The closed system transfer device market provides an integrated sealed mechanism to transfer hazardous drugs between various containers. These devices allow transferring hazardous drugs like chemotherapy drugs from one sealed system to another, minimizing exposure and adverse health effects on healthcare workers.
The closed system transfer device market is estimated to be valued at USD 1.40 Bn in 2024 and is expected to reach USD 4.07 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 16.5% from 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 growing incidence of cancer cases and increasing adoption of safety systems for drug preparation and administration have boosted the demand for closed system transfer devices. Various regulatory organizations like OSHA in the United States have made the use of closed drug transfer devices mandatory, driving higher adoption.
The closed system transfer device market is expanding globally with growing awareness regarding occupational safety among healthcare professionals. Various key players are focusing on emerging markets of Asia Pacific and Latin America for revenue generation through geographic expansion.
Market Key Trends
One of the key trends in the Closed System Transfer Device Market Demand is the development of advanced self-disconnecting components that minimize exposure during drug transfer. These enhanced devices help reduce risks associated with improper connecting or disconnecting and increase safety of healthcare workers. Their use is expected to grow significantly over the forecast period across major healthcare facilities for preparing hazardous drugs.
Porter’s Analysis
Threat of new entrants: The Closed System Transfer Device market Size And Trends currently has moderate threat of new entrants due to significant capital requirement and established brand loyalty of existing players. However, potential for market growth and technology development provides opportunities for new players.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of alternative products and brands in the market. However, regulatory need for closed system products provides stability in demand.
Bargaining power of suppliers: A few large suppliers exist for key components providing them with significant bargaining power against buyers. However, availability of substitute components balances this power to some extent.
Threat of new substitutes: Threat of substitutes is low as Closed System Transfer Devices have few product alternatives that can provide the same safety and efficacy. Technology development may introduce new substitutes in future.
Competitive rivalry: The market has high competition among existing global and regional players due to their established brands and market reach. Players differentiate based on product quality and features.
North America and Europe regions accounted for over 60% share of the overall Closed System Transfer Device market in terms of value in 2024 due to stringent regulatory mandates and establishment of healthcare industry in these regions. However, Asia Pacific region is expected to grow at highest CAGR during forecast period due to increasing healthcare expenditures, growing medical device industry and implementation of new regulations.
Asia Pacific region is expected to witness highest growth in the Closed System Transfer Device market during the forecast period from 2024 to 2031. This is attributed to factors such as increasing healthcare infrastructure investment, rising medical standards and growing patient awareness in countries such as China, India and others. Strong economic development complemented with increasing focus of global players on emerging Asia provides high growth opportunities in the region.
Get More Insights On, Closed System Transfer Device Market
About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
Comments
0 comment