The closed system transfer devices market is projected to reach USD 982 million by 2024 from USD 390 million in 2019, at a CAGR of 20.3%. Growth in this market is mainly driven by the rising prevalence of cancer, increasing number of oncology drug approvals, increasing use of closed system transfer devices to combat the harmful effects of cytotoxic or antineoplastic drugs, and improving regulatory guidelines regarding the safe handling and use of hazardous drugs.
Asia Pacific is expected to grow at the highest CAGR during the forecast period
The market in the Asia Pacific is expected to grow at the highest CAGR during the forecast period. This is due to the rising incidence of cancer and the increasing demand for better healthcare services in developing economies such as India and China. In addition, the increasing focus of international players on emerging markets is further expected to drive the growth of this market in the APAC.
Prominent players in the global closed system transfer devices industry are Becton, Dickinson and Company (US), ICU Medical, Inc. (US), Equashield LLC. (US), B. Braun Melsungen AG (Germany), Corvida Medical (US), Yukon Medical (US), JMS Co., Ltd. (US), CODAN Medizinische Geräte GmbH & Co KG (Germany), Baxter International, Inc. (US), VICTUS (US), and Caragen Ltd. (Ireland).
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Asia Pacific is expected to grow at the highest CAGR during the forecast period
The market in the Asia Pacific is expected to grow at the highest CAGR during the forecast period. This is due to the rising incidence of cancer and the increasing demand for better healthcare services in developing economies such as India and China. In addition, the increasing focus of international players on emerging markets is further expected to drive the growth of this market in the APAC.
Prominent players in the global closed system transfer devices industry are Becton, Dickinson and Company (US), ICU Medical, Inc. (US), Equashield LLC. (US), B. Braun Melsungen AG (Germany), Corvida Medical (US), Yukon Medical (US), JMS Co., Ltd. (US), CODAN Medizinische Geräte GmbH & Co KG (Germany), Baxter International, Inc. (US), VICTUS (US), and Caragen Ltd. (Ireland).
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Closed System Transfer Devices Market Recent Developments
- In 2018, Equashield LLC. (US) entered into a partnership with Max Care Medical (Saudi Arabia) to distribute its CSTDs in Saudi Arabia as well as the wider Middle East and Africa region.
- In 2017, Equashield LLC. (US) launched Equashield Pro, a compounding Robot CSTD.
- In 2017, ICU Medical, Inc. (US) acquired Medical Australia Limited to improve the distribution of its infusion therapy consumable products to the healthcare sector in Australia and New Zealand.
- In 2017, ICU Medical, Inc. (US) signed an agreement with Terumo Corporation (Japan). According to this agreement, Terumo will distribute ICU’s IV therapy and CSTD products in Japan and other countries across Asia.
- In 2017, Becton, Dickinson and Company (US) expanded its manufacturing site at Nebraska, US.
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