Closed System Drug Transfer Device (CSTD) Market Insight
The closed system drug transfer device (CSTD) market is growing rapidly over recent years. Factors such as the rising prevalence of cancer and the need to protect healthcare workers and biotechnology scientists & assistants against the harmful risks of hazardous drug exposure are driving the growth of the market. Besides, guidelines outlined by federal agencies such as the National Institute for Occupational Safety and Health (NIOSH) to prevent possible workplace hazards are spurring the CSTD market demand.
Moreover, rapid advancements in medical science & biotechnology and increasing adoption of the latest technologies are accelerating the growth of the market. Market Research Future (MRFR) states that the global closed system drug transfer device (CSTD) market is expected to reach a valuation of USD 6,312.52 MN by 2025. In its latest report, MRFR also asserts that the market would register a CAGR of 19.10% throughout the forecast period (2018-2025). Rising cancer cases is a primary growth driver.
Furthermore, the growing uses of biologics and substantial investments drawn in the R&D to develop advanced CSTDs are boosting the growth of the market significantly. Additionally, spreading awareness, advantages of CSTD, and beneficial reimbursement policies impact the market growth, positively.
USP General Chapter <800>, published on February 1, 2016, with an implementation date of December 2019 describing the practice and quality standards for handling hazardous drugs in health care settings will significantly impact healthcare institutions. With USP <800> implementation date proceeding rapidly, pre-planning for compliance is becomes paramount. For the required coordination and efficiency for implementation of USP <800>, CSTD manufacturers have created online resources to help healthcare providers with the preparation.
These documentations provide valuable insights, interactive resources, and a detailed requirement checklist for HC institutions that want to start on planning and implementing the new protocols. They strive to develop USP <800> complied CSTDs to help healthcare facilities to prevent accidental exposure to hazardous drugs for workers and patients during compounding and administration.
Closed System Drug Transfer Device (CSTD) Market – Segments
The market is segmented into four dynamics to widen the scope of understanding,
By Type : Barrier-Type and Filtration-Type.
By Delivery : Closed Vial Access Devices, Closed Bag/Line Access Devices, and Closed Syringe Safety Devices.
By End-user : Specialty Centers, Hospitals & Clinics, and others.
By Regions : Europe, North America, APAC, and the Rest-of-the-World (RoW).
Closed System Drug Transfer Device (CSTD) Market – Geographical Analysis
North America dominates the global closed system drug transfer device market with the largest market share. Major factors that are driving the regional market growth include the rise in cancer cases and funding support to encourage research and development infrastructure. Additionally, well-spread awareness of CSTD alongside technological advances in the healthcare industry boosts the growth of the regional market.
A huge patient pool undergoing treatments for cancer and the increasing geriatric population in the region support the growth of the market. Moreover, surging numbers of research activities and comparatively higher adoption of related CSTDs in the US and Canada impact the regional market growth, positively. Furthermore, the presence of major market players and developed healthcare infrastructure foster regional market growth.
Europe is another phenomenally growing market closed system drug transfer device, globally. Flourishing medical device markets, burgeoning life science industries, and the presence of pharma giant companies bolster the regional market growth.
The resurging economy in Europe plays a vital role in market development, allowing the proliferation of the healthcare sector in the region. Furthermore, increasing investment in the development of CSTDs drives the regional market on a large scale. The European CSTD market is estimated to register a phenomenal CAGR during the review period.
Closed System Drug Transfer Device market in the Asia Pacific region is growing rapidly. This growth attributes to the investments by new players and the increasing prevalence of cancer. Besides, government initiatives to encourage safe drug handling practices in India and China are influencing regional market growth. Furthermore, the growing demand for quality devices in biotechnology and rapidly developing healthcare technology is expected to lead the market growth in the APAC region.
Closed System Drug Transfer Device (CSTD) Market – Competitive Landscape
The closed CSTD market appears to be fiercely competitive and fragmented due to the presence of many well-established players. To garner a more significant share in the market, brand reinforcement, mergers & acquisitions, and innovation remain the popular trends for the key players.
Closed System Drug Transfer Device (CSTD) Market Major Players:
Players leading the CSTD market include Teva Pharmaceutical Industries Ltd. (Israel), Becton, Dickinson and Company (US), Equashield LLC (US), Yukon Medical (US), ICU Medical Inc. (US), and Corvida Medical (US), among others.
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Closed System Drug Transfer Device (CSTD) Industry/ Innovation/ Related News:
March 09, 2019 —- B. Braun Medical Inc. (the US), a leading global provider of innovative medical products, showcased its extensive portfolio of products, services, and technology at National Home Infusion Association (NHIA) Conference & Exposition 2019, held at the Gaylord Palms Convention Center in Orlando, during March 9-13.
The major product featured by B. Braun was a Closed System Transfer Device (CSTD) – OnGuard®, which is the market leader in CSTD air-cleaning technology. OnGuard protects healthcare workers and others against the harmful risks of hazardous drug exposure. The special features of this technology are designed to make OnGuard easy to operate and integrate into practice. Other featured products and services included APEX® Compounding System, Easypump® ST/LT Elastomeric Infusion Pump, CAPS® Services, and CAPS Consulting, among several others.