According to Nova one advisor, the global Closed System Transfer Devices market size is expected to hit around USD 14.5 billion by 2030 from valued at USD 2.9 billion in 2021 and growing at a CAGR of 21.9% from 2022 to 2030.
The growth of the market can primarily be attributed to the rising awareness amongst healthcare workers regarding occupational safety and therefore the need to utilize devices that help to lower surface contamination. In addition to this, the surge in adoption of automated drug compounding robots in healthcare settings, followed by the increasing product development witnessed in the field of CSTDs are also anticipated to drive the market growth. Furthermore, the increasing cases of cancer worldwide, and the need for chemotherapies are also expected to boost the market growth in the coming years. In the year 2020, according to the WHO, nearly 10 Million deaths were registered as a result of cancer disease. Moreover, breast cancer was known to be the most common in terms of new cases of cancer, registering 2.26 Million cases in the same year.
The growth of the global closed system transfer devices (CSTD) market can also be attributed to the rising development of oncological drugs and the increasing number of novel drug approvals. According to the statistics by the Center for Drug Evaluation and Research (CDER) of the United States Food and Drug Administration (FDA), the total number of annual novel drug approvals increased from 22 approvals in the year 2016 to 50 approvals in the year 2021. Moreover, the statistics also stated that during the period 2012 and 2021, an average of 43 novel drug approvals per year had been registered. Additionally, in the year 2021, a total of four new therapies for non-small cell lung cancer had been approved by the CDER.
Report Scope of the Closed System Transfer Devices Market
Report Coverage |
Details |
Market Size |
USD 14.5 Billion by 2030 |
Growth Rate |
CAGR of 21.9% from 2022 to 2030 |
Largest Market |
North America |
Fastest Growing Market |
Asia Pacific |
Base Year |
2021 |
Forecast Period |
2022 to 2030 |
Segments Covered |
Product, Application, Distribution Channel, and Region, |
Companies Mentioned |
|
The global closed system transfer devices (CSTD) market is segmented on the basis of region into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Among the market in these countries, the market in North America generated the largest revenue of USD 261.21 Million in the year 2020 and is further expected to touch USD 1171.35 Million by the end of 2030. One of the major factors anticipated to drive the growth of the market in the region is the rising prevalence of cancer disease. In the year 2020, an estimated 1806590 new cases of cancer would be diagnosed in the U.S., according to the statistics by the National Cancer Institute. Moreover, the statistics also stated that based on 2013-2017 cases, the rate of new cases of cancer was 443.4 per 1 million men and women per year. In addition to this, by the end of 2030, the number of cancer survivors in the nation is expected to increase to 22.2 Million. The market in the region is further segmented by country into the United States and Canada. Among the market in these countries, the market in the United States is anticipated to garner the largest revenue by the end of 2030 and also grow with the highest CAGR of 16.36% during the forecast period.
On the other hand, the market in Europe registered the second-largest revenue of USD 241.45 Million in the year 2020 and is further expected to touch USD 1065.80 Million by the end of 2030. The market in the region is further segmented by country into Germany, the United Kingdom, Italy, France, Spain, Russia, Netherlands, and the Rest of Europe. Amongst the market in these countries, the market in Germany generated the largest revenue of USD 52.76 Million in the year 2020 and is further expected to touch USD 241.83 Million by the end of 2030. The market in the nation is also anticipated to grow with the highest CAGR of 16.52% during the forecast period. Moreover, the market in the United Kingdom is expected to garner the second-largest revenue of USD 209.32 Million by the end of 2030, up from a revenue of USD 47.59 Million in the year 2020.
Market Drivers:
The expansion of this market can be attributable to the increasing need for CSTDs to combat the negative effects of cytotoxic or antineoplastic medications, the rising incidence of cancer, and the growing emphasis on implementing occupational health and safety requirements.
The use of closed system transfer devices (CSTDs) in conjunction with additional safety precautions such as gloves, gowns, masks, and vented preparation hoods is an efficient technique to increase safety when preparing, transporting, administering, and disposing of hazardous pharmaceuticals. As a result, the market for closed system transfer devices is expected to grow as a result of various government initiatives, standard operating procedures (SOPs) for handling hazardous drugs, and increased awareness among nurses and healthcare professionals about the safe use of these medications.
The increased investments in recent years toward the construction of an efficient drug-handling chain are expected to significantly boost the global market for closed system transfer devices (CSTD) in the coming years. The demand for CSTDs is expected to grow in unison with the incidence of cancer and the use of chemotherapy regimens in the coming years. Furthermore, the growing incorporation of closed system transfer devices (CSTD) into various pharmaceutical safety programs in conjunction with other technical controls is expected to drive the global closed system transfer devices (CSTD) market throughout the forecast period.
Market Limitations:
The market for closed system drug transfer devices is somewhat unrestricted. The high prevalence of medical devices that do not function as well as they should or as they were intended to function is one of the most significant problems restraining growth. There is a tendency for many of these devices to leak harmful and potent medications. Additionally, exposure to these medications can rapidly render healthcare professionals infertile. Moreover, the high cost of implementing CSTDs and the absence of reimbursement for CSTDs are anticipated to limit the growth of this market to some extent.
Market Segmentation: Closed System Transfer Devices (CSTD) Market
Regional Overview: Closed System Transfer Devices (CSTD) Market
Some of the prominent players in the Closed System Transfer Devices Market include:
Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Nova one advisor, Inc. has segmented the global Closed System Transfer Devices market
Product
Application
Distribution Channel
By Geography
North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)
Key Benefits for Stakeholders