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

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

“The global closed system transfer devices Market is projected to grow at a CAGR of 20.3%.”
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.

A breakdown of the primary participants referred to for this report is provided below:
By Company Type: Tier 1 (45%), Tier 2 (30%), and Tier 3 (25%)
By Designation: C-level (45%), Director Level (35%), and Others (20%)
By Region: North America (55%), Europe (18%), Asia Pacific (12%), Latin America (10%), and the Middle East & Africa (5%)

Prominent players in the closed system transfer devices market are Becton, Dickinson and Company (US), ICU Medical, Inc. (US), Equashield LLC. (US), B. Braun Melsungen AG (Germany), Corvida Medical (US), Yukon Medical (US), JMS Co., Ltd. (US), CODAN Medizinische Geräte GmbH & Co KG (Germany), Baxter International, Inc. (US), VICTUS (US), and Caragen Ltd. (Ireland).

Research Coverage:
The report analyzes the market for various closed system transfer devices and their adoption patterns. It aims at estimating the market size and future growth potential of the global closed system transfer devices market and different segments such as type, closing mechanism, component, technology, end user, and region. The report also includes an in-depth competitive analysis of the key players in this market along with their company profiles, product offerings, and recent developments.

Reasons to Buy the Report
The report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them garner a greater share. Firms purchasing the report could use one or any combination of the below-mentioned five strategies for strengthening their market presence.

This report provides insights on the following pointers:
Market Penetration: Comprehensive information on the product portfolios offered by the top players in the global closed system transfer devices market
Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches and approvals in the global closed system transfer devices market
Market Development: Comprehensive information on the lucrative emerging regions by type, closing mechanism, component, technology, end user, and region
Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the global closed system transfer devices market
Competitive Assessment: In-depth assessment of market shares, growth strategies, revenue analysis, and products of leading players in the global closed system transfer devices market