Global Closed System Transfer Devices (CSTD) Market to Grow with a CAGR of 16.37% During 2021-2030, Backed by Increasing Awareness Among Healthcare Workers for Safety While Using Hazardous Drugs
Kenneth Research published a report titled “Closed System Transfer Devices (CSTD) Market: Global Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of the global closed system transfer devices (CSTD) market in terms of market segmentation by product type, component, closing mechanism, technology, end-user, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global closed system transfer devices (CSTD) market is anticipated to grow with a CAGR of 16.37% over the forecast period, i.e., 2021 – 2030. The market is segmented by component into vial access devices, syringe safety devices, bag/line access devices, and others, out of which, the vial access devices segment is anticipated to garner the largest revenue of USD 1169.75 Million by the end of 2030. Moreover, in the year 2020, the segment generated a revenue of USD 261.20 Million.
The global closed system transfer devices (CSTD) market is estimated to garner a revenue of USD 3329.59 Million by the end of 2030, up from a revenue of USD 735.89 Million in the year 2020. The growing expenditure on healthcare worldwide, and the increasing advancements in the field of medical science are some of the major factors anticipated to create numerous opportunities for market growth in the coming years. In addition to this, the rising adoption of automated drug compounding robots, and the growing application of closed system transfer devices in various therapeutic areas are also expected to boost the market growth during the forecast period.
Geographically, the global closed system transfer devices (CSTD) market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. Out of these, the market in North America is anticipated to garner the largest revenue of USD 1170.35 Million by the end of 2030. Moreover, in the year 2020, the market in the region generated a revenue of USD 260.21 Million.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Increasing Prevalence of Cancer to Drive Market Growth
The World Health Organization (WHO), in one of its statistics, stated that cancer related deaths in the year 2020 registered to around 10 Million.
Backed by the increasing prevalence of cancer worldwide, there is a growing need amongst the oncologists to adopt chemotherapy drugs for their cancer patients. These drugs are highly hazardous in nature and hence the healthcare workers need to follow safety protocols to eliminate any sort of surface contamination. As the closed system transfer devices (CSTD) help the healthcare workers to avoid such type of contamination from these hazardous drugs, hence, such a factor is anticipated to drive the growth of the market in the coming years. Besides this, the increasing awareness among the healthcare workers for maintaining safety during the process of drug delivery to their patients is also expected to create numerous opportunities for the growth of the market.
However, the lack of uniform technical regulations is expected to operate as key restraint to the growth of global closed system transfer devices (CSTD) market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global closed system transfer devices (CSTD) market which includes company profiling of Becton, Dickinson and Company, Yukon Medical, LLC, Caragen Ltd., ICU Medical, Inc., Vygon, JMS North America Corporation, CODAN Companies, Corvida Medical, EquashieldMedical Ltd., and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global closed system transfer devices (CSTD) market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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