Closed System Drug Transfer Device Market Research Report Information By type (Membrane to Membrane and Needleless System), By Component (Vial Access Devices, Syringe Safety Devices, Accessories, Bag/Line Access Devices), By Closing Mechanism (Push to Turn System, Color-to-color Alignment System, Leur Lock Systems, Click to Lock Systems), By Technology (Compartmentalize Devices, Diaphragm-Based Devices, and Air Filtration Devices) By Region- industry Forecast to 2032
In 2023, the Closed System Drug Transfer Device Market was estimated to be worth USD 1.07 billion. The industry is anticipated to experience a compound annual growth rate (CAGR) of 10.17% from USD 1.20 billion in 2024 to USD 2.87 billion by 2032 during the forecast period (2024-2032). The market is experiencing development due to the growing prevalence of cancer worldwide and the strict regulatory requirements of the healthcare sector.
Significantly, the global closed-system drug transfer device (CSTD) market is being driven by the rising prevalence of cancer worldwide. The reason for this is that cancer treatment frequently necessitates the use of hazardous medications that can be detrimental to the health of healthcare workers who administer them. The system is designed to prevent the escape of these hazardous medications into the environment by providing a closed and leak-proof system. In addition, the global cancer burden is increasing as a result of factors such as an aging population, environmental factors, improved diagnostic capabilities, and lifestyle changes that are favoring market growth.
Market SegmentationThe global closed-system drug transfer device market has been categorized into membrane-to-membrane systems and superfluous systems based on type.
The Market has been segmented into four categories: vial access devices, hypodermic safety devices, bag/line access devices, and accessories. This segmentation is based on the component.
The market has been segmented into four categories: push-to-turn systems, color-to-color alignment systems, leur lock systems, and click-to-lock systems. This classification is based on the closure mechanism.
The Closed System Drug Transfer Device Market has been segmented into compartmentalize devices, diaphragm-based devices, and air filtration devices based on technology.
The Market has been segmented into hospitals & clinics, specialty centers, and others based on the end consumer.
Regional PerspectivesThe Closed System Drug Transfer Device Market has been segmented into the Rest of the World, Asia-Pacific, Europe, and North America based on region. It is anticipated that North America will account for the largest market share in 2023 and reach USD 9.92 billion by 2032, with a compound annual growth rate (CAGR) of 9.10% during the forecast period.
The global CSTD market is expected to be dominated by North America, which holds the largest market share of 38.14%. The strong research and development infrastructure and the increasing prevalence of cancer cases are the primary factors contributing to this substantial market share. For example, in 2020, the United States reported 1,603,844 new cancer cases and 602,347 cancer fatalities.
Asia-Pacific is anticipated to experience substantial growth and is anticipated to be the fastest-growing region during the forecast period. This is attributed to the growing number of new vendors involved in the drug-device system, as numerous regional and small market participants are attempting to leverage their market share.
The Closed System Drug Transfer Device Market is distinguished by the presence of numerous global, regional, and local vendors. The market is intensely competitive, with all participants striving to acquire the largest possible market share. Market growth is significantly influenced by intense competition, frequent changes in government policies, and regulations.
Major PlayersBecton, Dickson, and Company, Inc., Baxter International Inc., ICU Medical, Inc., JMS Co.Ltd, B. Braun SE, Simplivia (Israel), Becton, Cormed (US), Yukon Medical (US), Caragen Ltd. (Ireland), and Equashield are among the major players in the Closed System Drug Transfer Device Market.