MarketsandMarkets New release: Closed System Transfer Devices Market Overview, Manufacturing Cost Structure Analysis, Growth Opportunities

Market growth is largely driven by the harmful effects (lingering role) of cytotoxic drugs, rising incidence of cancer, an increasing number of oncology drug approvals, and improving regulatory guidelines regarding the safe handling of hazardous drugs. However, the high cost of implementation of CSTDs, along with a lack of reimbursement for CSTDs and compliance to regulatory guidelines in developing countries, hampers the adoption of these products in hospitals and oncology centers to a certain extent.

[236 Pages Report] The closed system transfer devices (CSTDs) market is projected to reach USD 2,002 million by 2026 from USD 814 million in 2021, at a CAGR of 19.7% during the forecast period.

Download PDF Brochure:

www.marketsandmarkets.com/pdfdownloadNew.asp?id=251802928 

Color-to-color alignment system is expected to witness the fastest growth in the forecast period.

Based on the closing mechanism, the market is segmented into Luer-lock systems, color-to-color alignment systems, click-to-lock systems, and push-to-turn systems. In 2020, the Luer-lock systems segment accounted for the highest share of 32.5% of the market. This segment is expected to reach USD 636.8 million by 2026 from USD 264.1 million in 2021, at a CAGR of 19.2%. However, the color-to-color alignment systems segment is expected to grow at the highest rate because of its higher efficiency due to pressure equalization mechanisms and low cost.

Membrane-to-membrane systems is expected to witness the fastest growth in the forecast period.

Based on device type, the market is segmented into membrane-to-membrane systems and needleless systems. In 2020, the membrane-to-membrane systems segment accounted for the largest share of 71.01% of the CSTDs market. This segment is expected to reach USD 1,488.9 million by 2026 from USD 583.1 million in 2021, at a CAGR of 20.6%. The large share and high growth of this segment are attributed to their ease of operation and lower risk of contamination associated with double-membrane containment systems.

Diaphragm-based devices segment accounted for the largest share of closed system transfer devices market in 2020

Based on technology, the CSTDs market is segmented into diaphragm-based devices, compartmentalized devices, and air cleaning/filtration devices. In 2020, the diaphragm-based devices segment accounted for the largest share of 43.63% of the market. This segment is expected to reach USD 829.4 million by 2026 from USD 353.1 million in 2021, at a CAGR of 18.6%. The large share of this segment is mainly due to the ease of operation and safety provided by these devices. The compartmentalized devices segment is expected to grow at the highest CAGR of 23.8% during the forecast period due to their lower cost.

Request For Sample:

www.marketsandmarkets.com/requestsampleNew.asp?id=251802928  

Key Market Players

The prominent players in the global market are Becton, Dickinson and Company (US), ICU Medical (US), B. Braun Melsungen (Germany), JMS (Japan), Equashield (US), Simplivia Healthcare (Israel), Corvida Medical (US), Yukon Medical (US), CODAN Medizinische Geräte (Germany), VICTUS (US), Caragen (US), and Baxter International.

DRIVERS: Rising Incidence of Cancer
Cancer prevalence continues to grow at an unprecedented rate due to the growing geriatric population and increasing urbanization, leading to lifestyle changes. According to the WHO, cancer is a leading cause of death worldwide, accounting for nearly 10 million deaths in 2020. Based on GLOBOCAN statistics, the International Agency for Research on Cancer (IARC) and WHO have estimated that by 2025, around 19.3 million new cancer cases will occur each year.

Chemotherapy, a widely adopted cancer treatment, uses one or more antineoplastic drugs, which destroy abnormal cells in patients. The use of closed system transfer devices (CSTDs) in conjunction with other safety precautions such as gloves, gowns, masks, and vented preparation hoods is an effective way to increase safety when preparing, transporting, administering, and disposing of hazardous drugs. With the increasing incidence of cancer and increasing adoption of chemotherapy treatments, the demand for CSTDs is expected to increase in the coming years.

Leave a Reply

Your email address will not be published. Required fields are marked *