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:
Market Segmentation
Key Players
Market Segmentation
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