfer devices that help in safe transfer of hazardous medical preparations when compared to small clinics and oncology centres.
North America is Estimated to be the Largest Market for Closed System Transfer Device
The research report covers key trends and prospects of closed system transfer device products across different geographical regions including North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa. Geographically, closed system transfer device market is conquered by North America owing to high incidence of cancer and presence of sophisticated healthcare framework. On the other hand, Asia-Pacific is anticipated to witness the rapid growth rate, on account of increasing healthcare expenditure and growing investment by major manufactures to launch new products.
Top Players contending in the Market:
The companies focusing on research and development are expected to lead the global closed system transfer device market. Leading competitors contending in global closed system transfer device market are as follows:
In order to better recognize the current status of closed system transfer device, and policies adopted by the foremost countries, Precedence Research predicted the future evolution of the closed system transfer device market. This research study bids qualitative and quantitative insights on closed system transfer device market and assessment of market size and growth trend for potential market segments.
Major Market Segments Covered:
By Closing Mechanism
By End User
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