Considering the economic change due to COVID-19 and Russia-Ukraine War Influence, the global Closed System Transfer Devices (CSTD) market is projected to reach USD 2570.4 million by 2028 from an estimated USD 900.6 million in 2022, at a CAGR of 19.1% during 2023 and 2028. The demand for CSTDs to counteract the negative effects of cytotoxic or antineoplastic medications, the rising prevalence of cancer, and the increased focus on implementing occupational health and safety requirements are all factors contributing to the growth of this Closed System Transfer Devices (CSTD) market.
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Closed System Transfer Devices (CSTD) Market Growth May Be Stimulated by Growing Need to Reduce Waste and Expenditure. Parental drug impurity is reduced by closed-system transfer devices. This feature of closed-system transfer devices has aided in reducing future waste and costs. During the projection period, the ability of closed-system transfer devices to reduce parental medication contamination is anticipated to fuel product demand and accelerate market expansion.
The rising incidence of cancer is one of the main factors driving the growth of the closed system transfer devices market globally. Chemotherapy is one of the most popular cancer treatments, which increases the usage of CSTDs for transferring or delivering antineoplastic drugs, which could be dangerous for medical personnel. Surface contamination during chemotherapy treatment might affect not only patients and their families but also medical staff. Thus, an increase in cancer patients is anticipated to increase the usage of chemotherapies on a global scale. Due to the rise in chemotherapy, to prevent any negative side effects from antineoplastic drugs, as well as the rise in the occurrence of various cancers, the Closed System Transfer Devices (CSTD) Market is expected to grow.
The Closed System Transfer Devices (CSTD) Market is expanding as a result of the increasing need for compliance monitoring for safe pharmaceutical handling. Drugs used to treat antineoplastic conditions can prolong or improve a patient's life, but they can also be harmful to the health of medical personnel. This could happen if there is surface contamination or if medications escape during preparation, administration, or patient delivery. All quantities of chemotherapy medications are prepared by pharmacy staff at the oncology center under the direction of a licensed pharmacist.
Furthermore, a better healthcare infrastructure, an increase in unmet healthcare demands, and a rise in the prevalence of cancer in populations have created opportunities in undeveloped, growing markets with significant potential. It is becoming increasingly possible for major market companies to invest in closed system transfer devices due to the availability of numerous facilities offering such procedures, which will hasten the expansion of the market's product offering. The market for closed system transfer devices is anticipated to benefit from significant growth prospects as a result throughout the projected period.
However, the high cost of CSTD implementation and the dearth of CSTD reimbursement is anticipated to somewhat hinder the growth of this market.
Among the leading companies in the global Closed System Transfer Device (CSTD) market are BD Medical, Inc., Equashield, ICU Medical, etc. A 75% share is held by the top three producers globally.
With a market share of nearly 80%, North America leads the way. Europe and Asia-Pacific are next, each with a share of approximately 20%.
Closed Syringe Safety Devices, with a market share of around 35%, are the largest product category. Hospital is the most common use, followed by Clinic, in terms of size.
This report aims to provide a comprehensive presentation of the global market for Closed System Transfer Device (CSTD), with both quantitative and qualitative analysis, to help readers develop business/growth strategies, assess the market competitive situation, analyse their position in the current marketplace, and make informed business decisions regarding Closed System Transfer Device (CSTD).
The Closed System Transfer Device (CSTD) market size, estimations, and forecasts are provided in terms of sales volume (M Units) and revenue ($ millions), considering 2021 as the base year, with history and forecast data for the period from 2017 to 2028. This report segments the global Closed System Transfer Device (CSTD) market comprehensively. Regional market sizes, concerning products by types, by application, and by players, are also provided. The influence of COVID-19 and the Russia-Ukraine War were considered while estimating market sizes.
For a more in-depth understanding of the market, the report provides profiles of the competitive landscape, key competitors, and their respective market ranks. The report also discusses technological trends and new product developments.
The report will help the Closed System Transfer Device (CSTD) manufacturers, new entrants, and industry chain related companies in this market with information on the revenues, sales volume, and average price for the overall market and the sub-segments across the different segments, by company, product type, application, and regions.
In this section, the readers will gain an understanding of the key players competing. This report has studied the key growth strategies, such as innovative trends and developments, intensification of product portfolio, mergers and acquisitions, collaborations, new product innovation, and geographical expansion, undertaken by these participants to maintain their presence. Apart from business strategies, the study includes current developments and key financials. The readers will also get access to the data related to global revenue, price, and sales by manufacturers for the period 2017-2022. This all-inclusive report will certainly serve the clients to stay updated and make effective decisions in their businesses. Some of the prominent players reviewed in the research report include:
Global markets are presented by Closed System Transfer Device (CSTD) type, along with growth forecasts through 2028. Estimates on sales and revenue are based on the price in the supply chain at which the Closed System Transfer Device (CSTD) are procured by the manufacturers.
This report has studied every segment and provided the market size using historical data. They have also talked about the growth opportunities that the segment may pose in the future. This study bestows sales and revenue data by type, and during the historical period (2017-2022) and forecast period (2023-2028).
Segment by Type
This report has provided the market size (sales and revenue data) by application, during the historical period (2017-2022) and forecast period (2023-2028).
This report also outlines the market trends of each segment and consumer behaviors impacting the Closed System Transfer Device (CSTD) market and what implications these may have on the industry's future. This report can help to understand the relevant market and consumer trends that are driving the Closed System Transfer Device (CSTD) market.
Segment by Application
This section of the report provides key insights regarding various regions and the key players operating in each region. Economic, social, environmental, technological, and political factors have been taken into consideration while assessing the growth of the particular region/country. The readers will also get their hands on the revenue and sales data of each region and country for the period 2017-2028.
The market has been segmented into various major geographies, including North America, Europe, Asia-Pacific, South America, Middle East & Africa. Detailed analysis of major countries such as the USA, Germany, the U.K., Italy, France, China, Japan, South Korea, Southeast Asia, and India will be covered within the regional segment. For market estimates, data are going to be provided for 2021 because of the base year, with estimates for 2022 and forecast revenue for 2028.
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Report Metric |
Details |
|
Base Year: |
2021 |
|
Market Size in 2022: |
USD 900.6 Million |
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Forecast Period: |
2022 to 2028 |
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Forecast Period 2023 to 2028 CAGR: |
19.1% |
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2028 Value Projection: |
USD 2570.4 Million |
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No. of Pages: |
104 |
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Tables & Figures |
146 |
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Segments covered: |
Type, Application, Region |
Reasons to Buy This Report
Ans. The forecast period in the Closed System Transfer Devices (CSTD) Market report is from 2022 to 2028.
Ans. The Chapter-wise Closed System Transfer Devices (CSTD) market report can be obtained on from the Valuates Reports website. Also, 24*7 chat support and direct call services are provided to procure the chapter-wise report.
Ans. Closed Vial Access Devices, Closed Syringe Safety Devices, Closed Bag/Line Access Devices are the segments by type in Closed System Transfer Devices (CSTD) Market.
Ans. Closed System Transfer Devices (CSTD) market is projected to reach US$ 2570.4 million by 2028 from an estimated US$ 900.6 million in 2022, at a CAGR of 19.1% during 2023 and 2028.
Ans. Some of the key players are BD Medical, Inc, Equashield, ICU Medical Inc, Teva Medical Ltd, Corvida Medical, Segment, Others.
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