Closed System Transfer Devices Market to Reach $2.03 Billion by 2029 | Key Drivers and Future Outlook
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What Is the Estimated Market Size of the Closed System Transfer Devices Market In 2029?
In recent times, the market size for closed system transfer devices has expanded swiftly. It is forecasted to increase from $1.04 billion in 2024 to $1.19 billion in 2025, with a compound annual growth rate (CAGR) of 14.5%. The historic period’s growth is tied to factors such as the upsurge in approvals for oncology drugs, amplified attention towards occupational safety, an accelerated need to limit needlestick injuries and contact with risky drugs, heightened awareness about the possible hazards associated with cytotoxic drug exposure, and an increase in the population of chemotherapy patients.
What Growth Rate Is Forecasted for the Closed System Transfer Devices Market by 2029?
The market size for closed system transfer devices is predicted to experience significant expansion in the upcoming years. It is projected to reach $2.03 billion in 2029, with a compounded annual growth rate (CAGR) of 14.3%. Factors contributing to this growth during the forecast period include a surge in cancer cases, the growing necessity to ensure safe management of harmful drugs, increased consciousness about the use of closed system transfer devices, and an increased utilization of CSTDS for the transportation of dangerous medications, along with a rise in the number of approved drugs for cancer. Key trends anticipated during the forecast period are the introduction of new products and safety measures, proliferation of digital platforms and devices that are easy to use, heightened research and development activities, technological progress, and the implementation of membrane-to-membrane systems.
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Which Key Companies Are Shaping the Future of the Closed System Transfer Devices Market?
Major companies operating in the closed system transfer devices market are Cardinal Health Inc., Becton Dickinson and Company, Baxter International Inc., Corning Incorporated, B Braun Melsungen AG, Grifols SA, Terumo Corporation, ICU Medical Inc., Amsino International Inc., JMS Co. Ltd., Vygon SA, Codan Medical GmbH, Equashield LLC, Hospira Inc., Nipro Corporation, Simplivia Healthcare Ltd., Practivet Inc., Corvida Medical Inc., Yukon Medical, Caragen Ltd., Insung Medical Co. Ltd., Carmel Pharma AB, Aegis Medical Technologies, Epic Medical Pte Ltd., Smiths Medical
Which Factors Are Driving Demand in the Closed System Transfer Devices Industry?
The surge in cancer cases is predicted to fuel the expansion of the closed-system transfer devices market. Characterized by unrestrained growth of abnormal cells, cancer can infiltrate adjacent tissues and metastasize to different body parts via the blood and lymphatic systems. With numerous factors like lifestyle patterns, environmental exposure, and heightened infections contributing to its increase, cancer cases are rising alarmingly. Closed-system transfer devices play a crucial role in cancer treatment, shielding healthcare professionals and patients from the risks associated with the management and operation of chemotherapy medication. Their utilization enhances healthcare safety and improves treatment results for those battling cancer. As an example, data from the World Health Organization (WHO), a Switzerland-based international agency, suggests that by 2050, cancer cases are predicted to rise to over 35 million, marking a 77% increase from the anticipated 20 million cases for 2022, recorded in February 2024. This striking increase underlines the intensifying global cancer burden. Additionally, the US-based National Center for Biotechnology Information announced in January 2023, that the US would see 1,958,310 novel cancer cases, with anticipated cancer deaths reaching 609,820 within that year. Consequently, the escalation in cancer cases fuels the growth of the closed system transfer devices market.
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How Is the Closed System Transfer Devices Market Segmented by Several Divisions?
The closed system transfer devices market covered in this report is segmented –
1) By Type: Needleless Systems, Membrane-To-Membrane Systems
2) By Technology: Diaphragm-Based, Compartmentalized, Filtration
3) By Closing Mechanism: Color-To-Color Alignment Systems, Push-To-Turn Systems, Click-To-Lock Systems, Luer-Lock Systems
4) By End User: Hospitals And Clinics, Oncology Centers, Other End Users
Subsegments:
1) By Needleless Systems: Closed Vial Systems, Closed Syringe Systems, Transfer Device Adapters
2) By Membrane-To-Membrane Systems: Membrane-To-Membrane Transfer Devices, Filtered Membrane Transfer Devices
What are the Emerging Market Trends Driving the Growth of the Closed System Transfer Devices Industry?
Leading businesses in the closed system transfer devices (CSTD) sector are prioritizing the creation of innovative syringe units to boost safety, elevate user experience, minimize contamination risks, and adhere to the stringent regulatory guidelines in the health care industry. A full volume use syringe is a type of syringe designed to dispense or administer the entire quantity of liquid or medicine contained, eliminating the necessity for extra mixing or dilution. For example, in October 2023, Equashield, a medical device firm based in the United States, introduced the EQUASHIELD Syringe Unit. This unit has received FDA approval and is specifically designed for full-volume use, thus making the handling of dangerous drugs safer and more efficient. Its unique design stops vapour leakage and plunger contamination, thereby providing an affordable solution for drug compounding and administration.
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Which Regions Are Driving Growth in the Closed System Transfer Devices Market?
North America was the largest region in the closed system transfer device market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the closed system transfer devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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This Report Delivers Insight On:
1. How big is the closed system transfer devices market, and how is it changing globally?
2. Who are the major companies in the closed system transfer devices market, and how are they performing?
3. What are the key opportunities and risks in the closed system transfer devices market right now?
4. Which products or customer segments are growing the most in the closed system transfer devices market?
5. What factors are helping or slowing down the growth of the closed system transfer devices market?
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