Closed System Transfer Devices Market Size Expected to Reach USD 5.39 Bn by 2033 | Expansion of Oncology and Infusion Services
The global closed system transfer devices market is anticipated to grow from USD 1.17 billion to USD 5.39 billion in 10 years. The increasing demand for ensuring compliance with safe pharmaceutical handling practices is fueling the expansion of the closed system transfer device market. Additionally, the anticipated technological advancements within closed system transfer devices are expected to propel market growth over the forecast years.
Newark, May 08, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 1.17 billion in 2023 global closed system transfer devices market will reach USD 5.39 billion by 2033. The increasing trend towards home healthcare and self-administration of medications creates opportunities for CSTD manufacturers to develop portable and user-friendly devices tailored for use in home settings. CSTDs designed for home use can empower patients to safely handle and administer hazardous drugs, improving convenience and quality of life. Furthermore, integrating CSTDs with digital health platforms, electronic health records (EHRs), and telemedicine solutions presents opportunities to enhance medication management and patient monitoring capabilities. Smart CSTDs with connectivity features can enable real-time data capture, remote monitoring, and medication adherence tracking, improving clinical outcomes and patient safety.*Request to Download Sample Research Report – https://www.thebrainyinsights.com/enquiry/sample-request/14255*In addition, collaboration between CSTD manufacturers, healthcare providers, and pharmaceutical companies presents opportunities for joint product development, market expansion, and innovation. Strategic partnerships can leverage complementary expertise and resources to address unmet drug handling and administration needs, driving value creation and competitive advantage. Additionally, increasing awareness of environmental sustainability and healthcare waste reduction presents opportunities for CSTD manufacturers to develop eco-friendly and recyclable device components. Sustainable CSTD solutions can appeal to environmentally conscious healthcare providers and support corporate social responsibility initiatives, driving market differentiation and growth.*Report Coverage Details**Report Coverage* *Details*
Forecast Period 2024-2033
Base Year 2023
Market Size in 2022 USD 1.17 Billion
Market Size in 2032 USD 5.39 Billion
CAGR 16.51%
No. of Pages in Report 237
Segments Covered Type, Component, Closing Mechanism, Technology
Drivers Growing Awareness Regarding Occupational Hazards
Opportunities Expansion of Oncology and Infusion Services
*Key Insight of the global Closed System Transfer Devices market**Asia Pacific is expected to witness the highest market growth over the forecast period.*The Asia Pacific region is undergoing an increasing incidence of cancer, driven by factors such as population growth, ageing demographics, and lifestyle changes. As cancer rates increase, there is a growing demand for chemotherapy drugs and, consequently, the need for safe handling practices using CSTDs. Moreover, many governments in the Asia Pacific region are investing heavily in their healthcare infrastructure to meet the growing healthcare needs of their populations. This expansion includes establishing new hospitals, clinics, and oncology centers, driving the demand for CSTDs to ensure safe drug handling and administration. Most importantly, healthcare professionals in the Asia Pacific region are becoming increasingly aware of the occupational hazards of handling hazardous drugs. As awareness grows, there is a greater emphasis on implementing safety measures such as CSTDs to protect healthcare workers from exposure to carcinogens and other harmful substances. Furthermore, governments across Asia are introducing regulations and guidelines to improve occupational safety standards in healthcare settings. For example, countries like Japan, South Korea, and Australia have implemented regulations similar to USP <800> to secure the safe handling of hazardous/unsafe drugs, driving the adoption of CSTDs.*In 2023, the membrane-to-membrane systems segment dominated the market with the largest share of 71.85% and revenue of 0.84 billion.*The type segment is split into membrane-to-membrane systems and needleless systems. In 2023, the membrane-to-membrane systems segment dominated the market with the largest share of 71.85% and revenue of 0.84 billion.*In 2023, the vial access devices segment dominated the market with the largest share of 25.13% and revenue of 0.29 billion.*The component segment is classified into bag spikes, male luers, female components, vial access devices and others. In 2023, the vial access devices segment dominated the market with the largest share of 25.13% and revenue of 0.29 billion.*In 2023, the luer-lock systems segment dominated the market with the largest share of 33.19% and revenue of 0.39 billion.*The closing mechanism segment includes click-to-lock systems, color-to-color alignment systems, luer-lock systems and push-to-turn systems. In 2023, the luer-lock systems segment dominated the market with the largest share of 33.19% and revenue of 0.39 billion.*In 2023, the diaphragm-based devices segment dominated the market with the largest share of 42.71% and revenue of 0.49 billion.*The technology segment is divided into air cleaning/filtration devices, compartmentalized devices and diaphragm-based devices. In 2023, the diaphragm-based devices segment dominated the market with the largest share of 42.71% and revenue of 0.49 billion.*In 2023, the hospitals & clinics segment dominated the market with the largest share of 81.58% and revenue of 0.95 billion.*The end user segment includes hospitals & clinics, oncology centers, and others. In 2023, the hospitals & clinics segment dominated the market with the largest share of 81.58% and revenue of 0.95 billion.*Procure Complete Research Report - https://www.thebrainyinsights.com/buy-now/14255/single **Advancement in market*In September 2023: EQUASHIELD, an industry leader in closed system transfer devices (CSTDs) and automated pharmacy compounding solutions, proudly announced its remarkable recognition by Pharmacy Purchasing & Products as the most widely utilized device in preparing and administering hazardous drugs for five consecutive years. This prestigious accolade underscores EQUASHIELD's steadfast dedication to safety and innovation and the unwavering trust and confidence healthcare professionals place in its products worldwide.In March 2022: Simplivia Healthcare Ltd., a prominent global developer of medical devices, is gearing up to introduce its latest closed system transfer device (CSTD), Chemfort. Developed to reduce the risk of exposure
for healthcare experts during the preparation and administration of dangerous drugs, Chemfort represents a significant advancement in safety within the healthcare industry.*Market Dynamics **Driver: Rising demand for compounding pharmacies.*Compounding pharmacies serve a critical function in the healthcare system by preparing personalized medications tailored to the specific needs of individual patients. One of the key factors in ensuring the safety and effectiveness of compounded medications is maintaining accuracy and sterility throughout the compounding process. Closed system transfer devices (CSTDs) are vital in achieving this goal. These devices are designed to prevent contamination and ensure the integrity of the compounded ingredients and the final product. Using CSTDs, compounding pharmacies can significantly reduce the risk of microbial contamination, particulate matter, or other contaminants entering the medication during the compounding process. These aspects are particularly important for medications administered via injection or other routes where sterility is paramount. Furthermore, using CSTDs helps maintain the potency and stability of the compounded medications by minimizing exposure to external contaminants and environmental factors that could compromise their quality. These factors are crucial for ensuring that patients receive safe and effective medications. A growing knowledge of the essence of quality assurance and patient safety within the industry has driven the adoption of CSTDs in compounding pharmacies. Regulatory bodies and professional organizations have increasingly emphasized the need for compounding pharmacies to implement measures to enhance their compounded medications' accuracy, sterility, and consistency.*Restraint: Limited compatibility with existing systems.*One of the primary concerns is the integration of CSTDs with existing drug delivery systems, such as infusion pumps or automated dispensing cabinets. These systems may need to be designed to accommodate the unique mechanisms or connectors of CSTDs, making it difficult to incorporate them into the medication administration process seamlessly. As a result, healthcare facilities may need more support, as healthcare providers must manually transfer medications between different systems or adapt their workflows to accommodate the limitations of incompatible technologies. Similarly, compatibility issues may arise when integrating CSTDs with pharmacy automation technologies, such as robotic dispensing systems or inventory management software. These technologies are critical for streamlining medication preparation, inventory control, and dispensing processes within the pharmacy setting. However, if CSTDs cannot interface effectively with these automation systems, it can hinder the efficiency and accuracy of medication compounding and dispensing operations. Moreover, compatibility issues can lead to concerns about patient safety and medication quality. If CSTDs cannot effectively interface with existing systems, there is a risk of errors or contamination during the compounding, dispensing, or administration of medications.*Opportunity: Focus on patient-centric care.*Advanced CSTDs with features designed to mitigate the risk of drug contamination and adverse reactions can enhance patient confidence and satisfaction. These features may include enhanced sealing mechanisms, improved material compatibility, and advanced filtration systems to prevent the ingress of contaminants during the compounding and administration of medications. CSTD manufacturers can differentiate their products in a competitive market by prioritizing patient safety and comfort. Healthcare providers increasingly seek solutions that meet regulatory requirements and align with their commitment to delivering high-quality, patient-centered care. CSTDs that offer superior safety features and minimize the risk of adverse events can instil confidence in healthcare providers and patients, leading to increased adoption and utilization. Furthermore, patient satisfaction is closely linked to the overall healthcare experience, including the ease of medication administration and the comfort level during treatment. Advanced CSTDs that prioritize patient comfort by minimizing discomfort during medication administration or reducing the frequency of adverse reactions can contribute to a more positive patient experience. Additionally, CSTD manufacturers can educate patients and healthcare professionals about the benefits of advanced CSTDs in improving patient safety and comfort. Manufacturers can help healthcare providers make informed decisions by prioritizing patient well-being and satisfaction by highlighting their products' unique features and advantages.*Challenge: Regulatory compliance.*One of the main obstacles the healthcare industry faces is allocating additional resources to meet regulatory requirements. Implementing CSTDs involves investing in new equipment, training staff on proper usage protocols, and establishing stringent safety procedures. These investments can strain already limited budgets, especially for smaller facilities or those operating with tight financial constraints. Moreover, achieving and maintaining compliance with regulatory guidelines requires ongoing oversight and monitoring. Healthcare facilities must regularly review and update their guidelines and approaches to reflect changes in regulations or best practices. This aspect requires dedicated staff and administrative resources, which may only sometimes be readily available. Additionally, the complexity of regulatory requirements surrounding hazardous drug handling can contribute to confusion and uncertainty among healthcare providers. Regulatory agencies may issue conflicting guidelines or interpretations, further complicating compliance efforts. Furthermore, the sheer volume of hazardous drugs handled in healthcare settings adds to the compliance challenge. With a wide range of medications classified as hazardous, each requiring specific handling procedures, healthcare facilities must maintain meticulous records and protocols to prevent errors or oversights.*Interested to Procure the Research Report? Inquire Before Buying – https://www.thebrainyinsights.com/enquiry/buying-inquiry/14255 **Some of the major players operating in the global Closed System Transfer Devices market are:*• Becton, Dickinson and Company
• B. Braun Melsungen
• Baxter International
• Corning Incorporated
• Corvida Medical
• Cardinal Health
• CODAN Medizinische Geräte GmbH & Co KG
• Caragen
• Equashield
• Eraser Medical
• Insung Medical
• ICU Medical
• JMS
• Practivet
• Simplivia Healthcare
• Terumo Corporation
• Vygon SA
• Victus
• West Pharmaceuticals Services
• Yukon Medical*Key Segments cover in the market:*By Type• Membrane-To-Membrane Systems
• Needleless SystemsBy Component• Bag Spikes
• Male Luers
• Female Components
• Vial Access Devices
• OthersBy Closing Mechanism• Click-To-Lock Systems
• Color-To-Color Alignment Systems
• Luer-Lock Systems
• Push-To-Turn SystemsBy Technology• Air Cleaning/Filtration Devices
• Compartmentalized Devices
• Diaphragm-Based DevicesBy End User• Hospitals & Clinics
• Oncology Centers
• OthersBy Region• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)*Have Any Query? Ask Our Experts: https://www.thebrainyinsights.com/enquiry/speak-to-analyst/14255 **About the report:*The market is analyzed based on value (USD Billion) and volume (K Units). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.*About The Brainy Insights:*The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.*Contact Us*Avinash D
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