Closed System Transfer Devices Market To Grow USD 2570.4 Million By 2028 at a CAGR of 19.1%| Valuates Reports
BANGALORE, India, Nov. 15, 2022 /PRNewswire/ -- Closed System Transfer Devices Market is segmented by Type (Closed Vial Access Devices, Closed Syringe Safety Devices, Closed Bag/Line Access Devices), By Application (Hospital, Clinic): Opportunity Analysis and Industry Forecast, 2022–2028. It is published in Valuates Reports under the Industrial Materials & Equipment Category.
Considering the economic change due to COVID-19 and Russia-Ukraine War Influence, the global Closed System Transfer Devices market is projected to reach USD 2570.4 million by 2028 from an estimated USD 900.6 million in 2022, at a CAGR of 19.1% during 2023 and 2028.
Major Factors Driving the Growth of Closed System Transfer Devices Market
Closed System Transfer Devices market expansion can be ascribed to the increased need for Closed System Transfer Devices to counteract the negative effects of cytotoxic or antineoplastic medications, the rising cancer incidence, and the growing focus on implementing occupational health and safety requirements.
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TRENDS INFLUENCING THE GROWTH OF THE CLOSED SYSTEM TRANSFER DEVICES MARKET
Patients' treatment regimens usually employ a variety of dangerous medicines. Antibiotics, novel monoclonal antibodies, and chemotherapeutic agents with antineoplastic properties are some examples. These medications can harm the health of medical staff while saving the lives of patients. This may occur if medications spill during preparation, reconstitution, or patient administration. Healthcare workers, such as pharmacists, nurses, and veterinarians, may be exposed to dangerous drugs by inhalation, skin contact, unintentional mouth-to-hand ingestion, or sharps injuries such as needle sticks. This factor is expected to drive the growth of the Closed System Transfer Devices market.
It has been apparent that this technology can keep the sterility of pharmaceuticals beyond what is typically anticipated, in addition to safety, which is the primary justification for use. This is a significant financial advantage for medium- and high-volume pharmacies, as it lowers the cost of Closed System Transfer Devices implementation. This is expected to fuel the growth of the Closed System Transfer Devices market.
Throughout the whole chain of hazardous drug handling, from pharmaceutical synthesis through patient dose administration, NIOSH advises healthcare personnel to wear Closed System Transfer Devices. Even while not all Closed System Transfer Devices are equally protective, research demonstrates that using Closed System Transfer Devices can lessen the risk of dangerous drug contamination.
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CLOSED SYSTEM TRANSFER DEVICES SHARE ANALYSIS:
With a market share of nearly 80%, North America leads the way. Europe and Asia-Pacific are next, each with a share of approximately 20%. The widespread availability of cutting-edge technologies, the high level of awareness of Closed System Transfer devices among oncologists, nurses, and pharmacists, the presence of numerous Closed System Transfer Devices manufacturing players in this region, and the high incidence of cancer are factors influencing the adoption of Closed System Transfer Devices in North America.
Hospitals & clinics accounted for the greatest portion of the Closed System Transfer Devices market, accounting for 84.41% of it. Hospitals are the largest application, followed by clinics. The substantial share and rapid expansion of this market are mostly attributable to the hospitals' strong financial capacities for purchasing expensive Closed System Transfer Devices, the sizable pool of cancer patients, and the requirement to adhere to regulatory requirements.
Closed Syringe Safety Devices, with a market share of around 35%, is the largest product category.
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Key Companies:
- BD Medical, Inc
- Equashield, LLC
- ICU Medical, Inc
- Teva Medical Ltd
- Corvida Medical
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