Closed System Transfer Devices Market (CSTD) Market to Reach US$2.4 Bn by 2030: TMR Study

• Rising investment in development of efficient drug-handling chain expected to trigger growth in closed system transfer devices (CSTD) market during forecast period
• Increasing need to reduce wastage and expenditure could propel overall market
• North America emerged as prominent market in 2019 due to increase in patient population suffering from cancer in the U.S.

WILMINGTON, Del., Oct. 11, 2022 /PRNewswire/ -- The last decade has witnessed an increased need to reduce the presence of hazardous contaminants at healthcare infrastructure facilities such as hospitals and clinics.

The global closed system transfer devices (CSTD) market is projected to advance at compound annual growth rate of 11% during the forecast period, starting in 2020 and ending in 2030.

Leading closed system transfer devices (CSTD) market players are launching new products which are helping the players in gaining an edge over other players and generate new revenue streams.

Yukon Medical, in March 2021, received approval from the U.S. food and drug administration for the use of its new closed system transfer device under ONB product classification.

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Prominent market players are also looking to expand their presence in overall market and boost their revenue, by signing collaborative agreements with smaller players.

Key Findings of Closed System Transfer Devices (CSTD) Market Study

• Growing Need to Decrease Wastage and Expenditure Could Stimulate Growth in Closed System Transfer Devices (CSTD) Market: Closed system transfer devices have shown the ability to reduce the impurity of parental drugs. This aspect of closed system transfer devices has helped in decreasing wastage and expenditure, in future. The capability of closed system transfer devices to decrease contamination of parental drugs is expected to fuel product demand and boost growth in closed system transfer devices (CSTD) market during the forecast period
• Increasing R&D Activities Could Augment Growth in Overall Market: Research and development undertakings are expected to play an important role in the growth of closed system transfer devices (CSTD) market, during the forecast period. Leading players in global market are looking to expand their product portfolios in a bid to strengthen their position in overall market. Increasing research and development activities to produce improved products could fuel demand and trigger the market growth for closed system transfer devices (CSTD) during the forecast period

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Closed System Transfer Devices (CSTD) Market: Key Drivers

• Increasing investments in the development of efficient drug-handling chain is expected to emerge as one of the key driving factors of global closed system transfer devices (CSTD) market, during the forecast period
• Rising focus on improving safety of healthcare personnel who help in administration and compounding of harmful drugs is anticipated to fuel the growth in closed system transfer devices (CSTD) market during the forecast period
• Increasing product demand in drug safety programs is projected to augment the market growth for closed system transfer devices (CSTD) during the forecast period

Closed System Transfer Devices (CSTD) Market: Regional Market Insights

Globally, North America emerged as the major market in 2019. Increase in patient population suffering from cancer and prominent presence of well-established market players in countries such as the United States of America were the key factors, driving the growth in closed system transfer devices (CSTD) market in the region.

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Closed System Transfer Devices (CSTD) Market: Key Players

Competition landscape in global closed systems transfer devices (CSTD) market is fragmented, with the presence of several leading players. Entry of new players, during the forecast period, could further intensify the competition in global market.

Few prominent players in global closed system transfer devices (CSTD) market include Baxter International, Dickinson and Co., Becton, ICU Medical Inc., and Equashield LLC.

The global closed system transfer devices (CSTD) market is segmented as follows: 

• Product
• Systems
• Needle Free Systems
• Needle Systems
• Component
• Vial Adaptors
• Syringe Adaptors
• Tubing Sets and Accessories
• Application
• Pharmacy
• Nursing
• Veterinary
• Distribution Channel
• Direct Sales
• Distributors
• Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

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