Closed System Transfer Devices (CSTD) Market Size Set to Expand with a 10.0% CAGR, Reaching USD 3.6 Billion by 2034| Analysis by Transparency Market Research Inc.
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
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
- System
- Needle-free Systems
- Needle Systems
- Component
- 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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