(MENAFN- GlobeNewsWire - Nasdaq) Increasing awareness and promoting education is expected to create a market for closed system transfer devices (CSTD).
Wilmington, Delaware, United States, Transparency Market Research, Inc. , Oct. 17, 2024 (GLOBE NEWSWIRE) -- The value of the global closed system transfer devices (CSTD) market sector was estimated at US$ 1.2 billion in 2023. Between 2024 and 2034, it is expected to increase at a CAGR of 10.0%, reaching US$ 3.6 billion .
Public awareness campaigns promoting the risks associated with hazardous medications and the need to handle them with care have resulted in the growing usage of CSTDs. An educational program designed to make healthcare workers aware of the benefits of closed medication preparation and delivery systems should be aimed at healthcare workers.
By preventing contamination during transfer and administration, CSTDs contribute to maintaining pharmaceutical purity and effectiveness. Contamination can lead to serious financial losses or negatively impact patient results regarding expensive or delicate medications.
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In the medical field, patient safety is of utmost importance. CSTDs help to improve patient safety outcomes during chemotherapy and other drug delivery procedures by reducing the danger of drug exposure and contamination.
The general increase in healthcare spending, especially in industrialized nations, encourages the purchase of technology that enhances patient safety and care. Healthcare facilities must include CSTDs as an essential part of their infrastructure when they budget for safety precautions and regulatory compliance. With biosimilar medications becoming more widely available and being used, CSTDs are necessary for handling these medications.
Competitive Landscape
ICU Medical Baxter B. Braun BD Equashield Yukon Medical Caragen Ltd. JMS Co. Ltd.
Key Findings of the Market Report
Based on the product , the system segment is expected to drive the closed system transfer devices (CSTD) market. In terms of application , the nursing segment will be a major market for the closed system transfer devices (CSTD) market. Increasing distributor demand is expected to drive a closed system transfer devices (CSTD) market. A dominant position was held by North America in 2023 in the global closed system transfer devices (CSTD) market.
Global Closed System Transfer Devices (CSTD) Market: Growth Drivers
The adoption of CSTDs is fueled by tightening requirements imposed by regulatory organizations, including the European Medicines Agency (EMA), US Pharmacopeia (USP), and the Occupational Safety and Health Administration (OSHA) regulating the handling of dangerous medications. To comply with these rules, patients and healthcare professionals must be protected from exposure to closed systems. Increasing global cancer incidence is causing doctors to use chemotherapy medications more frequently, which are often dangerous and must be handled carefully. A safer method of administering these medications is through CSTDs, which pose less risk of contamination and exposure for healthcare workers. A growing focus on protecting healthcare personnel from occupational dangers is driving healthcare institutions to invest in technology that improves workplace safety. A CSTD is considered to be an essential component of ensuring the safety of workers who are responsible for preparing and administering dangerous medications. Standards and safety measures are in greater demand as the global healthcare infrastructure grows, particularly in emerging nations. Using technologies such as CSTDs is one way of ensuring compliance with global safety standards.
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Global Closed System Transfer Devices (CSTD) Market: Regional Landscape
North America is expected to drive the demand for CSTD in the coming years. North America, especially the United States and Canada, has some of the most stringent restrictions for handling dangerous medications. According to the US Pharmacopeia (USP) and the US Occupational Safety and Health Administration (OSHA), strict regulations protect healthcare professionals from hazardous material exposure. Due to the increasing rate of cancer in North America, there is a need for safe handling procedures as well as chemotherapy medications. In particular, the United States suffers from a considerable cancer burden that is primarily treated by chemotherapy. Therefore, CSTDs, which ensure safe medication administration, have a thriving market. Healthcare personnel in North America are strongly encouraged to prevent occupational hazards. Hospitals and other healthcare facilities prioritize worker safety over anything else, so they invest in tools like CSTDs to minimize the risk of exposure to dangerous medications. Modern clinics, hospitals, and specialty treatment facilities are all part of North America's sophisticated healthcare network. As part of their regular practices, these hospitals are more likely to incorporate cutting-edge technologies, such as CSTDs, to enhance patient care and safety.
Global Closed System Transfer Devices (CSTD) Market: Key Players
Closed system transfer devices (CSTD) manufacturers invest heavily in research and development to improve their products. To increase their product portfolio and meet the demand from expanding healthcare facilities, closed system transfer devices (CSTD) companies have to leverage strategic collaborations, mergers, and acquisitions.
Key Developments
In October 2023, EQUASHIELD , the industry leader in Closed System Transfer Devices (CSTDs) for hazardous drugs, announced that its EQUASHIELD® Syringe Unit has been cleared for full volume use by the FDA. Syringe units with closed plungers are designed to prevent deliberate and unintentional syringe plunger detachment and to allow the use of hazardous drugs up to the maximum nominal volume of the system.
Global Closed System Transfer Devices (CSTD) Market: Segmentation
By Product
Needle-free Systems Needle Systems
Vial Adaptors Syringe Adaptors Tubing Sets and Accessories
By Application
Pharmacy Nursing Veterinary
By Distribution Channel
Direct Sales Distributors
By Region
North America Latin America Asia Pacific Europe Middle East & Africa
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