#Closed System Transfer Device (CSTD)

[elcam-medical]

This blog post aims to inform healthcare professionals about the benefits and considerations of Closed System Transfer Devices, positioning Simplivia as a leader in the field of pharmaceutical safety and compliance.

[simplivia]

Closed system transfer devices (CSTDs) have emerged as a revolutionary innovation in chemotherapy administration, significantly enhancing patient safety and healthcare worker protection. Simplivia, a leading provider of CSTD solutions, stands at the forefront of this transformative movement, offering a range of cutting-edge devices that redefine chemotherapy safety standards.

The Need for Closed System Transfer Devices

Chemotherapy drugs, while life-saving for many patients, pose serious health risks to healthcare workers due to their hazardous nature. Occupational exposure to these drugs can lead to a spectrum of adverse health effects, including respiratory problems, reproductive issues, and even cancer. Conventional methods of chemotherapy administration, involving open vials and syringes, carry a significant risk of accidental spills and aerosolization, exposing healthcare workers to these hazardous substances.

[alicesara611]

The Impact of Technological Advancements on the Closed System Drug Transfer Device Market By 2023 to 2030

The global closed system drug transfer device (CSTD) market is expected to grow from US$ 1519.51 million in 2023 to US$ 5206.9 million by 2030, at a CAGR of 22.79%. Closed System Drug Transfer Devices (CSTDs) are medical devices that are used to transfer hazardous drugs from one container to another without exposing healthcare workers to the drug or its aerosolized particles. CSTDs are becoming increasingly popular, as they can help to reduce the risk of occupational exposure to hazardous drugs, which can lead to a number of health problems, including cancer, reproductive problems, and respiratory problems.

The closed system drug-transfer device, or closed system transfer device (CSTD), is a widely used device that stops dangerous environmental toxins from entering the system. Additionally, it limits the amount of dangerous drug vapor concentrations that can exit the system. Currently, there are two basic design approaches used in closed system transfer devices: one that incorporates physical barriers and another that uses air-cleaning technologies. The closed system transfer devices (CSTD) market is anticipated to grow during the forecast period as a result of the growing emphasis on enhancing the general safety of healthcare personnel who are in charge of administering and synthesizing hazardous medications.

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Closed system drug transfer devices (CSTDs) are medical devices that protect healthcare workers and patients from exposure to hazardous drugs. CSTDs create a closed system during the preparation, administration, and disposal of hazardous drugs, minimizing the risk of drug aerosols, drug contamination, sharps exposure, and hazardous drug exposure.

Key Takeaways:

The global closed system drug transfer device (CSTD) market is expected to grow from US$ 1519.51 million in 2023 to US$ 5206.9 million by 2030, at a CAGR of 22.79%.

The growth of the market is attributed to the increasing use of CSTDs to reduce the risk of exposure to hazardous drugs and other hazardous substances, as well as the rising prevalence of cancer and other chronic diseases.

The oncology segment is expected to account for the largest share of the market during the forecast period, due to the increasing use of CSTDs for the administration of chemotherapy drugs.

The North American region is expected to dominate the market during the forecast period, owing to the early adoption of CSTDs in the region and the presence of a large number of key players.

Regional Outlook:

The global CSTD market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

North America is expected to remain the largest market for CSTDs during the forecast period, owing to the early adoption of CSTDs in the region and the presence of a large number of key players.

Europe is expected to be the second-largest market for CSTDs during the forecast period, due to the increasing awareness of the benefits of CSTDs and the rising prevalence of chronic diseases in the region.

The Asia Pacific market is expected to grow at the fastest CAGR during the forecast period, owing to the increasing prevalence of cancer and other chronic diseases, as well as the rising demand for CSTDs in emerging economies such as India and China.

Key Players:

The key players in the global CSTD market include:

BD Medical, Inc.

ICU Medical, Inc.

Equashield, LLC

Hospira

Chemolock

B. Braun Medical Inc.

Teva Medical Ltd.

Corvida Medical

OnGuard

Baxter International Inc.

Medline Industries, Inc.

Segmentation:

The global CSTD market is segmented based on type, application, and end user.

By Type:

Closed vial transfer devices

Closed syringe transfer devices

Closed IV admixtures transfer devices

Others

By Application:

Oncology

Non-oncology

By End User:

Hospitals

Ambulatory surgical centers

Home healthcare

Others

[meghanester]

Closed System Transfer Devices (CSTD) Market to Expand at a CAGR of ~15% | Driving Factors, Size, Revenue, Demand, and Opportunities During 2023-2035

Global Closed System Transfer Devices (CSTD) Market Key Insights

During the forecast period of 2023-2035, the global closed system transfer devices (CSTD) market is expected to reach an estimated value of ~USD 3500 million by 2035 by expanding at a CAGR of ~15%. The market further generated revenue of ~USD 800 million in the year 2022. Major key factors propelling the growth of the closed system transfer devices (CSTD) market are the higher utilization of closed system transfer devices to deliver antineoplastic drugs in the chemotherapy to treat the symptoms of cancer and the rising prevalence of cancer.

Market Definition of Closed System Transfer Devices (CSTD)

Closed system transfer devices (CSTD) is a system to reduce the risk of drug aerosols during the transfer of medication from one point to another. It also minimizes the risk of sharp exposure, and hazardous drug exposure and contamination. Closed-system transfer devices are used to eliminate the transfer of environmental contaminants. These devices generally come in a few design concepts that use sir-cleaning technology or physical barrier to prevent the mix of harmful drugs in the work environment.

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Global Closed System Transfer Devices (CSTD) Market: Growth Drivers

The growth of the global closed system transfer devices (CSTD) market can majorly be attributed to the rising prevalence of urinary tract infections and pneumonia to need the administration of antibiotics to cure the symptoms. Pneumonia is common in children and they cannot swallow antibiotics where the administration through CSTDs becomes necessary. For instance, the annual rate of death caused by pneumonia in America is estimated to be around 45000 while approximately 1 million adults suffer from it every year. On the other hand, a higher adoption rate of closed system transfer devices to avoid the side effects of chemo drugs such as, infertility, kidney and liver damage, and others are estimated to fuel the market growth during the forecast period. For instance, it was estimated that nearly 22% of acute renal infections are caused by medicinal drugs.

The global closed system transfer devices (CSTD) market is also estimated to grow majorly on account of the following:

Increasing number of chemotherapy boosting the demand for antineoplastic drugs

Rising prevalence of cancer

Growth in the adoption of closed-system transfer devices

Complexity in the oral administration of certain drugs

Technological advancement in the field of medicinal drugs

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Global Closed System Transfer Devices (CSTD) Market: Restraining Factor

There is a high possibility of drug leakage during the administration that can negatively impact the health of the healthcare provider. Hence this factor is expected to be the major hindrance for the growth of the global closed system transfer devices (CSTD) market during the forecast period.

Global Closed System Transfer Devices (CSTD) Market Segmentation 

By Type (Membrane-to-Membrane and Needleless)

The membrane-to-membrane segment, amongst all the other segments, is anticipated to garner the largest revenue by the end of 2035. The growth of the segment can be attributed to the fact that this type has the lowest rate of risk of contamination since it also comprises a double-membrane containment system. Drug contamination can cause many types of infections such as, hepatitis C, HIV, and others. It is estimated that approximately 1.4 million new infections of hepatitis C occur every year.

By Technology (Diaphragm, Compartmentalized, Filtration, Others)

By End-User (Hospitals & Clinics, Oncology Centers, and Others)

By Region

The Asia Pacific closed system transfer devices (CSTD) market is anticipated to hold the largest market share by the end of 2035 among the market in all the other regions. The surge in the cases of cancer in the region and growing awareness of the early diagnosis of this disease leading to the high requirement of chemotherapy is estimated to expand the market size over the forecast period. It was noted in 2018, nearly 5 million deaths were accounted to cancer while 8 million new cases of cancer were diagnosed in the same year.

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The market research report on global closed system transfer devices (CSTD) also includes the market size, market revenue, Y-o-Y growth, and key player analysis applicable for the market in North America (U.S., and Canada), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), and Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).

Key Market Players Featured in the Global Closed System Transfer Devices (CSTD) Market

Some of the key players of the global closed system transfer devices (CSTD) market are Becton, Dickinson and Company, B. Braun Melsungen AG, ICU Medical, Inc., Equashield, LLC, CODAN Medizinische Geräte GmbH & Co KG, Simplivia Healthcare Ltd., Corvida Medical, Inc., Caragen Ltd., Baxter International Inc., Pfizer Inc., and others.

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[megharesearch]

The Global Closed System Transfer Device (CSTD) market is anticipated to rise at a considerable rate during the forecast period, between 2023 To 2030. In 2022, the market is growing at a steady rate and with the rising adoption of strategies by key players, the market is expected to rise over the projected horizon.

[simplivia0]

Ensure Safety with Closed System Drug Transfer Devices | Simplivia

At Simplivia, we prioritize the safety and well-being of healthcare providers and patients with our high-quality closed system drug transfer devices (CSTDs). These essential tools are designed to prevent hazardous drug exposure and maintain a secure, leak-proof environment during chemotherapy drug preparation and administration.

Our CSTDs feature:

Leak-proof seals to ensure safe handling of chemotherapy drugs

Easy-to-use design for seamless integration into healthcare workflows

Durable construction for reliable, long-lasting protection

Compliant with global safety standards for hazardous drug handling

By using Simplivia's closed system drug transfer devices, hospitals, pharmacies, and healthcare professionals can reduce the risk of harmful drug exposure, improving safety for both patients and staff.

Visit Simplivia today to explore our CSTDs and enhance the safety and efficacy of your medical practices.

[pranalip]

Closed System Transfer Devices Market Detailed Analysis And Forecast 2024-2033 | Global Insight Services

“Global Insight Services offers unparalleled market intelligence and strategic consulting services to businesses worldwide. Our expertise spans across various industries, including healthcare, technology, and consumer goods, providing comprehensive analysis and actionable insights. By leveraging advanced data analytics and in-depth market research, we empower our clients to make informed decisions, identify growth opportunities, and stay ahead of the competition”.

The global closed system transfer devices market was valued at USD 914.0 Million in 2021 and it is anticipated to grow at 18.1% CAGR during the forecast period to reach up to USD 4834.1 Million by 2031.

A closed system transfer device or “CSTD” is a drug transfer device, which mechanically restricts the transfer of environmental contamination in the medical system and the escape of hazardous drug or vapor concentrations outside the system. Open versus closed systems are commonly applied in medical devices to maintain the sterility of a fluid pathway. CSTDs work by preventing- uncontrolled inflow and outflow of contaminants and drugs, preserving the quality of the solution to be infused into a patient. These devices ensure the safety of healthcare workers during the usage of hazardous drugs or chemicals. Closed system transfer device designs and models have changed at a rapid rate in recent years, resulting in the development of a number of independent testing methodologies to assess closed system transfer device performance. Currently, manufacturers in the closed system transfer devices market are focusing more on adhering to performance requirements, which largely focus on patient safety and sterile practices.

View The Full Report Here –https://www.globalinsightservices.com/reports/closed-system-transfer-devices-market

Market Trends and Drivers

The key factors such as rising use of CSTDs to combat the harmful effect of cytotoxic and antineoplastic drugs. Antineoplastic drugs are widely used in the treatment of cancer and are considered hazardous drugs. Healthcare workers involved in the preparation, transport, distribution, administration (pre and post-administration), and disposal of these drugs are at extremely high risk. The National Institute for Occupational Safety and Health (NIOSH) recommends the use of CSTDs to eliminate the harmful effects caused by exposure to hazardous substances that escape out of the system during drug preparation and administration. CSTDs act as a barrier and prevents the entry of contaminants prevent the transfer of contaminants from the atmosphere to a sterile environment. Due to these advantages, CSTDs are increasingly being used in healthcare facilities to combat the harmful effects of hazardous drugs.

Chemotherapy, a widely adopted cancer treatment, uses one or more antineoplastic drugs, which destroy abnormal cells in patients. The use of closed system transfer devices (CSTDs) in conjunction with other safety precautions such as gloves, gowns, masks, and vented preparation hoods is an effective way to increase safety when preparing, transporting, administering, and disposing of hazardous drugs. With the increasing incidence of cancer and increasing adoption of chemotherapy treatments, the demand for CSTDs is expected to increase in the upcoming years.

Market Restraints and Challenges

The major factor hindering the market growth is the high cost of implementation of CSTDs and lack of reimbursement. The cost of a closed system transfer device is one of the major constraints limiting its adoption in healthcare facilities. The cost of a typical CSTD primarily depends upon factors like manufacturer, components used, and drug that is to be administered. Moreover, since CSTDs are meant for single-use, the cost per unit is higher than regular syringes. The median price of CSTD ranges between USD8-12 per dose. According to the regulatory guidelines, CSTDs are categorized as IV consumables. Its usage is not mandatory in European and other developing nations. Since the use of these devices is absolutely voluntary in these countries, its reimbursement is unlikely. Hence, the lack of standard guidelines further acts as a hindrance to the adoption of these devices.

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Market Segments

By Closing Mechanism

Push to Lock System

Click to Lock System

Luer Lock System

Color to Color Alignment System

By Type

Membrane to Membrane Systems

Needleless Systems

By Component

Vial Access Devices

Syringe Safety Devices

Bag/Line Access Devices

Accessories

By End User

Hospitals & Clinics

Oncology Centers

Others

Major Players in Closed System Transfer Devices Market

The key players in the closed system transfer devices market are B. Braun Holding GmbH & Co. KG, Baxter International, Becton, Dickinson and Company, Caragen Ltd, Corvida Medical, Equashield, FIMI Opportunity Funds (Simplivia Healthcare), ICU Medical, JCB Co Ltd. (JMS Co Ltd.), Yukon Medical.

COVID-19 Impact

The outbreak of COVID-19 led to a decrease in the demand for CSTDs during the first two quarters of 2020. Due to the virus containment norms and nationwide lockdowns, there were limited patient footfalls in hospitals, mostly related to COVID-19 and emergency cases. The elective medical procedures are on hold thereby causing a negative shift in the demand for CSTDs. Still, with the decline in the number of active COVID-19 cases coupled with the economic recovery in developed nations, further utilization of these devices may be expected in the near future.

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 Research Scope

Scope – Highlights, Trends, Insights. Attractiveness, Forecast

Market Sizing – Product Type, End User, Offering Type, Technology, Region, Country, Others

Market Dynamics – Market Segmentation, Demand and Supply, Bargaining Power of Buyers and Sellers, Drivers, Restraints, Opportunities, Threat Analysis, Impact Analysis, Porters 5 Forces, Ansoff Analysis, Supply Chain

Business Framework – Case Studies, Regulatory Landscape, Pricing, Policies and Regulations, New Product Launches. M&As, Recent Developments

Competitive Landscape – Market Share Analysis, Market Leaders, Emerging Players, Vendor Benchmarking, Developmental Strategy Benchmarking, PESTLE Analysis, Value Chain Analysis

Company Profiles – Overview, Business Segments, Business Performance, Product Offering, Key Developmental Strategies, SWOT Analysis.

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[poonamcmi]

Closed System Transfer Device Market Set for Robust Growth due to Growing Adoption of Safety

Closed system transfer devices are used for compounding and administering hazardous drugs as well as transferring liquids between two separated vessels during manufacturing and packaging processes. CSTDs help prevent occupational exposure to hazardous drugs and allow for drug handling in a closed environment, thereby minimizing potential exposure. Growing safety concerns regarding hazardous drugs in the healthcare industry have boosted the demand for closed system transfer devices.

The closed system transfer device market is estimated to be valued at USD 1.40 Bn in 2024 and is expected to reach USD 4.07 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 16.5% from 2024 to 2031.

Key Takeaways

Key players operating in the closed system transfer device market are General Electric, Molded Fiber Glass, Vesta, AREVA WIND, Bora Energy AVANTIS Energy, DeWind, ENERCON, EWT, GBT Composites Technology, Xinjiang Goldwind Science and Technology, Hexcel, Indutch composites technology, Inoxwind, Reliance Industries, Leitner, NORDEX, ReGen Powertech, SR Fibreglass Auto, and Wind World.

The growing geriatric population and increasing incidence of chronic diseases are fueling the demand for pharmaceutical drugs. This has resulted in significant opportunities for closed system transfer device manufacturers to strengthen their market position through new product launches that meet stringent safety standards.

North America dominates the Closed System Transfer Device Market Demand owing to stringent regulatory policies regarding drug safety in the region. However, Asia Pacific is expected to offer lucrative growth opportunities during the forecast period with the growing pharmaceutical industry in India and China and increasing healthcare expenditures. Market players are expanding their manufacturing facilities and distribution networks in emerging regions to capitalize on high growth opportunities.

Market Drivers

Stringent regulations regarding occupational safety in healthcare institutions handling cytotoxic drugs is a major factor driving the adoption of closed system transfer devices. For instance, NIOSH recommends the use of CSTDs for compounding, preparing, and administering hazardous drugs. The device allows for drug transfer while minimizing the release of toxic drug vapors. Growing awareness about the health hazards of occupational exposure to cytotoxic drugs among healthcare workers is further propelling the need for closed drug transfer systems.

PEST Analysis Political: The healthcare regulatory policies and approval procedures by various government bodies impacts the adoption of closed system transfer device systems in different regions.

Economic: Factors such as growing healthcare expenditures, rising focus on safety of healthcare workers from biohazard exposure, and availability of funding from private and public sources influence the demand for closed system transfer devices.

Social: Increasing patient awareness regarding safety, growing focus on error proofing healthcare delivery systems, and technological advancements drive the preference for Closed System Transfer Device market Size And Trends over traditional devices.

Technological: Advancements in material sciences, automation, and integration of smart sensors are enabling the development of advanced closed system transfer devices with improved functionalities and safety features. Continuous technological upgrading remains important.

Geographical Regions

North America accounts for the largest share of the closed system transfer device market in terms of value, led by the extensive adoption across healthcare facilities and stringent worker safety regulations in the US and Canada.

Asia Pacific is poised to be the fastest growing regional market for closed system transfer devices during the forecast period, driven by factors such as the rising health expenditure, increasing patient pool, growingMedical tourism industry, and strengthening regulatory standards regarding hazardous drug handling across major countries. Regions where market is concentrated and fastest growing region:

The market for closed system transfer device is concentrated in North America region in terms of value due to extensive adoption across healthcare facilities and stringent worker safety regulations in US and Canada. Asia Pacific region is poised to be the fastest growing region during the forecast period due to factors like rising health expenditure, increasing patient pool, growing medical tourism industry and strengthening regulatory standards regarding hazardous drug handling across major countries. Get More Insights On, Closed System Transfer Device Market About Author: Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)

[elcam-medical]

Looking for cutting-edge medical device solutions that prioritize safety and efficiency? Discover how C&R Medical and Elcam Medical are revolutionizing healthcare with innovative products like Closed System Transfer Devices (CSTDs), luer connectors, and IV therapy solutions. This powerful partnership delivers advanced tools that improve patient outcomes and ensure the safety of healthcare professionals.

Learn more about how their collaboration is shaping the future of healthcare!

[credenceresearchdotblog]

The Elastomeric Infusion Pump market is projected to witness substantial growth, with its value expected to surge from USD 1,241 million in 2023 to USD 2,646 million by 2032, reflecting a remarkable compound annual growth rate of 8.14%.The Intravenous (IV) Tubing Sets and Accessories market is an integral component of the broader healthcare landscape. These products are essential for the administration of fluids, medications, and nutrients directly into a patient’s vein, providing vital support in various medical treatments. The market for IV tubing sets and accessories has been experiencing substantial growth, driven by increasing healthcare demands, technological advancements, and a rising prevalence of chronic diseases. This article delves into the key aspects of this market, exploring its current state, growth drivers, and future prospects.

Browse the full report at https://www.credenceresearch.com/report/elastomeric-infusion-pumps-market

Market Overview

The IV tubing sets and accessories market encompasses a wide range of products, including primary IV sets, secondary IV sets, extension sets, IV catheters, needleless connectors, and more. These products are used in hospitals, clinics, ambulatory surgical centers, and home healthcare settings. The market is characterized by a high degree of innovation, with manufacturers continually developing new and improved products to enhance patient safety and comfort.

Growth Drivers

1. Rising Prevalence of Chronic Diseases: The increasing incidence of chronic diseases such as diabetes, cancer, and cardiovascular diseases is a significant driver of the IV tubing sets and accessories market. These conditions often require long-term treatment and frequent administration of medications via IV, boosting the demand for IV sets and accessories.

2. Aging Population: The global population is aging, leading to a higher prevalence of age-related health issues. Older adults are more likely to require medical interventions that involve IV therapy, further propelling market growth.

3. Technological Advancements: Continuous advancements in IV technology have led to the development of more efficient and safer products. Innovations such as closed system transfer devices (CSTDs), which reduce the risk of contamination and improve safety, are gaining traction in the market.

4. Expansion of Home Healthcare: The trend towards home healthcare is growing, driven by the need for cost-effective treatment options and patient preference for receiving care in a familiar environment. This shift has increased the demand for user-friendly IV tubing sets and accessories that can be safely used outside of traditional healthcare settings.

5. Increased Healthcare Spending: Governments and private sectors are investing heavily in healthcare infrastructure, particularly in emerging economies. This investment is facilitating the expansion of healthcare facilities and services, thereby driving the demand for IV tubing sets and accessories.

Market Challenges

Despite the promising growth prospects, the IV tubing sets and accessories market faces several challenges. These include stringent regulatory requirements, the high cost of advanced products, and the risk of infections associated with IV therapy. Manufacturers must navigate these challenges while ensuring compliance with safety standards and maintaining affordability.

Regional Insights

The IV tubing sets and accessories market exhibits regional variations, with North America, Europe, Asia-Pacific, and Latin America being the key regions.

- North America: This region holds a significant share of the market, driven by advanced healthcare infrastructure, high healthcare spending, and a large patient population with chronic diseases. - Europe: Europe is another major market, with countries like Germany, France, and the UK contributing substantially. The presence of established healthcare systems and a focus on patient safety are key factors driving growth in this region.

- Asia-Pacific: The Asia-Pacific region is expected to witness the fastest growth, attributed to improving healthcare infrastructure, increasing healthcare expenditure, and a large population base. Countries like China and India are at the forefront of this growth.

- Latin America: This region is also showing potential for market expansion, driven by increasing awareness about healthcare and improving medical facilities.

Future Prospects

The future of the IV tubing sets and accessories market looks promising, with several trends poised to shape its trajectory. The growing focus on patient safety and infection control is likely to drive the adoption of advanced IV products. Moreover, the increasing emphasis on minimally invasive procedures and the rising trend of home healthcare will continue to boost market growth.

Key Players

Baxter International

Braun Melsungen AG

Nipro Corporation

Leventon, S.A.U

Avanos Medical, Inc

Segments:

By Product Type:

Continuous Rate Elastomeric Pump

Variable Rate Elastomeric Infusion Pump

By Application

Pain Management

Chemotherapy

Chelation Therapy

Others

By End-User

Hospitals

Ambulatory Surgical Centers

Others

By Region

North America

The U.S.

Canada

Mexico

Europe

Germany

France

The U.K.

Italy

Spain

Rest of Europe

Asia Pacific

China

Japan

India

South Korea

South-east Asia

Rest of Asia Pacific

Latin America

Brazil

Argentina

Rest of Latin America

Middle East & Africa

GCC Countries

South Africa

Rest of the Middle East and Africa

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[pranalipawarshinde]

Closed System Transfer Devices Market – Latest Trends Analysis And Forecast 2024-2033

“Global Insight Services offers unparalleled market intelligence and strategic consulting services to businesses worldwide. Our expertise spans across various industries, including healthcare, technology, and consumer goods, providing comprehensive analysis and actionable insights. By leveraging advanced data analytics and in-depth market research, we empower our clients to make informed decisions, identify growth opportunities, and stay ahead of the competition”.

The global closed system transfer devices market was valued at USD 914.0 Million in 2021 and it is anticipated to grow at 18.1% CAGR during the forecast period to reach up to USD 4834.1 Million by 2031.

A closed system transfer device or “CSTD” is a drug transfer device, which mechanically restricts the transfer of environmental contamination in the medical system and the escape of hazardous drug or vapor concentrations outside the system. Open versus closed systems are commonly applied in medical devices to maintain the sterility of a fluid pathway. CSTDs work by preventing- uncontrolled inflow and outflow of contaminants and drugs, preserving the quality of the solution to be infused into a patient. These devices ensure the safety of healthcare workers during the usage of hazardous drugs or chemicals. Closed system transfer device designs and models have changed at a rapid rate in recent years, resulting in the development of a number of independent testing methodologies to assess closed system transfer device performance. Currently, manufacturers in the closed system transfer devices market are focusing more on adhering to performance requirements, which largely focus on patient safety and sterile practices.

View The Full Report Here –https://www.globalinsightservices.com/reports/closed-system-transfer-devices-market

Market Trends and Drivers

The key factors such as rising use of CSTDs to combat the harmful effect of cytotoxic and antineoplastic drugs. Antineoplastic drugs are widely used in the treatment of cancer and are considered hazardous drugs. Healthcare workers involved in the preparation, transport, distribution, administration (pre and post-administration), and disposal of these drugs are at extremely high risk. The National Institute for Occupational Safety and Health (NIOSH) recommends the use of CSTDs to eliminate the harmful effects caused by exposure to hazardous substances that escape out of the system during drug preparation and administration. CSTDs act as a barrier and prevents the entry of contaminants prevent the transfer of contaminants from the atmosphere to a sterile environment. Due to these advantages, CSTDs are increasingly being used in healthcare facilities to combat the harmful effects of hazardous drugs.

Chemotherapy, a widely adopted cancer treatment, uses one or more antineoplastic drugs, which destroy abnormal cells in patients. The use of closed system transfer devices (CSTDs) in conjunction with other safety precautions such as gloves, gowns, masks, and vented preparation hoods is an effective way to increase safety when preparing, transporting, administering, and disposing of hazardous drugs. With the increasing incidence of cancer and increasing adoption of chemotherapy treatments, the demand for CSTDs is expected to increase in the upcoming years.

Market Restraints and Challenges

The major factor hindering the market growth is the high cost of implementation of CSTDs and lack of reimbursement. The cost of a closed system transfer device is one of the major constraints limiting its adoption in healthcare facilities. The cost of a typical CSTD primarily depends upon factors like manufacturer, components used, and drug that is to be administered. Moreover, since CSTDs are meant for single-use, the cost per unit is higher than regular syringes. The median price of CSTD ranges between USD8-12 per dose. According to the regulatory guidelines, CSTDs are categorized as IV consumables. Its usage is not mandatory in European and other developing nations. Since the use of these devices is absolutely voluntary in these countries, its reimbursement is unlikely. Hence, the lack of standard guidelines further acts as a hindrance to the adoption of these devices.

Unlock Growth Potential in Your Industry – Get Your Sample Report Now-https://www.globalinsightservices.com/request-sample/GIS10257

Market Segments

By Closing Mechanism

Push to Lock System

Click to Lock System

Luer Lock System

Color to Color Alignment System

By Type

Membrane to Membrane Systems

Needleless Systems

By Component

Vial Access Devices

Syringe Safety Devices

Bag/Line Access Devices

Accessories

By End User

Hospitals & Clinics

Oncology Centers

Others

Major Players in Closed System Transfer Devices Market

The key players in the closed system transfer devices market are B. Braun Holding GmbH & Co. KG, Baxter International, Becton, Dickinson and Company, Caragen Ltd, Corvida Medical, Equashield, FIMI Opportunity Funds (Simplivia Healthcare), ICU Medical, JCB Co Ltd. (JMS Co Ltd.), Yukon Medical.

COVID-19 Impact

The outbreak of COVID-19 led to a decrease in the demand for CSTDs during the first two quarters of 2020. Due to the virus containment norms and nationwide lockdowns, there were limited patient footfalls in hospitals, mostly related to COVID-19 and emergency cases. The elective medical procedures are on hold thereby causing a negative shift in the demand for CSTDs. Still, with the decline in the number of active COVID-19 cases coupled with the economic recovery in developed nations, further utilization of these devices may be expected in the near future.

Buy Now@https://www.globalinsightservices.com/checkout/single_user/GIS10257

 Research Scope

Scope – Highlights, Trends, Insights. Attractiveness, Forecast

Market Sizing – Product Type, End User, Offering Type, Technology, Region, Country, Others

Market Dynamics – Market Segmentation, Demand and Supply, Bargaining Power of Buyers and Sellers, Drivers, Restraints, Opportunities, Threat Analysis, Impact Analysis, Porters 5 Forces, Ansoff Analysis, Supply Chain

Business Framework – Case Studies, Regulatory Landscape, Pricing, Policies and Regulations, New Product Launches. M&As, Recent Developments

Competitive Landscape – Market Share Analysis, Market Leaders, Emerging Players, Vendor Benchmarking, Developmental Strategy Benchmarking, PESTLE Analysis, Value Chain Analysis

Company Profiles – Overview, Business Segments, Business Performance, Product Offering, Key Developmental Strategies, SWOT Analysis.

With Global Insight Services, you receive:

10-year forecast to help you make strategic decisions

In-depth segmentation which can be customized as per your requirements

Free consultation with lead analyst of the report

Infographic excel data pack, easy to analyze big data

Robust and transparent research methodology

Unmatched data quality and after sales service

Contact Us:

Global Insight Services LLC 16192, Coastal Highway, Lewes DE 19958 E-mail: info@globalinsightservices.com Phone: +1-833-761-1700 Website: https://www.globalinsightservices.com/

About Global Insight Services:

Global Insight Services (GIS) is a leading multi-industry market research firm headquartered in Delaware, US. We are committed to providing our clients with highest quality data, analysis, and tools to meet all their market research needs. With GIS, you can be assured of the quality of the deliverables, robust & transparent research methodology, and superior service.

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