Global Closed System Transfer Device (CSTD) Market was valued at USD 395 million by 2020 which is expected to reach USD 1,751.83 by 2027 at a CAGR 21.2% from 2020to 2027 during the forecast period.
The latest published report by Qualiket Research is Global Closed System Transfer Device (CSTD) Market Size, Trends & Growth Opportunity, By Type (Membrane-To-Membrane Systems, and Needleless Systems), By Component (Vial Access Devices, Syringe Safety Devices, Bag/Line Access Devices and Accessories), By Technology (Diaphragm-Based Devices, Compartmentalized Devices, and Air Cleaning/Filtration Devices), By End User(Hospitals, Oncology Centers & Clinics, Others), By Region and Forecast till 2027provides a detailed insight into current market dynamics & analysis on the future market growth.
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A closed system drug transfer device is defined as a medical device which mechanically prevents the transfer of environmental contaminants into a system & the escape of hazardous drug or vapor concentrations outside the system. This is also called as closed system drug-transfer device. These devices ensure healthcare workers safety during the usage of hazardous drugs or chemicals.
Impact of COVID-19 on Market
The increase in COVID-19 cases across the globe is expected to significantly affect the overall development of the global closed system transfer devices (CSTD), mainly in the first half of the forecast period. Fluctuating economies across the globe, stringent border control as well as lockdowns in several nations affected the global pharmaceutical supply chain in 2020.
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Players operating in the Closed System Transfer Device (CSTD) Market are:
Top players covered in the Global Closed System Transfer Device (CSTD) Market include ICU Medical, Inc., Equashield LLC, Corvida Medical, B. Braun Melsungen AG, Yukon Medical, Becton, Dickinson and Company, Baxter International Inc., Caragen Ltd, JMS CO., LTD., VICTUS, etc. Each of this key player has been profiled in the report based on parameters such as company overview, financial overview, business strategies, business segments, product portfolio, and recent developments.
Market Segmentation
The Global Closed System Transfer Device (CSTD) Market is segmented into type such as Membrane-To-Membrane Systems, and Needleless Systems. The Membrane-To-Membrane Systems segment is anticipated to account for the largest share of the market in 2020.Due to their ease of operation and the lower risk of contamination associated with double-membrane containment systems. On the basis of component market is segmented into Vial Access Devices, Syringe Safety Devices, Bag/Line Access Devices and Accessories. Based on the technology market is segmented into Diaphragm-Based Devices, Compartmentalized Devices, and Air Cleaning/Filtration Devices. The diaphragm-based devices segment accounted for the largest share of the market due to the ease of operation and safety provided by these devices. Also, the market is segmented into end user such as Hospitals, Oncology Centers & Clinics, Others.
Regional Analysis
The Global Closed System Transfer Device (CSTD) Market is segmented into North America, Asia-Pacific, Europe, Middle-East & Africa and Latin America.
The North America is expected to hold largest revenue share for closed system transfer devices (CSTD) in 2020, due to the increase in cancer patient population and increase in demand for new products. Additionally, availability of leading players drives the closed system transfer devices market in the region. The market in the APAC is projected to dominate the closed systems drug transfer devices market throughout the forecast period, due to the increase in chemotherapeutic drug approvals as well as advancements in the handling of hazardous drugs are further boosting the regional market growth.
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