What is Closed System Drug Transfer Device Market Scope?
Closed System Drug Transfer Device (CSTD) is a medication move gadget that precisely precludes the exchange of natural contaminants into a framework and the departure of dangerous medication or fume fixations outside the framework, which intended to forestall the break of unsafe medication fumes into the earth during drug reconstitution and administration.USA commanded the Closed System Drug Transfer Device (CSTD) and is the biggest creation base. Notwithstanding the USA, there are some other creation territories, for example, Europe. Moreover, the rising adoption of chemotherapy and the improvement of regulatory guidelines regarding hazardous drugs are increasing the market phenomenon.
High Adoption of Phaseal, a Pioneer in the CSTD Market and Rising Adoption of Automation in CSTD
Market Growth Drivers:
Increasing Number of Oncology Drug Approvals and Rising Incidence of Cancer Across the World
The Lack of Regulatory Policies Regarding Health Workers’ Safety in Emerging Countries is Expected to Restrict the Market Growth during the Forecast Period. and Gaps With Existing CSTDs
The flare-up of the pandemic has likewise influenced the CSTD (shut framework drug move gadgets) market over the globe. At present, most of the assembling organizations and examination establishments and focuses are engaged with diagnosing the COVID and antibodies to treat the lethal infection. Hence, the move of clinical gadget and exploration focuses and diagnostics research centers towards the COVID19 pandemic has thwarted the market development.
Use of CSTDs in Other Therapeutic Areas and Adoption of Cancer Treatment Centers across the World
The Closed System Drug Transfer Device market study is being classified by Type (Membrane-to-membrane Systems and Needleless Systems), by Application and major geographies with country level break-up.
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Analysts at AMA predicts that Players from United States will contribute to the maximum growth of Global Closed System Drug Transfer Device market throughout the predicted period.
Becton, Dickinson, and Company (United States), ICU Medical, Inc. (United States), Equashield LLC. (United States), B. Braun Melsungen AG (Germany), Corvida Medical (United States), Baxter International, Inc. (United States), VICTUS (United States), Caragen Ltd. (Ireland) and Simplivia Healthcare (Israel) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Yukon Medical (United States), JMS Co., Ltd. (United States) and CODAN Medizinische Geräte GmbH & Co KG (Germany).
Analyst at AMA have segmented the market study of Global Closed System Drug Transfer Device market by Type, Application and Region.
On the basis of geography, the market of Closed System Drug Transfer Device has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Influencers and their Development Strategies
In January 2022, ICU Medical Inc. acquired Smiths Medical from Smiths Group plc. The Smiths Medical business involve syringe and ambulatory infusion devices, vascular access, and vital care products. This acquisition created a scaled US-based global competitor that increases the stability of the medical supply chain and can grow as clinical care models evolve. This acquisition helped company to expand its presence in closed system drug transfer device market
In February 2023, Becton, Dickinson, and Company announced the outcomes of a peer-reviewed study which shows that BD technology used to significantly reduce hazardous drug surface contamination and provide real-time measures to pharmacies and health care facilities. It monitor and improve the safety of health care workers and patients. This clinical study helped Becton, Dickinson, and Company to strengthened its presence in closed system drug transfer device market
NIOSH defines a Closed System Drug-Transfer Device (CSTD) as “a drug transfer device that mechanically prohibits the transfer of environmental contaminants into the system and the escape of the hazardous drug or vapor concentrations outside the system” [NIOSH 2004]. Currently, CSTDs generally follow one of two design concepts, using either a physical barrier or an air-cleaning technology to prevent the escape of hazardous drugs into the work environment. When appropriately designed and used, CSTDs offer enhanced protection against potentially hazardous exposures to healthcare workers during the compounding and administration of hazardous drugs.
Key Target Audience
Manufacturers, Suppliers, Wholesalers, Distributors, and Retailers, Governmental bodies and Others
Closed System Drug Transfer Device Market Study: Important Years
|Unit||Value (USD Million)|
|Customization Scope||Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility|
Major Highlights of Market StudyDemand Determinants:
Identifying top-notch application and business segments that seek high growth potentials in Closed System Drug Transfer Device Market.Key Strategic Developments:
To target untapped regions more aggressively by focusing on product/service developments, innovation and R & D, new launches, Merger & acquisitions, JVs & partnerships.Forces & Market Dynamics:
Growth drivers, restraints & opportunities available in Closed System Drug Transfer Device industry is examined with reference relevant market sectors and sub-sectors.
Customization available in this Study:
The Study can be customized to meet your requirements. Please connect with our representative, who will ensure you get a report that suits your needs.
To compete effectively, companies also require quantitative estimates of the future growth and qualitative nature of the market. AMA Research features not just specific market sizing estimates, but also includes significant value-added commentary on Technological Trends and Innovations, Regulatory Policies, Market Maturity Indicators, Market Share Movements, New Entrants into the Market & Entry/Exit Barriers, Consumer Demographics, Supporting Company Financial and Cash Flow Planning, Open Up New Markets, To Seize Powerful Market Opportunities, Key Decision in Planning and to Further Expand Market Share, Identify Key Business Segments, Market Proposition & Gap Analysis.