ALBANY, N.Y., Nov. 23, 2021
- Closed system transfer devices (CSTD) market will observe considerable growth owing to increase in focus on enhancing the safety of healthcare workers responsible for the compounding and administration of hazardous drugs
- Expanding investments toward developing an efficient drug-handling chain are likely to result in substantial growth of the closed system transfer devices (CSTD) market
ALBANY, N.Y., Nov. 23, 2021 /PRNewswire/ -- The growing adoption of closed system transfer devices in a plethora of drug safety programs coupled with increase in utilization of oncology drugs s expected to fuel the growth of the closed system transfer devices (CSTD) market. The emergence of several regions as cancer research centers is expected to be growth accelerators for the closed system transfer devices market during the forecast period of 2020-2030.
Transparency Market Research (TMR) has conducted extensive research on various aspects associated with the growth of the closed system transfer devices (CSTD) market. Analysts at TMR expect the global market for closed system transfer devices (CSTD) to expand at a CAGR of 10.9% during the forecast period. The closed system transfer devices (CSTD) market was valued at US$ 764.7 Mn in 2019 and extrapolated to cross US$ 2.37 Bn by 2030.
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The rising collaboration between pharmacists and researchers around the world to develop well-defined transfer protocols and standards will help in boosting the demand for system transfer devices. Furthermore, the ability of numerous system transfer devices to restrict the contamination of parental drug products offers immense opportunities to allow extended beyond use dating (BUD). All these factors assure promising growth for the closed system transfer devices (CSTD) market. However, to strengthen their position in the closed system transfer devices (CSTD) market, players should focus on expanding their product portfolio.
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Key Findings of Report
High Requirement for Chemotherapy to Increase Demand for Closed System Transfer Devices
The incidence of cancer is rising at an accelerated rate. Chemotherapy is an important component in many cancer treatments. During chemotherapy, drugs such as doxorubicin are used. Such drugs are harmful to the persons who handle them. Frequent exposure could result in hair loss, infertility, birth defects, and cancer. In order to assure complete safety and avoid side-effects, safe handling is the key. Hence, this aspect ultimately maximizes the demand for closed system transfer devices.
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North America to Dominate Closed System Transfer Devices (CSTD) Market
In this study, the closed system transfer devices (CSTD) market has been classified into five regions: Asia Pacific, Latin America, North America, Europe, and Middle East & Africa. According to TMR, North America is expected to lead the closed system transfer devices (CSTD) market. The Exposure of healthcare workers to harmful and toxic drugs has increased considerably over the years. The Centers for Diseases Control and Prevention (CDC) estimates that approximately 8 million healthcare workers in North America are exposed to harmful drugs. Thus, these statistics reveal the need for safe drug transfer mechanisms. This factor eventually helps in increasing the growth rate of the closed system transfer devices (CSTD) market in North America.
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Asia Pacific is also expected to witness steady growth during the forecast period. China may emerge as the largest growth-generating country in the Asia Pacific region. An increase in the target population requiring treatment and expansive utilization of closed system transfer devices in China is projected to drive the market in Asia Pacific.
Some well-established players in the closed system transfer devices (CSTD) market are Dickinson and Company, ICU Medical, Inc., Corvida Medical, JMS Co. Ltd., Equashield LLC, and Becton.
Global Closed System Transfer Devices (CSTD) Market: Segmentation
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