Closed System Transfer Device Market Size to Surpass $1.91 Billion By 2028 | CAGR: 20.1%: Polaris Market Research

NEW YORK, May 19, 2021 /PRNewswire/ -- The global closed system drug transfer device market size is expected to reach USD 1.91 billion by 2028.  according to a new study conducted by Polaris Market Research. the market is anticipated to register a CAGR of 20.1% from 2021 – 2028. The growing prevalence of cancer and the rise in approvals for chemotherapeutic drugs are creating significant opportunities for the players present in the market, thereby boosting the market growth. In addition to this, increasing investments for the development of a reliable drug-handling chain is further creating a positive environment for the market to grow at a substantial rate. Moreover, several researchers from different parts of the world are emphasizing the research and development of test protocols for closed system transfer devices.

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Highlights of Closed System Transfer Devices Market

• Based on the closing mechanism, the push-to-turn systems dominated the closed system drug transfer devices market. The segment's growth is driven by a growing preference for push-to-turn mechanisms due to its superior protection feature.
• By component type, the vial access devices segment contributed the largest revenue share. The growth of this segment is primarily attributed to the increasing implementation of CSTD products by oncology nurses during the transfer of hazardous drugs.
• In terms of technology, the diaphragm-based devices segment dominated the global closed system transfer devices market and is projected to continue its dominance. The large share of this segment is mainly because of the ease of operation and safety provided by these devices.
• Based on end-user, the hospital segment accounted for a major share in the market and is expected to grow at a rapid pace over the forecast period. Hospitals can afford high-cost CSTDs because of their financial stability, which promotes segmental growth.

Regional Developments:

The Asia Pacific market is projected to expand at the fastest CAGR. This is attributed to an increase in the incidence of cancer and the rising need for improved healthcare facilities in emerging economies such as China and India. Furthermore, the rising emphasis of international players on emerging markets is projected to fuel the market's growth in the region. Growing end-user awareness of CSTD products, especially in developing countries, will propel the market forward at a rapid pace during the forecast period.

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Competitive Outlook:

The key players operating in the closed system drug transfer device market and holding dominant position include Becton Dickinson and Company, JMS Co., Ltd., Codan Medizinische Geräte GmbH & Co Kg, Teva Pharmaceutical Industries Ltd., Victus, Inc., Baxter International Inc., Equashield LLC, B. Braun Melsungen, Caragen Ltd., Yukon Medical, ICU Medical Inc., and Corvida Medical.

These leading players are trying to expand their presence across different regions and also targeting new markets to increase their customer base. They are also bringing new innovative products to cater to the emerging consumer requirement.

Target Audience

• Supply Side: Medical Equipment Manufacturer and Supplier
• Demand Side: Hospitals, Clinics, Oncology Centers
• Regulatory Side: World Health Organization

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Polaris Market Research has segmented the closed system drug transfer device market report on the basis of type, component, closing mechanism, technology, end-use, and region: 

Closed System Drug Transfer Device Type Outlook (Revenue, USD Million, 2016 – 2028)

• Filtration
• Barrier

Closed System Drug Transfer Device Component Outlook (Revenue, USD Million, 2016 – 2028)

• Line Access
• Syringe Safety
• Vial Access
• Others

Closed System Drug Transfer Device Closing Mechanism Outlook (Revenue, USD Million, 2016 – 2028)

• Click-to-Lock
• Luer-Lock
• Push-to-Turn
• Color-to-Color
• Others

Closed System Drug Transfer Device Technology Outlook (Revenue, USD Million, 2016 – 2028)

• Compartmentalized Devices
• Air Filtration Devices
• Diaphragm-Based Devices
• Others

Closed System Drug Transfer Device End-User Outlook (Revenue, USD Million, 2016 – 2028)

• Hospitals
• Clinics
• Oncology Diagnostic Centers
• Others

Closed System Drug Transfer Device Regional Outlook (Revenue, USD Million, 2016 – 2028)

• North America
• U.S.
• Canada
• Europe
• Germany
• UK
• France
• Italy
• Spain
• RoE
• Asia Pacific
• China
• India
• Japan
• South Korea
• RoAPAC
• Latin America
• Brazil
• Mexico
• Colombia
• RoLATAM
• Middle East & Africa
• Saudi Arabia
• South Africa
• Israel
• UAE
• RoMEA

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About Polaris Market Research

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