Market Research Future one of the best brands in syndicated market research reports has published a research analysis of “Closed System Drug Transfer Device (CSTD) Market-Global Forecast to 2023”. Research Study Reveals the analysis of the market size and shares with segmentation, key players’, growth rate values.
The global closed system drug transfer device (CSTD) market size is poised to expand at 19.10% CAGR over the forecast period (2018-2025).
The market is driven by the prevalence of cancer cases globally. According to the Canadian Cancer Society in 2017, nearly 206, 200 instances were registered with 80,800 dying from the disease. CSTDs are required for protecting hospital staff from hazardous drugs and ensuring their safety. Furthermore, safety guidelines outlined by regulatory bodies for safe handling practices at hospitals and clinics is predicted to augur well for the closed system drug transfer device (CSTD) market.
The developing countries of India and China offer ample opportunities for the market to expand over the forecast period. Investments by medical equipment manufacturers coupled with medical tourism are likely to elicit massive demand for CSTDs. In addition, a report published by the National Institute for Occupational Safety and Health (NIOSH) in 2015 substantiated the effectiveness of these equipment in containing leaks or spillage of dangerous chemicals.
But high costs of implementing these medical devices can stultify the market growth.
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Key players in the closed system drug transfer device (CSTD) market include
- Teva Pharmaceutical Industries Ltd
- Dickinson and Company
- Corvida Medical
- ICU Medical Inc
- Yukon Medical
- Equashield LLC
- The closed system drug transfer device (CSTD) market is segmented by type, delivery, and end-user.
- By type, barrier-type was the largest shareholder in 2017, while the filtration-type held stood second in the global market. This can be attributed to the use of filtration systems for segregating hazardous materials to ensure the safety of hospital staff.
- By modes of delivery, closed bag/line access devices accounted for the largest share in the CSTD market (2017).
- Among end-users, specialty centers held 70.92% market share in 2017. This can be linked to high use of chemotherapy drugs by oncology professionals to treat patients suffering from cancer.
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Geographically, the closed system drug transfer device (CSTD) market covers the upcoming trends in Europe, Asia Pacific (APAC), Americas, and the Middle East & Africa (MEA).
The Americas accounted for the largest market share in 2017 and was followed by Europe, APAC and MEA.
Europe has assumed the second position after the Americas mainly due to the sophisticated healthcare industry. Awareness of the adverse effects of drug exposure which may cause infertility coupled with availability of CSTD products for hospitals can evoke high market demand during the forecast period.
The MEA region is projected to experience a sluggish growth rate due to the underdeveloped healthcare sector and low adoption rate of latest technologies.
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