Europe Closed Systems Drug Transfer Devices Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Closing Mechanism, Type, Technology, Component, and End User and Country
NEW YORK, Nov. 25, 2020 /PRNewswire/ -- The Europe closed systems drug transfer devices market is expected to reach US$ 487.58 million by 2027 from US$ 112.01 million in 2019; it is estimated to grow at a CAGR of 20.3% from 2019 to 2027.
Read the full report: https://www.reportlinker.com/p05989523/?utm_source=PRN
The closed systems drug transfer devices market in Europe is primarily driven by the growing adoption of closed systems drug transfer devices for chemotherapy and improvements in regulatory guidelines regarding hazardous drugs.However, the lack of standards and product safety issues hamper the growth of the market.
Additionally, technological advancements in handling hazardous drugs and rising number of chemotherapeutic drug approvals are expected to fuel the growth of the Europe closed systems drug transfer devices market during the forecast period.
Closed system drug transfer devices provide protection against hazardous drugs or vapors during drug preparation and administration.These devices comprise components to filter dangerous vapors.
Closed system drug transfer devices play a major role in providing protection to healthcare professionals who are in close proximity to antineoplastic drugs and other harmful medications. Government authorities are emphasizing on the implementation of occupational health and safety standards, which, in turn, offers lucrative opportunities for the growth of the Europe closed systems drug transfer devices market.
Chemotherapy is one of the prominent cancer treatments accepted across Europe, and the UK witnesses the highest demand for chemotherapy in the region.With a growing number of R&D activities in cancer treatment, many players in healthcare are developing new chemotherapeutic agents and gaining EMA approvals.
For instance, in November 2018, a new lung cancer treatment was approved by NICE. The drug pembrolizumab is made by Merck, Sharpe & Dohme (MSD); it works by targeting a specific protein on the surface of cells, which is involved in the body's immune response to cancer.
Further, in July 2018, four new cancer drugs have been recommended for the approval of the European Union (EU).They include two new agents for metastatic melanoma—encorafenib (Braftovi, Pierre Fabre) and binimetinib (Mektovi, Pierre Fabre); immunotherapy for use in non-small cell lung cancer—durvalumab (Imfinzi, AstraZeneca); and a cyclin-dependent kinase (CDK4/6) inhibitor for use in metastatic breast cancer—abemaciclib (Verzenios, Eli Lilly).
The growing number of approvals for chemotherapeutic drugs, coupled with the increasing prevalence of cancer, creates lucrative opportunities for players operating in the Europe closed system drug transfer devices market, thereby bolstering the market growth.
The market for closed system drug transfer device (CSTD) in Europe is highly affected due to the COVID-19 pandemic.Many patients in Europe are fearful of contracting COVID-19 infection, and there is overburdening healthcare services; thus healthcare services are less likely to perform cancer screening and diagnosis.
As approximately one in five cancers is diagnosed in emergency presentations, this is likely to be responsible for considerably delayed diagnoses. Additionally, NHS England is performing cancer surgeries in cancer hubs that are free from COVID-19 exposure, thereby increasing the adoption of CSTDs to avoid exposure to hazardous drugs.
In 2019, the push-to-turn systems accounted for the largest share of the Europe closed system drug transfer devices market.The growth of this segment is attributed to the increasing preference for push-to-turn mechanism, as it offers superior protection and availability of the product incorporating push-to-turn mechanism.
Furthermore, the luer-lock systems segment is expected to register the highest CAGR in the closed systems drug transfer devices market during the forecast period.
A few major secondary sources referred while preparing the Europe closed systems drug transfer devices market report are the World Health Organization (WHO), Cancer Research UK, European Federation of Pharmaceutical Industries and Associations (EFPIA), and Globocan Statistics.
Read the full report: https://www.reportlinker.com/p05989523/?utm_source=PRN
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
Contact Clare: [email protected]
US: (339)-368-6001
Intl: +1 339-368-6001
SOURCE Reportlinker
Share this article