Closed System Drug Transfer Device (CSTD) Market by Delivery (Closed Bag/ Line Access Device, Closed Vial Access Devices, Closed Syringe Safety Devices). CSTD Industry Market is anticipated to reach USD 6,312.52 million with 19.10% CAGR over Forecast 2025
Leading Players of CSTD Market
Players leading the CSTD market include Teva Pharmaceutical Industries Ltd. (Israel), Becton, Dickinson, and Company (US), Equashield LLC (US), Yukon Medical (US), ICU Medical Inc. (US), and Corvida Medical (US), among others.
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Market Overview
The closed system drug transfer device (CSTD) market is growing rapidly over recent years. Factors such as the rising prevalence of cancer and the need to protect healthcare workers and biotechnology scientists & assistants against the harmful risks of hazardous drug exposure are driving the growth of the market. Besides, guidelines outlined by federal agencies such as the National Institute for Occupational Safety and Health (NIOSH) to prevent possible workplace hazards are spurring the CSTD market demand.
USP General Chapter <800>, published on February 1, 2016, with an implementation date of December 2019 describing the practice and quality standards for handling hazardous drugs in health care settings will significantly impact healthcare institutions. With USP <800> implementation date proceeding rapidly, pre-planning for compliance is becomes paramount. For the required coordination and efficiency for implementation of USP <800>, CSTD manufacturers have created online resources to help healthcare providers with the preparation.
Closed System Drug Transfer Device (CSTD) Market – Segments
By Type: Barrier-Type and Filtration-Type.
By Delivery: Closed Vial Access Devices, Closed Bag/Line Access Devices, and Closed Syringe Safety Devices.
By End-user: Specialty Centers, Hospitals & Clinics, and others.
By Regions: Europe, North America, APAC, and the Rest-of-the-World (RoW).
Closed System Drug Transfer Device (CSTD) Market – Geographical Analysis
North America dominates the global closed system drug transfer device market with the largest market share. Major factors that are driving the regional market growth include the rise in cancer cases and funding support to encourage research and development infrastructure. Additionally, well-spread awareness of CSTD alongside technological advances in the healthcare industry boosts the growth of the regional market.“
A huge patient pool undergoing treatments for cancer and the increasing geriatric population in the region support the growth of the market. Moreover, surging numbers of research activities and comparatively higher adoption of related CSTDs in the US and Canada impact the regional market growth, positively. Furthermore, the presence of major market players and developed healthcare infrastructure foster regional market growth.
Europe is another phenomenally growing market closed system drug transfer device, globally. Flourishing medical device markets, burgeoning life science industries, and the presence of pharma giant companies bolster the regional market growth.
The resurging economy in Europe plays a vital role in market development, allowing the proliferation of the healthcare sector in the region. Furthermore, increasing investment in the development of CSTDs drives the regional market on a large scale. The European CSTD market is estimated to register a phenomenal CAGR during the review period.
Closed System Drug Transfer Device market in the Asia Pacific region is growing rapidly. This growth attributes to the investments by new players and the increasing prevalence of cancer. Besides, government initiatives to encourage safe drug handling practices in India and China are influencing regional market growth. Furthermore, the growing demand for quality devices in biotechnology and rapidly developing healthcare technology is expected to lead the market growth in the APAC region.
Table of Content
1 Report Prologue
2 Market Introduction
2.1 Definition
2.2 Scope Of The Study
2.2.1 Research Objective
2.2.2 Assumptions
2.2.3 Limitations
3 Research Methodology
3.1 Introduction
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
4 Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Challenges
4.5 Macroeconomic Indicators
4.6 Technology Trends and Assessment
Continued….
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