(MENAFN- America News Hour)
Kenneth Research has evaluated the current market opportunities in Closed System Transfer Devices (CSTD) Market in the healthcare industry for the forecast period 2022-2031, which also includes the ongoing industry trends and innovations that will help industry players to attain their business targets. Apart from that, the inclusive data on market size, market share and forecast, growth opportunities and challenges for the market players, along with the worldwide analysis on regions- North America, Latin America, Europe, Asia Pacific and Middle East & Africa, has also been provided in the report.
In Q4 2021, U.S. current-account deficit widened stood at $224.8 billion. However, in Q1 22, CAD rose by 29.6%, reached to $291.4 billion, adding $66.6 billion to the gap. Export of good and services increased by $25.7 billion to reach $1.03 trillion in the first quarter of 2022. However, country's goods and services deficit was $79.6 billion in June, down $5.3 billion from $84.9 billion in May, revised- reflecting some sight of relief. On the other hand, annual inflation rate in the country hit 8.5%. Energy CPI surged by 32.9% in July 2022, inflating the cost of logistic and signs to disrupt supply chain whilst electricity cost upsurged by 15.2%, highest since Feb 2006. Apart from that, In July 2022, existing US home sales declined 5.9% to 4.81 million (seasonally adjusted annual rate), the lowest since May of 2020 and below market expectations of 4.89 million. As mortgage rate touches highest at 6%, sales for houses declined for a sixth consecutive month. Global energy crises to remain at focal point impacting the economic activity in the U.S, pushing consumers to spend less on the products and services and save more.
Download Sample PDF of this Report :-
On the other hand, the worst is expected to be seen in the European countries, especially during 2022 winters. The energy and gas crises has already started grappling the region, wherein many Western European countries including Germany is looking for coal fired solutions to tackle the gas supply shortage created by Russian-Ukraine conflict.
Amidst global concerns, market players have started looking for safe investments by holding on to the new technology and product launches. Factors like currency translation, disruption in global supply chain, Anti-China sentiments brewing across the globe, slowdown in Chinese economy, inflated products prices, USD getting stronger every week, decreasing purchasing power and strict measures taken by central banks/institutions across the world to ensure less spending and more saving, could hit the demand for the product and service badly in near future.
Global Closed System Transfer Devices (CSTD) Market Highlights Over 2022 – 2031 The global closed system transfer devices (CSTD) market is estimated to garner a revenue of USD 3329.59 Million by the end of 2030 by growing at a CAGR of 16.37% over the forecast period, i.e., 2021 – 2030. Moreover, in the year 2020, the market generated a revenue of USD 735.89 Million. The growth of the market can be attributed primarily to the rising incidences of cancer globally and the growing demand for chemotherapy treatments. According to the statistics by the World Health Organization (WHO), in the year 2020, around 10 Million deaths were registered due to cancer. Closed system transfer device (CSTD) is a drug transfer device which are mainly used in chemotherapy treatments. It has been noticed that chemotherapy drugs usually are hazardous to healthcare workers. These devices mechanically prohibit surface contamination during chemotherapy treatment and therefore provides enhanced safety to the healthcare personnel as well as to the patient and their families.
Download Sample PDF of this Report :-
The growth of the global closed system transfer devices (CSTD) market can also be attributed to the rising number of oncology drug approvals and the surge in awareness amongst healthcare professionals regarding the hazardous nature of chemotherapy drugs. According to the statistics by the Center for Drug Evaluation and Research (CDER) of the United States Food and Drug Administration (FDA), during the period 2012 and 2021, an average of 43 novel drug approvals per year had been registered. Moreover, a total of 50 novel drug approvals were registered in the year 2021. In addition to this, the statistics also stated that in the same year, CDER approved 4 new therapies for non-small cell lung cancer. The market growth can also be attributed to the rising adoption of automated drug compounding robots, surge in application of closed system transfer devices in various therapeutic areas, rising product development, and the surge in healthcare expenditure worldwide.
Global Closed System Transfer Devices (CSTD) Market Regional Synopsis Regionally, the global closed system transfer devices (CSTD) market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in North America is anticipated to garner the largest revenue of USD 1170.35 Million by the end of 2030, up from a revenue of USD 260.21 Million in the year 2020. The growth of the market in the region can primarily be attributed to the increasing stringent government regulations for following safety protocols during the delivery of chemotherapy drugs to cancer patients, rising awareness for the hazardous nature of these drugs among the healthcare professionals, and the increasing cases of cancer in the region. According to the statistics by the National Cancer Institute, in the year 2020, it was estimated that 1806590 new cases of cancer would be diagnoses in the United States. Additionally, due to the disease, a total of 606520 people were estimated to die in the same year.
On the other hand, the market in Europe is anticipated to garner the second-largest revenue of USD 1065.80 Million by the end of 2030 and further grow with a CAGR of 16.09% during the forecast period. 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. The market in Germany is anticipated to garner the largest revenue of USD 241.83 Million by the end of 2030, up from a revenue of USD 52.76 Million in the year 2020.
Request Free Sample Copy :-
Growth Drivers and Challenges Impacting the Growth of the Global Closed System Transfer Devices (CSTD) Market Growth Drivers - Growing Incidence of Cancer
- Rising Number of Oncology Drug Approvals
- Increasing Awareness for the Hazardous Nature of Chemotherapy Drugs Among Healthcare Professionals
Challenges • Lack of Uniform Technical Regulations
Global Closed System Transfer Devices (CSTD) Market Segmentation Synopsis The global closed system transfer devices (CSTD) market is segmented on the basis of product type into membrane-to-membrane systems, and needleless systems, out of which, the membrane-to-membrane systems segment is anticipated to garner the largest revenue by the end of 2030 and grow with a CAGR of 15.91% during the forecast period. By component, the market is further segmented into vial access devices, syringe safety devices, bag/line access devices, and others. Out of these, the vial access devices segment is anticipated to garner the largest revenue of USD 1169.75 Million by the end of 2030, up from a revenue of USD 261.20 Million in the year 2020. By closing mechanism, the market is segmented into the push-to-lock system, click-to-lock system, Luer lock system, and color-to-color alignment system. Out of these, the push-to-lock system segment is expected to grow with a CAGR of 16.09% during the forecast period and attain a revenue of USD 1186.79 Million by the end of 2030. On the basis of technology, the market is segmented into diaphragm-based devices, compartmentalized devices, and air cleaning/filtration devices. Out of these, the diaphragm-based devices segment is anticipated to garner the largest revenue of USD 1596.88 Million by the end of 2030, up from a revenue of USD 358.07 Million in the year 2020. By end-user, the market is segmented into hospitals, oncology centers & clinics, and others. Out of these, the hospitals segment generated the largest revenue of USD 551.27 Million in the year 2020 and is further expected to touch USD 2550.61 Million by the end of 2030.
Key Companies Dominating the Market Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global closed system transfer devices (CSTD) market that are included in our report are Becton, Dickinson and Company, Yukon Medical, LLC, Caragen Ltd., ICU Medical, Inc., Vygon, JMS North America Corporation, CODAN Companies, Corvida Medical, EquashieldMedical Ltd., and others.
Download Sample PDF of this Report :-
About Kenneth Research
Kenneth Research provides scheduled syndicated reports that help industry professionals and organizations decipher market trends to take significant decisions and plan strategies. We cater to a wide range of industries including healthcare & pharmaceuticals, ICT & telecom, automotive & transportation, energy & power, chemicals, FMCG & food, aerospace & defense, among others. Our research team ensures to track and analyze the industry on a regular basis to offer strategic business consultancy services on a global level. We, at Kenneth Research are adept at capturing descriptive insights on crucial topics to help our clients make their informed decisions.
Contact Us
Kenneth Research
Email :
Phone: +1 313 462 0609
MENAFN24082022004545010068ID1104747858