The global closed system transfer device (CSTD) ensures safety of various drugs which has helped the healthcare industry tremendously. QY Research analysts have published a detailed report of the market, titled “Global Closed System Transfer Device (CSTD) Market Insights, Forecast to 2025”, which provides an in-depth analysis of the market.
The global closed system transfer device market was valued at US$572.8 mn in 2018 and it is expected to reach US$2112.9 mn by the end of 2025, rising at a CAGR of 20.5% between 2019 and 2025. The research report discusses the future of the CSTD market and the dynamics impacting it.
Closed System Transfer Device (CSTD) Market: Drivers
The global closed system transfer device is designed to save various drugs in the manufacturing process from any contamination that can be caused by environmental pollutants. It also helps in avoiding any kind of contamination in the handling process. The rapid growth of the healthcare industry, technological advancements, and awareness about hygiene and safety are some of the crucial factors positively impacting the global closed system transfer device market.
The closed drug delivery system is majorly used in the handling cytotoxic drugs, which are used for cancer treatments. The rising number of cancer patients has increased thus led to a soaring demand closed system transfer devices.
Closed System Transfer Device (CSTD) Market: Segment Analysis
The global closed system transfer device market is segmented basis of type and application. In terms of type, the market is segmented into closed vial access devices, closed syringe safety devices, and closed bag/line access devices. In terms of application, the market is segmented into hospital and clinic. The closed syringe safety devices and closed bag/line access devices are the most prominent segments contributing to the global demand of closed system transfer device market’s growth.
Closed System Transfer Device (CSTD) Market: Regional Analysis
On the basis of region, the global closed system transfer device market is segmented into Latin America, North America, Asia Pacific, Europe, and the Middle East and Africa. North America and Europe are expected to hold the largest market share in the global CSTD market due to the increasing adoption of technological advancements in the medical and healthcare industry. Asia Pacific also holds a strong position in the global market with the rising number of patients and drastic improvement in the healthcare infrastructure.
Closed System Transfer Device (CSTD) Market: The Key Players
The key players studied in the global closed system transfer device (CSTD) market are BD Medical, Inc, ICU Medical, Inc, Equashield, LLC, Corvida Medical, and Teva Medical Ltd. These companies are focusing on technological advancements to provide more safety in the treatment procedure.
The research report from QY Research offers the details based on Porters five forces model and SWOT analysis of these companies to help guide readers to make better business decisions.