The global closed system transfer devices (CSTD) market is estimated to grow at a CAGR of ~18% over the forecast period, i.e., 2022 – 2031. CSTDs are used to transfer medication or drugs into a system, while also preventing drug aerosolization, drug contamination, and hazardous drug exposure. The growth of the market can be attributed to the increasing use of antineoplastic drugs for the treatment of cancer. Antineoplastic drugs, also known as chemo drugs have various side effects, including, liver and kidney damage, damage to the bone marrow, lungs and heart, and temporary or permanent infertility, among others. With the use of CSTD, these ill-effects of chemo drugs can be reduced or limited, which is why, medical practitioners are adopting closed system transfer devices for treating cancer patients. This is estimated to primarily drive the market growth. Along with this, the growing prevalence of cancer worldwide is estimated to boost the market growth. According to the data by the World Health Organization, nearly 10 million deaths were caused by cancer in 2020. Moreover, it was recorded that each year, approximately 400,000 children develop cancer. Such factors are estimated to promote the use CSTD in the upcoming years.
Get more information on this report: Request Sample PDF
The market is segmented by type into membrane-to-membrane and needleless out of which, the membrane-to-membrane segment is anticipated to hold a substantial share in the global closed system transfer devices (CSTD) market over the forecast period on account of ease of operation, and lower risk of contamination associated with membrane type CSTD.
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
On the basis of geographical analysis, the global closed system transfer devices (CSTD) market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of increasing prevalence of cancer in low- and middle- income nations. As per a report by WHO, cancer is the second leading cause of death after CVD in the Asia Pacific region.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period on the back of higher use of antineoplastics for cancer treatment, backed by availability of advanced healthcare facilities. According to the data by the American Cancer Society, about 1.9 million new cancer cases and 693,000 cancer deaths were recorded in Northern America in 2018. Such factors are estimated to boost the demand for CSTD in the region.
Get more information on this report: Request Sample PDF
The global closed system transfer devices (CSTD) market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global closed system transfer devices (CSTD) market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The increasing use of antineoplastics for treatment of cancer is estimated to boost the market growth.
The market is anticipated to attain a CAGR of ~18% over the forecast period, i.e., 2022 – 2031.
The major players in the market are B. Braun Melsungen AG, ICU Medical, Inc., Equashield, LLC, Simplivia Healthcare Ltd., Corvida Medical, Inc., Caragen Ltd., Baxter International Inc., and Pfizer Inc.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, technology, end-user, and by region.
The membrane-to-membrane segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
High cost of implementation of CSTD is estimated to hamper the market growth.
The North America region is anticipated to provide more business opportunities over the forecast period owing to the rising cases of cancer in the region.
Select License Type
Direct access to analyst to help you understand the market in a better way to handle your critical question
Citing your business specific requirement our consultant would assist you ensuring targeted goal is achieved
Get 10% free customization