CLOSED SYSTEM TRANSFER DEVICE MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

The closed system transfer device market is estimated to be valued at USD 1.40 Bn in 2024 and is expected to reach USD 4.07 Bn by 2031, growing at a compound annual growth rate (CAGR) of 16.5% from 2024 to 2031.

Closed system transfer devices (CSTDs) are medical devices used in drug reconstitution and administration that mechanically prohibit the transfer of environmental contaminants into a system and the escape of hazardous drug or vapor concentrations out of a system. CSTDs are designed to reduce healthcare workers' exposure to hazardous drugs through inhalation, injection, skin contact, or mucous membrane contact while transferring hazardous drugs from one container to another. These devices provide either an air-tight connection between the containers or place a physical barrier between the environments inside and outside of the system. Recent trends indicate growing adoption of CSTDs in various healthcare settings to minimize the risk of toxic exposure to drugs like chemotherapy agents and other hazardous medicines to healthcare workers.

Market Dynamics:

CSTDs market is driven by the increasing number of cancer cases worldwide and growing awareness among healthcare providers regarding the potential health hazards of accidental exposure to hazardous drugs. According to World Health Organization, the cancer burden has risen to 18.1 million new cases and 9.6 million cancer-related deaths in 2018. Growing health risks associated with cytotoxic drug exposure, increasing regulatory emphasis on healthcare worker safety, and introduction of new guidelines mandating the use of CSTDs in specific settings are bolstering the adoption of these closed drug transfer systems. However, high cost of installation and consumables along with lack of awareness in some developing countries continue to restrain the market growth. Ongoing development of advanced CSTD technologies with enhanced safety features and efforts by market players to make these systems affordable through value-based pricing models present lucrative opportunities in the coming years.

Key Features of the Study:

• This report provides an in-depth analysis of the global closed system transfer devices market, and provides market size (US$ Billion) and compound annual growth rate (CAGR %) for the forecast period (2024–2031), considering 2023 as the base year.
• It elucidates potential revenue growth opportunities across different segments and explains attractive investment proposition matrices for this market.
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, market trends, regional outlook, and competitive strategies adopted by key players.
• It profiles key players in the global closed system transfer devices market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies.
• Key companies covered as a part of this study include General Electric, Molded Fiber Glass, Vesta, AREVA WIND, Bora Energy AVANTIS Energy, DeWind, ENERCON, EWT, GBT Composites Technology, Xinjiang Goldwind Science and Technology, Hexcel, Indutch composites technology, Inoxwind, Reliance Industries, Leitner, NORDEX, ReGen Powertech, SR Fibreglass Auto, and Wind World.
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics.
• The global closed system transfer devices market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts.

Market Segmentation

• By Type
  • Needless Systems
  • Membrane to Membrane Systems
• By Closing Mechanism
  • Colour to Colour Alignment Systems
  • Lueker Lock Systems
  • Push to Turn systems
  • Click to Lock Systems
•  By Component
  • Syringe Safety Devices
  • Vial Access Devices
  • Bag Access Devices
  • Other
•  By Technology
  • Compartmentalize Devices
  • Diaphragm Based Devices
  • Air Filtration Devices
•  By End Use
  • Hospitals & Clinics
  • Ambulatory Surgery Centres
  • Research Laboratories
  • Others
• By Regional
  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East & Africa

Key Players

• General Electric
• Molded Fiber Glass
• Vesta
• AREVA WIND
• Bora Energy AVANTIS Energy
• DeWind, ENERCON
• EWT
• GBT Composites Technology
• Xinjiang Goldwind Science and Technology
• Hexcel
• Indutch composites technology
• Inoxwind
• Reliance Industries
• Leitner
• NORDEX
• ReGen Powertech