DUBLIN--(BUSINESS WIRE)--The "Closed System Transfer Devices Market by Closing Mechanism (Luer-Lock, Push-to-Turn), Type (Membrane-to-Membrane, Needleless), Technology (Diaphragm, Compartmentalize, Air Filtration), Component, End User (Hospital, Clinic) - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The closed system transfer devices market is projected to reach USD 982 million by 2024 from USD 390 million in 2019, at a CAGR of 20.3%.
Factors such as the rising incidence of cancer, an increasing number of oncology drug approvals, increasing use of closed system transfer devices to combat the harmful effects of cytotoxic or antineoplastic drugs, and improving regulatory guidelines regarding the safe handling and use of hazardous drugs are driving the growth of the closed system transfer devices market.
However, market growth is mainly restricted by the high cost of implementation of CSTDs and lack of reimbursement as well as lack of compliance with regulatory guidelines in developing countries.
Compartmentalized devices to witness the highest growth during the forecast period.
On the basis of technology, the closed system transfer devices market is segmented into diaphragm-based devices, compartmentalized devices, and air cleaning/filtration devices. The compartmentalized devices segment is expected to grow at the highest CAGR during the forecast period.
Compartmentalized devices are priced at a lower cost as compared to diaphragm-based devices. Also, these systems are truly closed in nature, providing maximum safety to healthcare workers and patients. These factors are driving the adoption of compartmentalized devices in the CSTDs market.
Membrane-to-membrane systems to witness the highest growth during the forecast period.
By type, the closed system transfer devices market is segmented into membrane-to-membrane systems and needleless systems. In 2018, the membrane-to-membrane systems segment accounted for the largest share of the closed system transfer devices market.
The large share and high growth of this segment can be attributed to their ease of operation and the lower risk of contamination associated with double-membrane containment systems.
Hospitals to register the highest CAGR during the forecast period.
On the basis of end users, the market is segmented into hospitals, oncology centers & clinics, and other end users. Hospitals are expected to show significant growth opportunities during the forecast period.
The high growth of this segment is mainly due to the strong financial capabilities of hospitals for purchasing high-priced CSTDs as compared to oncology centers and clinics, large cancer patient pool, and the increasing need to comply with the regulatory guidelines established by the FDA and NIOSH regarding the safety of healthcare providers.
Asia Pacific is projected to witness the highest growth during the forecast period.
Asia Pacific is expected to witness the highest CAGR during the forecast period. The rising incidence of cancer, increasing demand for better healthcare services in developing economies, and increasing focus of international players on emerging markets such as India and China are driving the growth of the closed system transfer devices market in the Asia Pacific.
Topics Covered
1 Introduction
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
1.4 Currency
1.5 Limitations
1.6 Stakeholders
2 Research Methodology
2.1 Research Data
2.2 Market Size Estimation
2.3 Market Breakdown and Data Triangulation
2.4 Assumptions for the Study
3 Executive Summary
4 Premium Insights
4.1 Closed System Transfer Devices Market Overview
4.2 Asia Pacific: Market, By Technology
4.3 Geographic Snapshot of the Market (2018)
4.4 Geographic Mix: Market, 2019-2024 (USD Million)
4.5 Closed System Transfer Devices Market: Developing vs Developed Markets, 2019 vs 2024 (USD Million)
5 Market Overview
5.1 Introduction
5.2 Market Dynamics: Impact Analysis
5.2.1 Drivers
5.2.1.1 Rising Incidence of Cancer
5.2.1.2 Increasing Number of Oncology Drug Approvals
5.2.1.3 Increasing Use of Closed System Transfer Devices to Combat the Harmful Effects of Cytotoxic or Antineoplastic Drugs
5.2.1.4 Improving Regulatory Guidelines Regarding Safe Handling and Use of Hazardous Drugs
5.2.2 Restraints
5.2.2.1 High Cost of Implementation of CSTDs and Lack of Reimbursement
5.2.2.2 Lack of Compliance With Regulatory Guidelines in Developing Countries
5.2.3 Opportunities
5.2.3.1 Use of CSTDs in Other Therapeutic Areas
5.2.3.2 Rapid Growth in Emerging Markets
5.2.4 Challenges
5.2.4.1 Gaps With Existing CSTDs
5.2.4.2 Low Awareness Among Nurses About CSTDs
6 Industry Insights
6.1 Introduction
6.2 Industry Trends
6.3 Product Features and Pricing Analysis
6.4 Utilization/Adoption of CSTD, By Region
6.5 Regulatory Guidelines
6.6 Regulatory Analysis
7 Closed System Transfer Devices Market, By Closing Mechanism
7.1 Introduction
7.2 Push-To-Turn Systems
7.3 Color-To-Color Alignment Systems
7.4 Luer-Lock Systems
7.5 Click-To-Lock Systems
8 Closed System Transfer Devices Market, By Type
8.1 Introduction
8.2 Membrane-To-Membrane Systems
8.3 Needleless Systems
9 Closed System Transfer Devices Market, By Component
9.1 Introduction
9.2 Vial Access Devices
9.3 Syringe Safety Devices
9.4 Bag/Line Access Devices
9.5 Accessories
10 Closed System Transfer Devices Market, By Technology
10.1 Introduction
10.2 Diaphragm-Based Devices
10.3 Compartmentalized Devices
10.4 Air Cleaning/Filtration Devices
11 Closed System Transfer Devices Market, By End User
11.1 Introduction
11.2 Hospitals
11.3 Oncology Centers & Clinics
11.4 Other End Users
12 Closed System Transfer Devices Market, By Region
12.1 Introduction
12.2 North America
12.3 Europe
12.4 Asia Pacific
12.5 Latin America
12.6 Middle East and Africa
13 Competitive Landscape
13.1 Overview
13.2 Market Share Analysis
13.3 Competitive Leadership Mapping, 2018
13.4 Vendor Inclusion Criteria
13.5 Vendor Dive
13.6 Competitive Situations and Trends
14 Company Profiles
14.1 Becton, Dickinson and Company (BD)
14.2 ICU Medical Inc.
14.3 B. Braun Melsungen
14.4 JMS Co. Ltd.
14.5 Equashield LLC
14.6 Teva Pharmaceutical Industries Ltd.
14.7 Corvida Medical
14.8 Yukon Medical
14.9 Codan Medizinische Gerte GmbH & Co. KG
14.10 Victus Inc.
14.11 Caragen Ltd.
14.12 Baxter International Inc.
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