(MENAFN- America News Hour) Research Nester published a report titled
“closed system transfer devices (cstd) market : Global Demand Analysis & Opportunity Outlook 2031”
which delivers detailed overview of the global closed system transfer devices (CSTD) market in terms of market segmentation by type, technology, end-user, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global closed system transfer devices (CSTD) market is anticipated to attain a CAGR of ~18% over the forecast period, i.e., 2022 – 2031. The market is segmented by type into membrane-to-membrane and needleless. Out of these segments, the membrane-to-membrane segment is anticipated to hold a substantial share in the market over the forecast period owing to various advantages such as, ease of operation, and lower risk of contamination associated with membrane-to-membrane closed system transfer devices.
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The global closed system transfer devices (CSTD) market is estimated to grow on the back of increasing cancer prevalence across the globe.
According to the data by the World Health Organization, nearly 10 million deaths were caused by cancer in 2020.
Antineoplastic drugs, which are used to treat cancer, have various side effects, including, damage to the liver and kidney, bone marrow, lungs and heart, and temporary or permanent infertility. Use of CSTD to reduce the side effects of antineoplastic drugs, which is why, its use is increasing exponentially in treating cancer. This is estimated to drive the growth of the market.
On the basis of geographical analysis, the global closed system transfer devices (CSTD) market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the North America region is anticipated to garner the largest market share throughout the forecast period, owing to the rising use of antineoplastics for the treatment of cancer.
According to the data by the American Cancer Society, about 1.9 million new cancer cases were recorded in Northern America in 2018.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players' competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Increasing Prevalence of Cancer to Boost the Growth of the Market
The growing cases of cancer worldwide are estimated to boost the demand for CSTD, as medical practitioners are focusing on reducing the side effects of chemo drugs. As a result, higher consumption of chemo drugs is expected to encourage the growth of the market.
However, high cost of implementation of CSTD is expected to operate as key restraint to the growth of global closed system transfer devices (CSTD) market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global closed system transfer devices (CSTD) market which includes company profiling of B. Braun Melsungen AG, ICU Medical, Inc., Equashield, LLC, Simplivia Healthcare Ltd., CODAN Medizinische Geräte GmbH & Co KG, Corvida Medical, Inc., Caragen Ltd., Baxter International Inc., and Pfizer Inc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global closed system transfer devices (CSTD) market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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