The Worldwide Closed System Transfer Devices Industry is Expected to Reach $3.2 Billion by 2030 - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Closed System Transfer Devices Market by Type, By Technology, and End User: Global Opportunity Analysis and Industry Forecast, 2021-2030" report has been added to ResearchAndMarkets.com's offering.

The global closed system transfer devices market was valued at $823.58 million in 2020, and is projected to reach $3,271.74 million by 2030, registering a CAGR of 15.4% from 2021 to 2030.

Closed system transfer devices also known as CSTDs are among the systems used to transfer medication from one reservoir to another and limit the potential for drug aerosols, drug contamination, sharps exposure, and hazardous drug exposure. It mechanically prohibits the transfer of environmental contaminants into the system and the escape of hazardous drug or vapor concentrations outside the system.

The National Institute of Occupational Health and Safety (NIOSH) uses the term "hazardous drug" to designate medicines that may cause unfavorable mutagenic and reproductive reactions in the health of employees. As a result, many guidelines for safe handling of drugs categorized as hazardous by NIOSH have been created. For the protection of healthcare workers, several recommendations for biological and environmental monitoring of these hazardous medications have been put in place. In addition to monitoring requirements, one such engineering control that can assist protect personnel's health is the use of closed system transfer devices (CSTDs).

CSTDs are widely used in medical equipment to maintain the sterility of a fluid pathway. They function by limiting uncontrolled inflow and outflow of contaminants and medications, thereby maintaining the quality of the solution to be injected into a patient. It should provide total protection to healthcare personnel while handling hazardous medications; nevertheless, contaminants may still be identified despite the use of CSTDs owing to poor handling or inadequate product design.

Furthermore, when linked to the reservoir (usually a drug vial), CSTD devices balance the pressure gradient with the vessel carrying the drug as well as the syringe. Furthermore, without a pressure equalization system, pressure fluctuations can cause the formation of fine aerosols, which can escape into the air and expose the environment, patients, and healthcare workers to hazardous drugs. Other CSTDs use the inbuilt filter to cleanse escaping air that has been contaminated with hazardous drug vapors or aerosols.

The growth of the global closed system transfer devices market is majorly driven by rising prevalence of cancer. According to the American Cancer Society, in 2021, it is estimated that there will be 1.9 million new cancer cases diagnosed and 608,570 cancer deaths in the U.S. Chemotherapy, a major cancer treatment, utilizes one or more antineoplastic drugs to destroy abnormal cells in patients. CSTDs are beneficial in the delivery of cytotoxic chemotherapeutic agents and drugs, such as antineoplastic, a cancer-treating therapy.

Key Benefits

• This report provides an extensive analysis of the current and emerging market trends and dynamics in the global closed system transfer devices market to identify the prevailing opportunities.
• This study presents the competitive landscape of the global market to predict the competitive environment across geographies.
• Comprehensive analysis of factors that drive and restrict the market growth is provided.
• Region- & country-wise analysis is provided to understand the market trends and dynamics.

Market Dynamics

Drivers

• Rising incidence of cancer
• Increasing number of oncology drug approvals
• Rise in safety concerns of healthcare workers

Restraint

• High cost of implementation and lack of awareness

Opportunity

• Increasing application of CSTDs in other therapeutic areas coupled with rise in safe usage initiative

Companies Mentioned

• B. Braun Holding GmbH & Co. KG
• Baxter International Inc.
• Becton
• Dickinson and Company
• Caragen Ltd.
• Corvida Medical
• Equashield LLC.
• FIMI Opportunity Funds (Simplivia Healthcare)
• ICU Medical Inc.
• JCB Co. LTD. (JMS Co. LTD.)
• Yukon Medical

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