Market Overview:
The global closed system drug transfer device (CSTD) market Size is poised to expand at 19.10% CAGR over the forecast period.
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.
Furthermore, the growing uses of biologics and substantial investments drawn in the R&D to develop advanced CSTDs are boosting the growth of the market significantly. Additionally, spreading awareness, advantages of CSTD, and beneficial reimbursement policies impact the market growth, positively.
Segmentation Analysis:
The market is segmented into four dynamics to widen the scope of understanding,
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).
Regional Analysis:
North America dominates the global closed system transfer device brands 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.
Competitive Analysis:
Key players in the closed system drug transfer device (CSTD) market include Teva Pharmaceutical Industries Ltd. (Israel), Becton, Dickinson and Company (U.S.), Corvida Medical (U.S.), ICU Medical Inc. (U.S.), Yukon Medical (U.S.), and Equashield LLC (U.S.).
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