Sarasota, FL -- (SBWire) -- 04/12/2019 --Zion Market Research has published a new report titled "Closed System Transfer Device Market by Type (Needleless Systems and Membrane-To-Membrane Systems), by Closing Mechanism (Luer-Lock, Color-To-Color Alignment, Push-To-Turn, and Click-To-Lock Systems), by Component (Bag/Line Access Devices, Syringe Safety Devices, Vial Access Devices, and Accessories), by Technology (Compartmentalized Devices, Diaphragm-Based Devices, and Air Cleaning/Filtration Devices), and By End-User (Oncology Centers & Clinics, Hospitals, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025". According to the report, the global closed system transfer device market was valued at approximately USD 326 million in 2018 and is expected to generate around USD 1,180 million by 2025, at a CAGR of around 20.2% between 2019 and 2025.
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Closed system transfer devices (CSTDs) allow safe drug transfer while restricting the inflow of environmental contaminants and outflow of drugs to be transferred into the system. CSTDs are useful in transferring cytotoxic chemotherapeutic agents and drugs.
The demand for closed system transfer devices is growing rapidly, owing to the increasing prevalence of cancer, rising adoption of closed system transfer devices for transferring hazardous drugs, such as antineoplastic or cytotoxic drugs, the growing need for regulatory compliance for safe handling of harmful drugs, and escalating number of drug approvals for cancer. These are some primary factors driving the global closed system transfer device market. Additionally, closed system transfer devices help in avoiding environmental contamination with harmful drugs resulting in increased device adoption, which, in turn, drives the market growth. However, the high implementation cost of CSTDs and lack of regulatory compliance in emerging countries may hamper the global closed system transfer device market.
The global closed system transfer device market segments are based on closing mechanism, type, technology, component, and end-user. Based on the type, the market is segmented into membrane-to-membrane systems and needleless systems. Membrane-to-membrane systems held the largest market share in 2018, as they offer a double layer of protection and help in the safe transfer of hazardous drugs. Additionally, needleless systems are expected to show at the highest CAGR over the forecast timeline.
Based on the closing mechanism, closed system transfer device market is segmented into color-to-color alignment systems, push-to-turn systems, click-to-lock systems, and Luer-lock systems. Push-to-turn systems held the largest market share in 2018.
Based on the component, closed system transfer device market is segmented into syringe safety devices, vial access devices, accessories and bag/line access devices. Syringe safety devices are expected to register the highest CAGR in the future.
Based on technology, the closed system transfer device market is segmented into compartmentalized devices, diaphragm-based devices, and air cleaning/filtration devices. Diaphragm-based devices dominated the market in 2018, with about 48% market share, owing to their ease of use and safety these devices offer for transfer.
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Oncology centers and clinics, hospitals, and others comprise the end-user segment of the market. Hospitals accounted for the largest market share in 2018, owing to a large patient pool, their ability to purchase expensive closed system transfer devices, and growing need to comply with regulatory standards.
By region, North America dominated the global closed system transfer devices market, with a market share of about 44%, in 2018. This regional dominance is attributed to the increasing prevalence of cancer, rising adoption of closed system transfer devices for safe handling of harmful drugs, and the presence of key market players in this region. Europe was the second largest closed system transfer device market in 2018 globally, due to the increasing healthcare spending, high cancer disease burden, and increasing aging population. The Asia Pacific closed system transfer device market will register the highest CAGR over the forecast time period, owing to the rapid adoption of CSTDs, increasing prevalence of cancer, and growing geriatric population.
Some key players of the global closed system transfer device market include ICU Medical, Inc., Becton, Dickinson, and Company, JMS Co., Ltd., B. Braun Melsungen, Teva Pharmaceutical Industries Ltd., Equashield, Yukon Medical, Corvida Medical, Codan Medizinische Geräte GmbH & Co Kg, Caragen Ltd., Victus, Inc., and Baxter International Inc.
This report segments the global closed system transfer device market into:
Global Closed System Transfer Device Market: By Type
Membrane-To-Membrane Systems
Needleless Systems
Global Closed System Transfer Device Market: By Closing Mechanism
Push-To-Turn Systems
Color-To-Color Alignment Systems
Luer-Lock Systems
Click-To-Lock Systems
Global Closed System Transfer Device Market: By Component
Vial Access Devices
Syringe Safety Devices
Bag/Line Access Devices
Accessories
Global Closed System Transfer Device Market: By Technology
Diaphragm-Based Devices
Compartmentalized Devices
Air Cleaning/Filtration Devices
Global Closed System Transfer Device Market: By End-User
Hospitals
Oncology Centers and Clinics
Others
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Global Closed System Transfer Device Market: By Region
North America
The U.S.
Europe
UK
France
Germany
Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa
Global Closed System Transfer Device Market Is Expected to Reach Around USD 1,180 Million by 2025
Global closed system transfer device market expected to generate around USD 1,180 million by 2025, at a CAGR of around 20.2% between 2019 and 2025. Closed system transfer devices (CSTDs) allow safe drug transfer while restricting the inflow of environmental contaminants and outflow of drugs to be transferred into the system.