Industry Background:
Growing Number of Drug Approvals for Cancer will lead to boost closed system market all over the world. Closed system transfer devices (CSTDs) allow safe drug transfer while limiting the inflow of environmental contaminants and outflow of drugs to be moved into the system. It is useful in transferring cytotoxic chemotherapeutic agents as well as drugs. There are two type of CSTDs are present including Membrane-To-Membrane systems and needleless systems. According to NIOSH, “a drug transfer device that mechanically prohibits the transfer of environmental contaminants into the system and the escape of the hazardous drug or vapor concentrations outside the system” [NIOSH 2004].
According to AMA, the market for Closed System Transfer Device is expected to register a CAGR of 20.2% during the forecast period to 2026. This growth is primarily driven by Growing Prevalence of Cancer and Expanding Adoption of CSTDs for Transferring Hazardous Drugs, Such As Antineoplastic or Cytotoxic Drugs.
Globally, a noticeable market trend is evident Escalating Number of Drug Approvals for Cancer
. The Medical Devices sector in the North America region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as ICU Medical, Inc. (United States), Equashield LLC. (United States), Becton Dickinson, and Company (United States), JMS Co., Ltd. (Japan), B. Braun Melsungen (Germany), Teva Pharmaceutical Industries Ltd. (Israel), Yukon Medical (United States), Corvida Medical (United States), Codan Medizinische Geräte GmbH & Co Kg (Germany) and Baxter International Inc. (United States) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
On 3rd October 2018, Equashield), a leading provider of Closed System Transfer Devices (CSTDs) for hazardous drugs have collaborated with Saudi Arabia-based Max Care Medical. Max Care will market and sell Equashield's Closed System Transfer Device for the safe compounding of hazardous drugs in Saudi Arabia, as well as the wider Middle East and North Africa (MENA) region.
On 8th January 2019, B. Braun Medical Inc. has announced that OnGuard Closed System Transfer Device (CSTD) demonstrated effective barrier performance under the National Institute for Occupational Safety and Health (NIOSH) Draft Protocol for CSTD used during pharmacy compounding and the administration of hazardous drugs.
Regulatory Insights:
NIOSH published a public comment draft protocol entitled, “A Vapor Containment Performance Protocol for Closed System Transfer Devices Used During Pharmacy Compounding and Administration of Hazardous Drugs.” The draft protocol tested the containment performance of the physical-barrier type of closed system transfer devices (CSTDs), but it was not designed to test air-cleaning type CSTDs.
Market Drivers
- Growing Prevalence of Cancer
- Expanding Adoption of CSTDs for Transferring Hazardous Drugs, Such As Antineoplastic or Cytotoxic Drugs
Market Trend
- Escalating Number of Drug Approvals for Cancer
- Rising Requirement for Regulatory Compliance for Safe Handling of Harmful Drugs
Restraints
- The High Implementation Cost of CSTDs
- Lack of Regulatory Compliance in Developing Nations
Opportunities
Increasing Healthcare Spending in Emerging Countries and High Use of CSTDs in Other Therapeutic Areas
Challenges
Gaps with Existing CSTDs and Low Awareness among Nurses about CSTDs
AMA Research follow a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcase the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyse the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts, but also include significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Closed System Transfer Device Study Sheds Light on
The Closed System Transfer Device Market status quo and key characteristics. To end this, Analyst at AMA organize and took survey of the Closed System Transfer Device industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Closed System Transfer Device industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold value they currently claim, or capture the new addressable opportunity.