The Global Closed System Drug Transfer Devices Market was valued at USD 655.2 Mn in 2020 and is expected to reach USD 2420.4 Mn by 2027, growing at a CAGR of 19.9% during the forecast period.
Closed System Drug Transfer Devices Market Definition
Closed System Drug Transfer Devices or "CSTD" is the drugs transfer devices that mechanically restricts the transfer of contamination in the systems during clinical or surgical procedures. The closed systems are usually applied in clinical gadgets to keep up with the sterility of a liquid pathway.
Closed System Drug Transfer Devices Market Dynamics
Market development is generally determined by the unsafe impacts of cytotoxic medications, rising frequency of malignancy, an expanding number of oncology drug innovations, and further developing administrative rules with respect to the protected treatment of dangerous medications. Oncology drug improvement is a noticeable space of interest for drug organizations due to rising prevalence of cancer patients is also the major driver which accelerates the market during the forecast years. Advances in the understanding of malignant growth science and remedial procedures have brought about increasing drug applications with the growing number of signs for recently endorsed oncology sedates, which helps patients pool to take risky oncology drugs. In any case, the expense of execution of CSTDs, absence of repayment for CSTDs and consistence to administrative rules in non-industrial sector that hampers the reception of these items in emergency clinics. These are the restraining factors for the growth of the global market.
The Global Closed System Drug Transfer Devices Market Segmentation:
By Closing Mechanism
Company Profiles and Competitive Intelligence
The key players operating in the market are:
Based on type, the membrane-to-membrane systems is projected the fastest growth in global market due to beneficial properties and advantages of membrane-to-membrane system
Based on the type, the targeted market has been segmented into a needleless system and membrane-to-membrane system. Among this type, the membrane-to-membrane closed system transfer devices has projected the fastest growth in the global market during the forecast period due to its certain beneficial properties, such as its barrier properties, which substantially reduces the possibilities of the contamination of the drugs. It provides an added layer of protection between the medication vial and the syringe, which offers an enhanced safety from contamination, as compared to needleless membranes. These advantageous features of membrane-to-membrane system are expected to propel its demand in market in the near future.
Based on closing mechanism, push to turn system segment is expected to contribute the largest share in the global closed system drug transfer devices market due to enhanced safety features of push to turn system
Based on the closing mechanism segment, the global market has been sub-segmented into luer-lock system and push-to-turn system. The push-to-turn closed system is the expected to contribute the largest share over the forecast period. The major factor that drives its growth is its enhanced safety features such as it prevents needle sticking and it allows for single handed activation of the safety features. The demand of push to turn system has increased because it ensures the safety for the patients.
Based on technology, diaphragm-based devices segment is dominated in the global closed system drug transfer devices market over the forecast period due to its property of ease to handle
Based on the technology segment, the global market has been sub-segmented into diaphragm-based devices, compartmentalize devices, and air filtration devices. The diaphragm-based devices segment accounted to project considerable growth in the closed system drug transfer devices market. In 2020, global market accounted for almost 48% market share, owing to its ease of operation and safety offered by this closing mechanism.
The report also provides an in-depth analysis of the global closed system drug transfer devices market dynamics such as drivers, restraints, opportunities, and challenges
COVID-19 Impact on the Global Market
The outbreak of COVID-19 has affected negatively on the healthcare industry and the closed system drug transfer devices market. This is due to imposed lockdown across the world. The focus of healthcare workers incline towards the COVID-19 patients and other surgeries were postpone that decline the requirement for the closed system transfer devices. The outbreak of COVID-19, the funding for the innovation in closed system drug transfer devices distracted is the restraining factor for the growth of the global market.
The report also provides an in-depth analysis of key trends in global closed system drug transfer devices market
|1||Increasing acceptance of the closed system drug transfer devices||Positive|
|2||Rising expenditure on research and development activities for improving technologies in developing countries related to closed system drug transfer devices||Positive|
The report also provides an in-depth analysis of recent news developments and investments
The unique insights provided by this report also includes the following:
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