Closed System Drug Transfer Devices Market is expected to register a CAGR of 19.10 % and was valued at USD 8954.9 million.
The closed system drug transfer device market size is projected to reach USD 8.95 billion by 2027 at 19.10% CAGR during the forecast period 2020-2027. The expansion of this market can be attributable to the increasing need for CSTDs to combat the negative effects of cytotoxic or antineoplastic medications, the rising incidence of cancer, and the growing emphasis on implementing occupational health and safety requirements. Moreover, the increased investments in recent years toward constructing an efficient drug-handling chain are expected to significantly boost the market for closed system drug transfer devices (CSTD) over the forecast period.
COVID-19 Impact Analysis
The COVID-19 pandemic reduced chemotherapy procedures globally, as numerous clinics and hospitals across the globe were restructured to increase the hospital capacity for patients diagnosed with COVID-19. The non-essential procedures took a potential backlog due to rapidly rising COVID-19 cases and had a negative impact on the market.
Closed System Drug Transfer Device Market Dynamics
The increasing prevalence of cancer around the globe and the rise in the number of oncology product approvals are major factors attributing to the growth of the studied market. According to the GLOBOCAN 2020 report, the total number of people in the globe affected by cancer in 2020 accounts for around 19,292,789 cases. The number is estimated to rise to 28,887,940 cases by 2040. The huge number of people affected by cancer, creating a demand for innovative drug delivery technologies, is expected to increase the market's growth. However, the high cost involved in implementing closed system transfer devices directly increases the cost of treatment/products. Furthermore, improper regulatory guidelines in developing and underdeveloped countries may hamper market growth over the forecast period.
Antineoplastic drugs are widely used in cancer treatment and are considered hazardous drugs. Healthcare workers interested in the preparation, transport, distribution, administration (pre- and post-administration), and removal of these drugs are at excessively are on high chance. The National Institute for Occupational Safety and Health (NIOSH) suggests using CSTDs to destroy the harmful effects induced by exposure to hazardous substances that escape the system during drug preparation and administration. CSTDs act as a barrier and controls the entry of contaminants, controlling the transfer of contaminants from the atmosphere to a sterile environment. Owing to these advantages, CSTDs are increasingly used in healthcare facilities to combat the harmful effects of hazardous drugs.
High prices of implementation of CSTDs and lack of reimbursement
The expenses of the closed system transfer device are one of the major constraints restricting its adoption in healthcare facilities. The price of a typical CSTD primarily depends upon factors like the manufacturer, components used, and the drug to be administered. Moreover, since CSTDs are meant for single usage, the price per unit is higher than regular syringes. The median cost of CSTD ranges between USD8-12 per dose. As per the regulatory guidelines, CSTDs are categorized as IV consumables. Its usage is not mandatory in European and other developing nations. Since using these devices is voluntary in these countries, reimbursement is unlikely. Hence, the lack of standard guidelines further acts as a hindrance to the adoption of these devices.
CSTDs do not offer a foolproof solution to the direction of hazardous drugs. These devices do not deliver a system for releasing dangerous remains present on the outer surface of the drug vials when they are received from the manufacturer.
CSTDs protect healthcare workers during the preparation and administration of antineoplastic drugs in chemotherapy. However, the breadth of application of these devices is increasing with increasing use in treating various non-cancerous diseases such as rheumatoid arthritis, multiple sclerosis, psoriasis, and systemic lupus erythematosus. Non-cytotoxic drugs used to treat various conditions also fall under hazardous drugs. Examples include Bacillus of Calmette, the Guerin strain of Mycobacterium Bovis (BCG), and monoclonal antibodies. The increase in the therapeutic applications of these drugs offers potential growth opportunities over the forecast period.
Closed System Drug Transfer Devices Market Segmentation
The market segments of closed system drug transfer device, based on type, is barrier-type and filtration-type. The closed system drug transfer device market growth was prominently high under the barrier-type category in 2021 and is expected to continue this trend during the forecast period due to simplicity of use and lower risk of contamination. However, filtration-type was the fastest growing in 2021 due to these devices' ease of operation and safety.
The market segments of closed system drug transfer device, based on delivery, is closed bag/line access devices, closed vial access devices, and closed syringe safety devices. In 2021, closed vial access devices accounted for the largest share of the market due to the increasing adoption of CSTD products and vial access devices by oncology nurses to transfer hazardous drugs from packaged vials to the infusion bag or the patient. However, the closed syringe safety devices category registered the highest growth rate during the forecast period owing to the advantages such as needle-free transfer of medication, product launches, and safety.
Global Closed System Drug Transfer Device Market Share, by Region, 2021 (%)
Closed System Drug Transfer Device Market Overview, by Region
By region, the closed system drug transfer devices market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America accounted for the most extensive market share. Asia-Pacific will exhibit the highest CAGR during the forecast period.
North America dominated the market share in 2021. The growth is attributed to initiatives taken by the US Food and Drug Administration and other regulatory bodies in North America to ensure patient safety, coupled with the increasing number of oncology drug approvals in the region. Furthermore, the rising number of chronic disease cases in the North American region adds to the growth of the closed system transfer devices market. The National Kidney Foundation in 2020 has estimated that about 36 million adults in the US have chronic kidney diseases. The Centers for Disease Prevention and Control report in 2020 showed that around 15.7 million Americans are affected by chronic lower respiratory disease.
Asia-Pacific accounted for the second-largest market share in the market in 2021 due to the growing prevalence of cancer in developing and underdeveloped countries of the region. Furthermore, the usage of closed system transfer devices to combat hazardous drugs in the region and continuous efforts by public and private organizations are anticipated to boost regional growth over the forecast period.
Closed System Drug Transfer Device Market Competitive Landscape
The market includes tier-1, tier-2, and local players. The tier-1 and tier-2 players have reach with diverse product portfolios. Companies such as Becton, Dickinson, and Company (US), ICU Medical (US), B. Braun Melsungen (Germany), and JMS (Japan) dominate the market due to product differentiation, financial stability, strategic developments, and diversified regional presence. The players are concentrating on supporting research and development. Furthermore, they embrace strategic growth initiatives, such as product introduction, development, joint ventures, and partnerships, to strengthen their market position and capture an extensive customer base. For instance, in May 2022, Pulse NeedleFree Systems launched a disposable line of needle-free livestock vaccination devices. The product offers the benefits of needle-free technology, with plug-and-play operational simplicity at a cost comparable to conventional syringes and needles.
Prominent players in the closed system drug transfer devices market research include Equashield (US), Simplivia Healthcare (Israel), Corvida Medical (US), Yukon Medical (US), CODAN Medizinische Geräte (Germany), VICTUS (US), Caragen (US), and Baxter International. among others.
Scope of the Closed System Drug Transfer Device Market Report
Objectives of the Study
The objectives of the study are summarized in 5 stages. They are as mentioned below:
Closed System Drug Transfer Device Market Forecast & Size:
To identify and estimate the market size segmented by type and delivery by value (in US dollars). Also, to understand the consumption/ demand created by consumers in the closed system drug transfer devices market forecast between 2022 and 2030
Market Landscape and Trends:
To identify and infer the drivers, opportunities, restraints, and challenges in the market growth of closed system drug transfer device.
Market Influencing Factors:
To find out the factors which are impacting the closed system drug transfer devices market size among consumers
Impact of COVID-19:
To identify and understand the several factors involved in the market affected by the pandemic
To provide a detailed insight into the key companies operating in the market. The profiling will include the financial health of the firm in the past 2-3 years with segmental and regional revenue breakup, SWOT analysis, product offering, recent developments, and key strategies.
|Market Size||USD 8.95 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type and Delivery|
|Geographies Covered||North America, Europe, Asia-Pacific, and the Rest of the World (RoW)|
|Key Vendors||Becton, Dickinson, and Company (US), ICU Medical (US), B. Braun Melsungen (Germany), and JMS (Japan)|
|Key Market Opportunities||Increasing application of CSTDs in other therapeutic areas|
|Key Market Drivers||Increasing use of CSTDs to combat harmful effects of cytotoxic and antineoplastic drugs|
The closed system drug transfer device market forecast period is 2020-2027
The market is expected to register a CAGR of ~19.10% over the next 10 years, according to the closed system drug transfer device market research.
Asia-Pacific is expected to register the highest CAGR during 2020-2027
North America held the largest share in 2021
The market size is expected to be USD 8.95 billion by 20.
Becton, Dickinson, and Company (US), ICU Medical (US), B. Braun Melsungen (Germany), and JMS (Japan) are the major companies operating in the market.