Research by Global Market Studies has reported a CAGR of 19.7% for the Closed System Transfer Devices Market, expected to surpass the USD 2.57 billion mark by 2028.
The Closed System Transfer Devices (CSTDs) market refers to a segment of the medical device industry that provides specialized equipment for the safe handling and transfer of hazardous drugs (HDs) in healthcare settings. CSTDs are designed to minimize the risk of exposure to HDs for healthcare workers, patients and the environment.
The CSTDs market includes a variety of products, including closed vial access devices, closed bag systems, closed syringe systems and others. The use of CSTDs has become increasingly important in recent years due to the growing number of HDs being used in cancer treatment, as well as the increasing awareness of the potential health risks associated with exposure to these drugs. CSTDs are particularly important for workers who handle HDs on a regular basis, such as pharmacists, nurses and physicians.
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Cases of cancer-related diseases are rising, which is one of the major factors driving the market for CSTDs. The requirement for safe handling and transmission of these substances has become essential because cancer treatments frequently involve the use of hazardous drugs (HDs), which is also why government rules and recommendations have been designed to lessen exposure to HDs and increase the usage of CSTDs.
Healthcare facilities are becoming more and more cognizant of the importance of workplace security, particularly while managing HDs. As a result, CSTDs, which provide healthcare personnel with a higher level of safety are in growing demand.
The creation of cutting-edge CSTDs has raised the demand and usage of these devices. For instance, some CSTDs now support a broader variety of HDs, enhancing their adaptability and user-friendliness.
Additionally, closed bag systems are one kind of CSTD that is finding more and more use in healthcare settings. Several healthcare facilities like these systems because of their high level of safety and simplicity of use.
Certain healthcare facilities may find it difficult to embrace CSTDs since they are more expensive than conventional methods of addressing HDs and the regulations governing CSTDs can be convoluted and challenging to understand. The market and the uptake of these devices can be significantly impacted by changes in rules or recommendations.
Healthcare professionals also need specialized training and education to handle and use CSTDs safely. Inadequate education and training can result in inappropriate use and a potentially higher risk of exposure. Healthcare facilities may be reluctant to alter their current procedures for addressing HDs, especially if they have been utilizing those procedures for a long period.
Furthermore, certain CSTDs might only work with specific HDs, which could affect how useful and effective they are. Disruptions in their supply chain could affect the availability of CSTDs and other medical devices as well.
• In May 2022, the disposable series of needle-free cattle vaccination tools were introduced by Pulse NeedleFree Systems. The product has plug-and-play functionality and offers the advantages of needle-free technology at a price that is equivalent to that of traditional syringes and needles.
• In February 2022, the Indian government started receiving Zydus Cadila’s needle-free anti-Covid vaccination ZyCoV-D.
Becton, Dickinson and Company, ICU Medical Inc., Caragen Ltd., Baxter International Inc., B. Braun Melsungen, Equashield, Corvida Medical.
1) What is the projected market value of the Closed System Transfer Devices Market?
– The Closed System Transfer Devices Market is expected to cross a value of USD 2.57 billion by 2028
2) What is the estimated CAGR of the Closed System Transfer Devices Market over the 2023 to 2028 forecast period?
– The Closed System Transfer Devices Market is expected to grow at a CAGR of approximately 19.7% from 2023 to 2028.
3) Who are the key players in the Closed System Transfer Devices Market?
– Becton, Dickinson and Company, ICU Medical Inc., Caragen Ltd., Baxter International Inc., B. Braun Melsungen, Equashield, Corvida Medical
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