Closed System Transfer Devices Market by Type (Membrane-to-Membrane, Needleless), Technology (Diaphragm based, Compartmentalized, Filtration), Component, End User (Hospitals & Clinics, Oncology Centers)- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2021-2027
The global Closed System Transfer Devices market gathered revenue around USD 800 Million in 2020 and market is set to grow USD 2,032 Million by the end of 2027 and is estimated to expand at a modest CAGR of 20.4% during the prediction period 2021 to 2027.
Growth Factors:
The market Closed system transfer devices are used to transfer medication from one reservoir to another, while limiting the potential for drug aerosolization, drug contamination, sharps exposure, and hazardous drug exposure. The closed drug reconstitution and transfer system components allow safe reconstitution of liquid or pre dissolved powder drugs into infusion bags, flexible bottles, or syringes. Single, partial, or multiple vials can be used for each infusion solution container. Components of CSTD system are vial adaptors, syringe adaptors, spike port adaptor, connecting set, Luer lock adaptor, and tubing sets & accessories. These products have shorter lifespan and are primarily single-use products.
This research report purposes at stressing the most lucrative growth prospects. The aim of the research report is to provide an inclusive valuation of the Closed System Transfer Devices market and it encompasses thoughtful visions, actualities, industry-validated market findings, historic data, and prognoses by means of appropriate set of assumptions and practice. Global Closed System Transfer Devices market report aids in comprehending market structure and dynamics by recognizing and scrutinizing the market sectors and predicted the global market outlook.
Report Coverage
| Report Scope | Details |
| Market Size | USD 2,032 Million by 2027 |
| Growth Rate | CAGR of 12% From 2021 to 2027 |
| Base Year | 2020 |
| Forecast Period | 2021 to 2027 |
| Historic Data | 2017 to 2020 |
| Report coverage | Growth Factors, Revenue Status, Competitive Landscape, and Future Trends |
| Segments Covered | By Closing Mechanism, Type, Component, Technology, End User and Region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
| Companies Mentioned | ICU Medical, Inc., Baxter International, Inc., B. Braun Melsungen AG, Becton, Dickinson and Company, Equashield LLC, Corvida Medical, Yukon Medical, Caragen Ltd., and JMS Co. Ltd. |
COVID-19 Impact Assessment on Market Landscape
The report comprises the scrutiny of COVID-19 lock-down impact on the income of market leaders, disrupters and followers. Since lock down was instigated differently in diverse regions and nations, influence of same is also dissimilar across various industry verticals. The research report offers present short-term and long-term influence on the market to assist market participants across value chain makers to formulate the framework for short term and long-lasting tactics for recovery and by region.
Closed System Transfer Devices market Report empowers readers with all-inclusive market intelligence and offers a granular outline of the market they are operational in. Further this research study delivers exceptional combination of tangible perceptions and qualitative scrutiny to aid companies accomplishes sustainable growth. This report employs industry-leading research practices and tools to assemble all-inclusive market studies, intermingled with pertinent data. Additionally, this report also emphases on the competitive examination of crucial players by analyzing their product portfolio, pricing, gross margins, financial position, growth approaches, and regional occurrence.
North America to Dominate Global Market
The global closed system transfer devices market has been segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounted for major share of the global closed system transfer devices market in 2019. Exposure to hazardous drugs can result in adverse health effects in healthcare workers. Hence, increase in exposure of healthcare workers to hazardous drugs at the workplace is likely fuel the growth of the market in North America. According to the Centers for Diseases Control and Prevention, nearly 8 million healthcare workers in North America are potentially exposed to hazardous drugs.
China is likely to be a highly lucrative market for closed system transfer devices (CSTD) during the forecast period. Rise in the target population requiring treatment in developed regions and higher utilization of CSTDs are expected to drive the global closed system transfer devices (CSTD) market during the forecast period.
Competitive Rivalry
Foremost players in the market are attentive on adopting corporation strategies to enhance their market share. Some of the prominent tactics undertaken by leading market participants in order to sustain the fierce market completion include collaborations, acquisitions, substantial spending in R&D and the improvement of new-fangled products or reforms among others.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
- Company Overview
- Company Market Share/Positioning Analysis
- Product Offerings
- Financial Performance
- Recent Initiatives
- Key Strategies Adopted by Players
- Vendor Landscape
- List of Suppliers
- List of Buyers
Some of the prominent players in the Closed System Transfer Devices Market include: ICU Medical, Inc., Baxter International, Inc., B. Braun Melsungen AG, Becton, Dickinson and Company, Equashield LLC, Corvida Medical, Yukon Medical, Caragen Ltd., and JMS Co. Ltd.
Unravelling the Critical Segments
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:
By Closing Mechanism
- Push-to-Lock System
- Click-to-Lock System
- Luer lock System
- Color-to-Color alignment System
By Type
- Membrane-to-Membrane systems
- Needleless Systems
By Component
- Vial access devices
- Syringe safety devices
- Bag/line access devices
- Accessories
By Technology
- Diaphragm-based devices
- Compartmentalized devices
- Air cleaning/filtration devices
By Geography
North America
- U.S.
- Canada
Europe
- Germany
- France
- United Kingdom
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Rest of Latin America
Middle East & Africa (MEA)
- GCC
- North Africa
- South Africa
- Rest of Middle East & Africa
Highlights of the Report:
- Market Penetration: Comprehensive information on the product portfolios of the top players in the market.
- Product Development/Innovation: Detailed insights on the upcoming technologies, R&D activities, and product launches in the market
- Competitive Assessment: In-depth assessment of the market strategies, geographic and business segments of the leading players in the market
- Market Development: Comprehensive information about emerging markets. This report analyzes the market for various segments across geographies
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the market
Research Methodology
In the study, a unique research methodology is utilized to conduct extensive research on the growth of the Closed System Transfer Devices market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the conclusions.
Secondary resources referred to by analysts during the production of the Closed System Transfer Devices market study are as follows - statistics from government organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of this report as a primary resource.
Comprehensive information acquired from primary and secondary resources acts as a validation from companies in the market, and makes the projections on the growth prospects of the Closed System Transfer Devices markets more accurate and reliable.
Secondary Research
It involves company databases such as Hoover's: This assists us recognize financial information, structure of the market participants and industry competitive landscape.
The secondary research sources referred in the process are as follows:
- Governmental bodies, and organizations creating economic policies
- National and international social welfare institutions
- Company websites, financial reports and SEC filings, broker and investor reports
- Related patent and regulatory databases
- Statistical databases and market reports
- Corporate Presentations, news, press release, and specification sheet of Manufacturers
Primary Research
Primary research includes face-to face interviews, online surveys, and telephonic interviews.
- Means of primary research: Email interactions, telephonic discussions and Questionnaire based research etc.
- In order to validate our research findings and analysis we conduct primary interviews of key industry participants. Insights from primary respondents help in validating the secondary research findings. It also develops Research Team’s expertise and market understanding.
Industry participants involved in this research study include:
- CEOs, VPs, market intelligence managers
- Procuring and national sales managers technical personnel, distributors and resellers
- Research analysts and key opinion leaders from various domains
Key Points Covered in Closed System Transfer Devices market Study:
- Growth of Closed System Transfer Devices in 2021
- Market Estimates and Forecasts (2017-2027)
- Brand Share and Market Share Analysis
- Key Drivers and Restraints Shaping Market Growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Recommendation on Key Winning Strategies
- COVID-19 Impact on Demand for Closed System Transfer Devices and How to Navigate
- Key Product Innovations and Regulatory Climate
- Closed System Transfer Devices Consumption Analysis
- Closed System Transfer Devices Production Analysis
- Closed System Transfer Devices and Management