PORTLAND, Ore., Nov. 22, 2021
Rise in incidence of cancer, increase in number of oncology drug approvals, and surge in safety concerns of healthcare workers drive the growth of the global closed system transfer devices market
PORTLAND, Ore., Nov. 22, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Closed System Transfer Devices Market by Type (Membrane to Membrane and Needleless), By Technology (Diaphragm Based, Compartmentalized, and Filtration), and End User (Hospitals & Clinics, Oncology Centers, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030". According to the report, the global closed system transfer devices industry generated $823.58 million in 2020, and is anticipated to generate $3.27 billion by 2030, witnessing a CAGR of 15.4% from 2021 to 2030.
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Prime determinants of growth
Rise in incidence of cancer, increase in number of oncology drug approvals, and surge in safety concerns of healthcare workers drive the growth of the global closed system transfer devices market. However, high cost of implementation and lack of awareness hinder the market growth. On the other hand, increase in application of CSTDs in other therapeutic areas coupled with rise in safe usage initiative present new opportunities in the coming years.
The membrane to membrane segment to maintain its leadership status throughout the forecast period
Based on type, the membrane to membrane segment held the highest market share in 2020, accounting for more than two-thirds of the global closed system transfer devices market, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the same segment is projected to manifest the highest CAGR of 16.2% from 2021 to 2030. This is due to their ease of operation, low risk of contamination, and increase in safety of healthcare workers due to double membrane system. The report also analyzes the needleless segment.
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The hospitals & clinics sheet segment to maintain its lead position during the forecast period
Based on end user, the hospitals & clinics segment accounted for the largest share in 2020, contributing to around three-fourths of the global closed system transfer devices market, and is projected to maintain its lead position during the forecast period. Moreover, the same segment is expected to portray the largest CAGR of 16.0% from 2021 to 2030. This is due to rise in cancer cases leading to chemotherapy procedures. The report also discusses the oncology centers segment.
North America to maintain its dominance by 2030
Based on region, North America held the highest market share in terms of revenue 2020, accounting for more than one-third of the global closed system transfer devices market. This is due to rise in cancer cases and presence of key players across North America. However, the Asia-Pacific region is expected to witness the fastest CAGR of 17.7% from 2021 to 2030, owing to increase in prevalence of cancer, surge in R-&D activities for new oncology drugs, and rise in awareness for safety of the healthcare personnel.
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