The Closed System Drug Transfer Device Market size is projected to reach US$ 3,509.73 million by 2031 from US$ 789.54 million in 2023. The market is expected to register a CAGR of 20.50% in 2023–2031. The increasing awareness related to the risk associated with hazardous drugs, particularly in healthcare settings such as hospitals and pharmacies, rising chronic as well as acute diseases along with integration of digital health services for improved monitoring and safety compliance is likely to remain key Closed System Drug Transfer Device market trends.
The adoption of closed system transfer devices is increasing rapidly, due to major factors such as the rising prevalence of cancer, and implementation of CSTDs for transporting hazardous medications, the need for monitoring compliance for the safe management of injurious drugs, and the escalating quantity of drug sanctions for cancer. For instance, in 2023, approximately 1,958,310 new cancer cases and 609,820 cancer deaths were likely to befall in the US. Hence, the adoption of CSTD will increase owing to its rising prevalence. Moreover, these devices support circumventing environmental contamination with damaging drugs resulting in increased device adoption, which in turn, further propel the overall closed system drug transfer device market.
North America is the largest market for Closed System Drug Transfer Device market growth with the US holding the largest market share followed by Canada. Rapid technological development in the medical device industry, adoption of CSTD for various diseases, and presence of regulatory guidelines related to CSTD and its implementation in healthcare facilities For instance, The National Institute for Occupational Safety and Health (NIOSH) recommends healthcare workers to use a CSTD throughout the hazardous drug-handling chain, from pharmaceutical compounding to patient dose administration. Such established regulatory guidelines are driving the market growth of the North American CSTD market.
A study conducted by International Environmental Research and Public Health in July 2021, studied the effectiveness of closed-system drug transfer devices (CSTDs) was studied for reducing leakage during antineoplastic drug compounding. The Equashield II closed system was used to effectively eliminate spills and leakage during gemcitabine compounding. Since drugs with different viscosities can have different effects on CSTDs, Equashield II needs to be considered with other antineoplastic drugs. Hence, the rising adoption of these devices for antineoplastic drugs creates an opportunity for market growth to flourish in the coming years.
Technological advancements in medical devices and rapid Innovations in CSTD represent another major growth-inducing factor. With those advancements, there exists a huge opportunity in emerging markets with high potential are present due to improved healthcare infrastructure, an increase in unmet healthcare needs, and a rise in the prevalence of cancer. The availability of various facilities providing CSTD procedures is an emerging opportunity for the key players in the market to invest in CSTD, and thus it is anticipated to accelerate the market expansion.
Key segments that contributed to the derivation of the Closed System Drug Transfer Device Market analysis are closing mechanism, type, technology, component, and end user.
The geographic scope of the Closed System Drug Transfer Device Market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
North America has dominated the Closed System Drug Transfer Device Market. The market growth can be attributed to the technological innovation in the medical device sector, rising focus on occupational health safety hazards, and stringent government regulation for the adoption of CSTD in healthcare facilities for safe medical practices in North America. The presence of major market players in this region involved in strategic initiatives is another driving factor for the North American closed-system drug transfer devices market.
The regional trends and factors influencing the Closed System Drug Transfer Device Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Closed System Drug Transfer Device Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 789.54 Million |
| Market Size by 2031 | US$ 3,509.73 Million |
| Global CAGR (2023 - 2031) | 20.50% |
| Historical Data | 2021-2022 |
| Forecast period | 2023-2031 |
| Segments Covered |
By Closing Mechanism
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Closed System Drug Transfer Device Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Closed System Drug Transfer Device Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The Closed System Drug Transfer Device Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for Closed System Drug Transfer Devices:
The “Closed System Drug Transfer Device Market Size and Forecast (2022–2030)” report provides a detailed analysis of the market covering below areas: