CHICAGO, Feb. 18, 2019 /PRNewswire/ -- According to the new market research report "Closed System Transfer Devices Market by Closing Mechanism (Luer-Lock, Push-to-Turn), Type (Membrane-to-Membrane, Needleless), Technology (Diaphragm, Compartmentalize, Air Filtration), Component, End User (Hospital, Clinic) - Global Forecast to 2024", published by MarketsandMarkets™, the Closed System Transfer Devices Market is projected to reach USD 982 million by 2024 from an estimated USD 390 million in 2019, at a CAGR of 20.3%.
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The major factors driving the growth of this market include the rising prevalence of cancer, an increasing number of oncology drug approvals, increasing use of closed system transfer devices to combat the harmful effects of cytotoxic or antineoplastic drugs, and improving regulatory guidelines regarding the safe handling and use of hazardous drugs.
By type, the membrane-to-membrane systems segment accounted for the largest share of the Closed System Transfer Devices Market
Based on type, the market is divided into membrane-to-membrane systems and needleless systems. The membrane-to-membrane systems segment accounted for the largest market share in 2018. Membrane-to-membrane systems are easy to operate, less prone to contamination, and can be used with existing equipment, unlike needle-free connectors. These advantages are driving the adoption of membrane-to-membrane systems during the forecast period.
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Syringe safety devices to witness the highest growth in the Closed System Transfer Devices Market, by component
Based on component, the Closed System Transfer Devices Market is segmented into vial access devices, syringe safety devices, bag/line access devices, and accessories. In 2018, the vial access devices segment accounted for the largest share of the Closed System Transfer Devices Market. The large share of this segment is mainly due to the increasing adoption of CSTD products and vial access devices by oncology nurses for the transfer of hazardous drugs from packaged vials to the infusion bag or the patient. The syringe safety devices segment is expected to grow at the highest CAGR during the forecast period. Growth in this segment can be primarily attributed to the increasing administration of hazardous drugs directly to the patient via syringe injections.
Compartmentalized devices to witness the highest growth in the Closed System Transfer Devices Market, by technology
Based on technology, the Closed System Transfer Devices Market is segmented into diaphragm-based devices, compartmentalized devices, and air cleaning/filtration devices. In 2018, the diaphragm-based devices segment accounted for the largest share of the Closed System Transfer Devices Market. The large share of this segment is mainly due to the ease of operation and safety provided by these devices. The compartmentalized devices segment is expected to grow at the highest CAGR during the forecast period due to their lower cost.
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North America, the largest regional market for closed system transfer devices
North America accounted for the largest share of the Closed System Transfer Devices Market in 2018, followed by Europe and the Asia Pacific. The market in North America is characterized by the easy accessibility to advanced technologies; high awareness about CSTDs among oncologists, nurses, and pharmacists; the presence of a large number of CSTD manufacturing players in this region; and the high incidence and prevalence of cancer.
Prominent players in the Closed System Transfer Devices Market are Becton, Dickinson and Company (US), ICU Medical, Inc. (US), Equashield LLC. (US), B. Braun Melsungen AG (Germany), Corvida Medical (US), Yukon Medical (US), JMS Co., Ltd. (US), CODAN Medizinische Geräte GmbH & Co KG (Germany), Baxter International, Inc. (US), VICTUS (US), and Caragen Ltd. (Ireland).
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