June 18, 2024
Closed System Transfer Device Market

Closed System Transfer Device Market Is Poised To Grow Rapidly By Improved Safety And Support

The closed system transfer device (CSTD) market consists of medical devices that protect healthcare workers from hazardous drug exposures and infections while transferring drugs from vials to IV bags or syringes. CSTDs provide a safer alternative to conventional methods through protective safety engineering controls and work practice controls. The growing need to minimize occupational exposure of hazardous drugs to nurses and pharmacists during drug preparation and administration has propelled the demand for CSTDs over the years.

The global CSTD market is estimated to be valued at US$ 4.07 Bn in 2024 and is expected to exhibit a CAGR of 16% over the forecast period between 2024 to 2031.

Key Takeaways

Key players operating in the Closed System Transfer Device market are General Electric, Molded Fiber Glass, Vesta, AREVA WIND, Bora Energy AVANTIS Energy, DeWind, ENERCON, EWT, GBT Composites Technology, Xinjiang Goldwind Science and Technology, Hexcel, Indutch composites technology, Inoxwind, Reliance Industries, Leitner, NORDEX, ReGen Powertech, SR Fibreglass Auto, and Wind World. The rising adoption of CSTDs in chemotherapy administration and compounding applications has fueled market revenue. Moreover, favorable regulations mandating the use of CSTDs and the availability of technologically advanced safety products have augmented market growth. The major players are focusing on geographic expansion plans through partnerships, mergers, and acquisitions to leverage new growth opportunities across global markets.

Market Key Trends

One of the key trends driving the Closed System Transfer Device market Trends is the growing need to ensure patient and occupational safety. Strict guidelines and regulatory norms mandating the use of CSTDs for drug administration and compounding activities have boosted adoption. Moreover, technological advancements enabling automated drug identification, quantitation, and volume verification have augmented the appeal of CSTDs. Players are increasingly exploring opportunities through strategic collaborations with pharmaceutical companies to facilitate global expansion plans. Growing healthcare expenditure and support from regulatory bodies to minimize hazardous drug exposures are expected to influence the market positively over the coming years.

Porter’s Analysis

Threat of new entrants: Low barriers to entry as there are established technologies and distribution channels. However, significant capital is required to build production facilities and acquire certifications.
Bargaining power of buyers: Moderate as buyers include large hospitals and healthcare facilities that can negotiate on price and quality standards. Buyers also have various product options from different manufacturers.
Bargaining power of suppliers: Low as there are many component suppliers and raw material producers. Switching costs are also low for suppliers.
Threat of new substitutes: Low threat as closed system transfer devices provide convenience and safety that alternatives lack. Strict regulatory standards also protect this market.
Competitive rivalry: High as the market is growing and fragmented with numerous global and regional players competing on product performance, pricing and service. Intense non-price competition exists.

Geographical Regions

North America currently holds the largest share of the closed system transfer device market due to stringent regulations and growing awareness about safety practices. The United States accounts for the major demand due to a large healthcare infrastructure and rising cancer rates. Stringent regulatory norms are also propelling growth in countries like Canada.

The Asia Pacific region is expected to grow at the fastest pace during the forecast period attributed to rising healthcare investments, growing incidence of chronic diseases, and expanding medical facilities. Countries such as China, India, and Japan are witnessing higher installation of closed drug transfer systems in hospitals and clinics. Growing medical tourism is another factor augmenting the regional market.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it.