Closed System Drug Transfer Devices Market Size, Share and Global Market Forecast to 2029 | DataMIntelligence
Market Overview
The global closed system drug transfer device market size is expected to show trajectorial growth from worth US$ XX million to US$ XX million during the timespan of 2022-2029, growing at a CAGR of XX % during the forecast period.
Closed System Drug Transfer Device (CSTD) is a device that mechanically restricts the inflow of environmental contaminants and outflow of hazardous drug or vapor concentrations outside the system during drug reconstitution and administration.
Download free sample @ https://bit.ly/3w1s7Wj
Market Drivers
Cancer prevalence continues to grow at an unprecedented rate due to the growing geriatric population and increasing urbanization, leading to lifestyle changes. According to the WHO, cancer is a leading cause of death worldwide, accounting for nearly 10 million deaths in 2020. Based on GLOBOCAN statistics, the International Agency for Research on Cancer (IARC) and WHO have estimated that by 2025, around 19.3 million new cancer cases will occur each year.
According to World Cancer Research Fund, in the year 2017, around 50 million people globally are suffering from some type of cancer. The cumulative five-year prevalence population of all cancers was estimated to be 32.6 million people in 2012 worldwide. Various government bodies such as ASHP, The Oncology Nursing Society and The Occupational Safety and Health Administration among many others have set up a list of guidelines for safer handling of hazardous drugs leading to the increased use of the closed drug transfer systems.
COVID-19 Impact Analysis
The COVID-19 pandemic is an unprecedented crisis that has significantly strained healthcare providers, facilities, and systems worldwide.
The pandemic had a negative impact on the CSTD market. It caused the deferral of millions of elective procedures, resulting in a potential backlog of case volume. This was due to virus containment measures such as nationwide lockdowns and social distancing. Due to this, the average footfall in hospitals decreased drastically, and many hospitals system postponed non-emergency procedures.
Market Segmemtation
By Closing Mechanism
By Technology
By Component
By End User
By Region
Market Segmentation By Closing Mechanism
In 2020, the Luer-lock systems segment accounted for the highest share of xx% of the market. The Luer-lock systems segment is expected to grow at the highest rate because of its higher efficiency due to pressure equalization mechanisms and low cost.
For instance, The Tevadaptor Luer Lock Adaptor converts any standard female luer lock port (e.g. patient access port) to a safe and closed Tevadaptor connection. When connected to the Tevadaptor Syringe Adaptor, a safe IV bolus or IV infusion drug administration from the syringe to the patient can be installed. In case of subcutaneous (SC) or intramuscular (IM) administration, there is a possibility to connect this component to the SC or IM needle.
Geographical Analysis
North America occupied a dominant share of more than 50% of global CSDT market due to well-established healthcare infrastructure, better access to healthcare services, and adequate reimbursement for varied healthcare treatments. Moreover, high prevalence of cancer cases in this region is expected to increase the market growth.
View full report @ https://bit.ly/3t7Wk4b
Competitive Landscape
Some of the major key players in the market are B. Braun Melsungen AG, BD Medical, Inc., ICU Medical, Inc., Equashield, LLC, Corvida Medical and Teva Medical Ltd.
The top four competitors in the global CSTD market are – BD, B.Braun, ICU Medical and EquaShield, and they account for more than 75% of the global CSTD market. In recent years, the global CSTD market has witnessed many strategic initiatives by key vendors and other prominent vendors, which intensify the market competitiveness. The major strategic collaboration, which had occurred in recent years is the acquisition of Pfizer’s Hospira Infusion Systems (HIS) business by ICU Medical.
Trending Topic’s
Androgenetic Alopecia Treatment market
Non-oncology Biopharmaceuticals Market
Media Contact
Company Name: DataM Intelligence
Contact Person: Sai
Email: Send Email
Phone: +1 877 441 4866
Country: United States
Website: https://www.datamintelligence.com/research-report/closed-system-drug-transfer-devices-market
