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Closed System Transfer Devices Global Market Types and Applications, Drivers, Ongoing Trends, Future Demand, Challenges, Top Companies And Forecast 2024-2033
Closed System Transfer Devices Market
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According to The Business Research Company's, The closed system transfer devices market size has grown rapidly in recent years. It will grow from $0.91 billion in 2023 to $1.04 billion in 2024 at a compound annual growth rate (CAGR) of 14.2%. The growth in the historic period can be attributed to increased oncology drug approvals, rise in focus on occupational safety, rise in need to curb needlestick injuries and exposure to hazardous drugs, increased awareness about potential dangers of cytotoxic drug exposure, growth in chemotherapy patient population.
The closed system transfer devices market size is expected to see rapid growth in the next few years. It will grow to $1.78 billion in 2028 at a compound annual growth rate (CAGR) of 14.3%. The growth in the forecast period can be attributed to increasing occurrence of cancer, increasing need for monitoring compliance for safe management of injurious drugs, growing awareness regarding usage of closed system transfer devices , rising implementation of cstds for transporting hazardous medications, escalating quantity of drug sanctions for cancer. Major trends in the forecast period include new product launches and safety, development of digital platforms and user-friendly devices, high research and development activity, technological advancements, adoption of membrane-to-membrane systems.
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Market Drivers and Trends:
The increasing number of organ transplantation procedures is expected to propel the growth of the cell cryopreservation market going forward. Organ transplantation is a medical procedure where a damaged or failing organ is replaced with a healthy organ from a donor. Organ transplant procedures are increasing due to organ failure caused by hereditary abnormalities, infections, traumas, and chronic diseases. Cell cryopreservation in organ transplantation involves freezing and storing cells from organs to preserve their viability for future use, enhancing graft success, and reducing immune rejection. For instance, in January 2024, according to the Health Resources and Services Administration, a US-based federal agency, in 2023, there were 46,632 organ transplants performed from both living and deceased donors, marking an 8.7% increase from 2022 and a 12.7% increase from 2021, which was the first year with over 40,000 organ transplants. Therefore, increasing organ transplantation procedures are driving the growth of the cell cryopreservation market.
Major companies operating in the closed-system transfer devices market are developing innovative closed-system transfer devices. Next-generation closed system transfer devices represent a proactive approach to addressing the evolving needs and challenges associated with the safe handling and administration of hazardous drugs in healthcare settings. For instance, in December 2021, B. Braun Medical Inc., a US-based company that manufactures healthcare devices, launched the next-generation OnGuard 2 Closed System Transfer Device (CSTD). The OnGuard 2 CSTD was tested explicitly with actual hazardous drugs for vapor containment, making it a market leader in CSTD air-cleaning technology. This advanced CSTD incorporates enhanced features to ensure easy operation, integration into healthcare practices, and compliance with USP quality standards for handling hazardous drugs.
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Major Key Players of the Market:
Cardinal Health Inc., Becton Dickinson and Company , Baxter International Inc. , Corning Incorporated, B Braun Melsungen AG, Grifols SA, Terumo Corporation, ICU Medical Inc., Amsino International Inc., JMS Co. Ltd. , Vygon SA , Codan Medical GmbH, Equashield LLC , Hospira Inc., Nipro Corporation , Simplivia Healthcare Ltd., Practivet Inc., Corvida Medical Inc., Yukon Medical , Caragen Ltd., Insung Medical Co. Ltd., Carmel Pharma AB, Aegis Medical Technologies, Epic Medical Pte Ltd., Smiths Medical
Closed System Transfer Devices Market 2024 Key Insights:
• The closed system transfer devices market size is expected to see rapid growth in the next few years. It will grow to $1.78 billion in 2028 at a compound annual growth rate (CAGR) of 14.3%.
• Rising Cancer Incidence Fueling Growth in the Closed System Transfer Devices Market
• Innovations In Closed System Transfer Devices Advancing Safety And Efficacy In Drug Handling
• North America was the largest region in the closed system transfer device market in 2023
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