ID: MRFR/HC/6264-CR | April 2019 | Region: Global | 110 pages
According to the latest report of market research future (MRFR), the global market of closed system drug transfer device (CSTD) is expected to reach an estimation of USD 8954.19 million by the end of 2027. The rising pertinence of cancel is predicted to push the global market of closed system drug transfer device demand statistically, with a growth rate, which is likely to dilate at 19.10% CAGR over the forecast period 2027. Closed system drug transfer devices are a device that mechanically transfers the environmental contaminant into the system and eliminates the vapor concentration or hazardous drug outside the system.
A closed system drug transfer device is used for the protection of the doctors and ancillary staff to prevent them from being exposed to dangerous drugs, which are used in the treatments of patients suffering from chronic ailments. This device is basically sealed equipment that averts the entry of outer contaminants and the exits of dangerous vapors. The concept of the design of the device basically includes two features, one is the physical barrier technology and the other is air cleaning technology. The improvement of the healthcare worker around the globe is the main area of focus, especially the ones who are engaged with the administration and compounding of dangerous drugs. This is the major factor for the growth of closed system drug transfer device (CSTD) market during the forecast period.
This report contains all the information on the closed system drug transfer devices and the market strengths. The report also contains the culmination of dynamics, segmentation, key players, regional analysis, and other important factors. And a detailed analysis of the closed system drug transfer devices and forecast to 2025 is also included in the report.
Covid 19 Analysis
The global closed system drug transfer devices market, according to the reports will raise due to the covid 19 crises with a modest growth rate during 2020-2027. The forecast data of the market and a detailed study on the historical industry of closed system drug transfer devices market are inclusive of all comprehension information. The global closed system drug transfer device market size will expand because of the new developments in the closed system drug transfer device and the impact of covid 19 will also expand the market growth, over the forecast period of 2020 to 2027.
The global covid 19 pandemics is predicted to leave a strong impact on the development of the global closes system transfer device (CSTD), during the forecast period, mostly in the first half. The chain of the pharmaceutical supplies around the globe is affected by the lockdown and the rigorous border control and the fluctuation in the world economy can also be considered as a major cause. Though the supply chain of the pharmaceutical lines has resumed around the globe, the market players are predicted to focus on the supply chain in the prospective months.
The rising cases of cancer are the major causes of the market. According to the reports of the Canadian Cancer Society, approx 80,000 deaths were due to cancer, in Canada. Furthermore, according to a study by the Centers for Disease Control and Prevention (CDC), about 650,000 people are receiving cancer treatment or chemotherapy in Canada.
Chromosomal abnormalities among healthcare workers while treating cancer patients need to be prevented and it is expected to drive the global closed drug transfer device (CSTD) market. A new law or legislation is passed by the united states which claim to protect the doctors and staff from the risk posed by dangerous drugs, and it can facilitate the growth of the market.
The closed system transfer device marker is predicted to generate massive returns valued at 1.62 billion by 2027, during the forecast period with an appropriate growth rate of 20.27%, the growth in the future potential of several market segments, based on the animal type, product type, end-user, region, and therapeutic area.
The report contains the analysis of the key players who are operating the market, and also the profiles of their companies, offering of the products, strategies of the key market, and recent developments. The important strategies that come under this report mainly include expansion, new product launches, partnerships, Joint ventures, and other important footprints of the market.
There are few restraints on the closed system drug transfer devices market growth. The drop in the growth in the market is directly linked with the defective medical device. The leakage of the harmful substance is the major cause that creates hurdle in the growth and the high implementation cost of the device is another.
The harmful drugs can cause several health-related problems; it can also become a major reason for infertility. These devices are designed in such a manner that allows protection while handling the drugs. The safety concerns are predicted to prompt the growth of the closed system drug transfer devices market size.
The use of the closed system drug transfer devices during the administration and compounding of the dangerous drugs is very challenging; it can harm the end-users, distributors, pharmaceutical manufacturers, and suppliers as well. The device’s lack of standards, guidance, and requirements can be considered as a major hurdle in the growth of the market. The availability of substitutes in the market is another reason. The leakage of hazardous drugs is also a major cause.
The global system drug transfer device (CSTD) market is predicted to expand at a CAGR of 11% during the forecast period. The market growth depends on a number of factors including visible changes in the standards and performance of the device, development and research activities, the maximum usage of oncology drugs for cancer patients, new developments, and the demand for maximum cancer care.
The key players in the market are basically focusing on addressing the supply chain issue of the closed system drug transfer device, which is highly affected by the covid 19 pandemics. The position in the market of the key players needs to be improved and they should focus on leverage collaboration opportunities to expand the product portfolio.
Value Chain Analysis
According to the global closed system drug transfer device (CSTD) market is segmented into three types which include delivering, by type, and by end-user. Based on the type, the market is segmented into two types, one is filtration type and another is barrier type. The largest share of the market comes under the barrier type in 2019; the barrier type prevents the entry of toxic containments.
On the basis of the delivery type, the market is segmented into three types, one closed bag/line access device, closed syringe safety device, and closed vial access device. Based on the market end-users, it includes clinics and hospitals, specialty centers, academic institutes, and research laboratories. According to the reports of 2019, specialty centers held the maximum shares due to the presence of dangerous chemicals in the chemotherapy treatments of cancer.
The global closed system drug transfer device market is segmented into systems, components, accessories, and tubing sets. The system is further divided into two types of global closed system drug transfer device, one needle-free system and the other is needle system
On the basis of application, the global closed system drug transfer devices (CSTD) is categorized into nursing, pharmacy, and veternity.
The market is bifurcated into distributors and sales on the basis of the channel of distribution in the global closed system drug transfer device (CSTD)
The market of the closed system drug transfer device covers drift around the globe, specifically Americas, Europe, Asia Pacific (APAC), and the Middle East and Africa (MEA). America is the largest shareholder and it is estimated to dominate the market till 2027. The development infrastructure, investment in R&D, technology advances, and awareness among the people regarding the CSTD products, and improved researches has driven the growth of the market.
The global and domestic vendors vying the larger shares in the market which creates a high intense competitive environment. The players are focused on the development of the products made of the latest technologies and coupled with easy accession. A Saudi Arabia company, Max Care Medical entered with a distribution agreement with Equashield LLC in Oct 2018, the prime motive is to expand the reach of the market in the Middle East.
The major key players of the global market of closed system drug transfer device are as follows:
The following report comprises of –
Closed System Transfer Devices Market, by Type
Closed System Transfer Devices Market, by Component
Closed System Transfer Devices Market, by End User
Closed System Transfer Devices Market, by Region
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Delivery and End-user|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Becton, Dickinson and Company (U.S.), Teva Pharmaceutical Industries Ltd. (Israel), Equashield LLC (U.S.), ICU Medical Inc. (U.S.), Yukon Medical (U.S.), Corvida Medical (U.S.)|
|Key Market Opportunities||Expansion, new product launches, partnerships, Joint ventures|
|Key Market Drivers||Rising cases of cancer are the major causes of the market|
Frequently Asked Questions (FAQ) :
The closed system drug transfer device market is projected to grow at a 19.10 % CAGR between 2018-2025.
The closed system drug transfer device market is predicted to touch USD 6,312.52 million by 2025.
The Americas is expected to dominate the closed system drug transfer device market.
Key competitors in the closed system drug transfer device market include Corvida Medical (U.S.), Yukon Medical (U.S.), ICU Medical Inc. (U.S.), Equashield LLC (U.S.), Teva Pharmaceutical Industries Ltd. (Israel), Dickinson and Company (U.S.), and Becton.
Strategies used by key players to maintain dominance in the closed system drug transfer device market include agreements, acquisitions, product launches, and collaborations.
This table of content is tentative and subject to change as the research progresses.
Please Note: Financial details of company cannot be provided if the information of the company is not available in public domain and or reliable source.