Closed System Drug Transfer Devices Market 2021-2031
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.
Closed System Drug Transfer Device Market Analysis
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.
Closed System Drug Transfer Device Market Overview
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.
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Closed System Drug Transfer Device Market: Strategic Insights
Market Size Value in US$ 374.48 Million in 2019 Market Size Value by US$ 1,661.83 Million by 2027 Growth rate CAGR of 20.5% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Closed System Drug Transfer Device Market: Strategic Insights
| Market Size Value in | US$ 374.48 Million in 2019 |
| Market Size Value by | US$ 1,661.83 Million by 2027 |
| Growth rate | CAGR of 20.5% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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Closed System Drug Transfer Device Market Drivers and Opportunities
Rising Adoption of Closed System Drug Transfer Devices for Drug Compounding Favors the 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.
Rising Potential of Closed System Drug Transfer Devices in Emerging Economies– An Opportunity in Closed System Drug Transfer Device Market
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.
Closed System Drug Transfer Device Market Report Segmentation Analysis
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.
- Based on the closing mechanism, the Closed System Drug Transfer Device market is segmented into Push-to-Turn Systems, Color-to-Color Alignment Systems, Luer-lock Systems, and Click-to-lock Systems. The Color-to-Color held a larger market share in 2023.
- By Type, the market is segmented into Membrane-to-membrane Systems and needleless Systems. The membrane-to-membrane segment held the largest share of the market in 2023. Advancement in membrane-to-membrane CSTD devices ensuring safe and efficient transfer of fluids and medication is driving the growth of this segment.
- Based on the technology, the Closed System Drug Transfer Device market is segmented into Diaphragm-based Devices, Compartmentalized Devices, and Air Cleaning/Filtration Devices. The diaphragm-based device segment held the largest share of the market in 2023. Diaphragm-based CSTD enhanced reliability and its increasing application in healthcare settings.
- Based on the component, the Closed System Drug Transfer Device market is segmented into Vial Access Devices, Syringe Safety Devices, Bag/Line Access Devices, and Accessories. The vial access devices segment held the largest share of the market in 2023, as it ensures the drug transfer integrity of the drug transfer process with closed systems.
- By end user, the market is segmented into hospitals, clinics, oncology centers, and other end users. Hospitals and Clinics held the major share in 2023, as they serve as the primary point of contact for patients requiring a wide range of medical procedures and treatments requiring safety measures to be followed.
Closed System Drug Transfer Device Market Share Analysis by Geography
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.
Closed System Drug Transfer Device Market Report Scope
Closed System Drug Transfer Device Market News and Recent Developments
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:
- EQUASHIELD, a pioneer in closed system transfer devices (CSTDs) and automated pharmacy compounding solutions announced its remarkable achievement of being named by the Pharmacy Purchasing & Products as the most used device in the preparation and administration of hazardous drugs for five consecutive years. (Source: Equashield, Press Release/Company Website/Newsletter, August 2022)
- B. Braun Medical Inc., a leading provider of closed system transfer devices (CSTD), announced today that the OnGuard 2 CSTD is now available in the United States. OnGuard 2 incorporates all of the current advantages of OnGuard, while offering upgraded materials and enhanced features to improve its usability. (Source: B. Braun Medical Inc, Press Release/Company Website/Newsletter, December 2021)
Closed System Drug Transfer Device Market Report Coverage and Deliverables
The “Closed System Drug Transfer Device Market Size and Forecast (2022–2030)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Closing Mechanism ; Type ; Technology ; Component ; End User , and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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