Closed System Transfer Devices Market is expected to See Incredible Growth By 2032

Posted by Ganesh Shinde on February 17th, 2023

Due to technology developments for improved healthcare service delivery, the global Closed System Transfer Devices Market is expected to reach US$ 872 Million in 2022 and US$ 3800 Million by 2032. According to FMI, the market for closed system transfer devices is expected to increase at a CAGR of 18.1% between 2022 and 2032.

The global closed system transfer devices market is expected to develop significantly due to a number of factors, one of which is the rising prevalence of cancer. Chemotherapy is the principal treatment for cancer, hence the usage of CSTDs for administering or transferring chemicals has increased, potentially posing a health danger to healthcare professionals.

Surface contamination during chemotherapy may occur, endangering not only the healthcare staff but also the patients and their carers. The demand for closed system transfer devices has increased as the number of cancer patients has increased, resulting in more chemotherapy treatment.

Region-wise Because oncologists are more aware of CSTDs, North America is estimated to have the largest market share in the closed system transfer devices market. Many initiatives are being undertaken in North America by the US Food and Drug Administration and other regulatory organisations to ensure patient safety, as well as an increase in the number of oncology medicine approvals.

Furthermore, advanced technologies are easily accessible in this region, and in addition to oncologists, nurses and pharmacists are knowledgeable and well-trained in handling dangerous pharmaceuticals, fueling the growth of this market in North America.

Closed System Transfer Devices Market Competition

Some of the most prominent companies in the global Closed System Transfer Devices market are ICU Medical, Inc., Equashield LLC, Becton, Simplivia Healthcare, Dickinson and Company, B. Braun Melsungen AG, Corvida Medical, Yukon Medical, Baxter International Inc., and others.

Simplivia Healthcare acquired a 70% stake in NOVAMED, a diagnostic company that develops and manufactures a wide range of diagnostic kits to adequately address the expanding trends in home care.

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