Closed System Transfer Device Market Size to Surpass $1.91 Billion By 2028 | CAGR: 20.1%: Polaris Market Research

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May 19, 2021, 08:30 ET

NEW YORK, May 19, 2021 /PRNewswire/ -- The global closed system drug transfer device market size is expected to reach USD 1.91 billion by 2028. according to a new study conducted by Polaris Market Research. the market is anticipated to register a CAGR of 20.1% from 2021 – 2028. The growing prevalence of cancer and the rise in approvals for chemotherapeutic drugs are creating significant opportunities for the players present in the market, thereby boosting the market growth. In addition to this, increasing investments for the development of a reliable drug-handling chain is further creating a positive environment for the market to grow at a substantial rate. Moreover, several researchers from different parts of the world are emphasizing the research and development of test protocols for closed system transfer devices.

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Highlights of Closed System Transfer Devices Market

Based on the closing mechanism, the push-to-turn systems dominated the closed system drug transfer devices market. The segment's growth is driven by a growing preference for push-to-turn mechanisms due to its superior protection feature.
By component type, the vial access devices segment contributed the largest revenue share. The growth of this segment is primarily attributed to the increasing implementation of CSTD products by oncology nurses during the transfer of hazardous drugs.
In terms of technology, the diaphragm-based devices segment dominated the global closed system transfer devices market and is projected to continue its dominance. The large share of this segment is mainly because of the ease of operation and safety provided by these devices.
Based on end-user, the hospital segment accounted for a major share in the market and is expected to grow at a rapid pace over the forecast period. Hospitals can afford high-cost CSTDs because of their financial stability, which promotes segmental growth.

Regional Developments:

The Asia Pacific market is projected to expand at the fastest CAGR. This is attributed to an increase in the incidence of cancer and the rising need for improved healthcare facilities in emerging economies such as China and India. Furthermore, the rising emphasis of international players on emerging markets is projected to fuel the market's growth in the region. Growing end-user awareness of CSTD products, especially in developing countries, will propel the market forward at a rapid pace during the forecast period.

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Competitive Outlook:

The key players operating in the closed system drug transfer device market and holding dominant position include Becton Dickinson and Company, JMS Co., Ltd., Codan Medizinische Geräte GmbH & Co Kg, Teva Pharmaceutical Industries Ltd., Victus, Inc., Baxter International Inc., Equashield LLC, B. Braun Melsungen, Caragen Ltd., Yukon Medical, ICU Medical Inc., and Corvida Medical.

These leading players are trying to expand their presence across different regions and also targeting new markets to increase their customer base. They are also bringing new innovative products to cater to the emerging consumer requirement.

Target Audience

Supply Side: Medical Equipment Manufacturer and Supplier
Demand Side: Hospitals, Clinics, Oncology Centers
Regulatory Side: World Health Organization

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Polaris Market Research has segmented the closed system drug transfer device market report on the basis of type, component, closing mechanism, technology, end-use, and region:

Closed System Drug Transfer Device Type Outlook (Revenue, USD Million, 2016 – 2028)

Filtration
Barrier

Closed System Drug Transfer Device Component Outlook (Revenue, USD Million, 2016 – 2028)

Line Access
Syringe Safety
Vial Access
Others

Closed System Drug Transfer Device Closing Mechanism Outlook (Revenue, USD Million, 2016 – 2028)

Click-to-Lock
Luer-Lock
Push-to-Turn
Color-to-Color
Others

Closed System Drug Transfer Device Technology Outlook (Revenue, USD Million, 2016 – 2028)

Compartmentalized Devices
Air Filtration Devices
Diaphragm-Based Devices
Others

Closed System Drug Transfer Device End-User Outlook (Revenue, USD Million, 2016 – 2028)

Hospitals
Clinics
Oncology Diagnostic Centers
Others

Closed System Drug Transfer Device Regional Outlook (Revenue, USD Million, 2016 – 2028)

North America

U.S.
Canada

Europe

Germany
UK
France
Italy
Spain
RoE

Asia Pacific

China
India
Japan
South Korea
RoAPAC

Latin America

Brazil
Mexico
Colombia
RoLATAM

Middle East & Africa

Saudi Arabia
South Africa
Israel
UAE
RoMEA

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About Polaris Market Research

Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for our clientele spread across different enterprises. We at Polaris are obliged to serve our diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide our customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to our customers.

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