The closed system transfer device market has been growing rapidly owing to the stringent regulatory guidelines implemented by various governments and healthcare agencies worldwide for preventing occupational exposure during hazardous drug preparation and administration. Closed system transfer devices provide an innovative engineering control that effectively separates personnel and the environment from hazardous drugs during drug reconstitution or other venting procedures.
Global closed system transfer device market is estimated to be valued at US$ 1.40 Bn in 2024 and is expected to exhibit a CAGR of 16.% over the forecast period 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 adoption of advanced medical technology, increasing chemotherapy procedures, and support from several government organizations regarding patient safety are some of the major factors providing opportunities for growth in the Closed System Transfer Device Market Demand The rising cancer prevalence coupled with increasing investment in oncology is further propelling the demand for closed system transfer devices.
North America dominates the global closed system transfer device market owing to the high prevalence of chronic diseases such as cancer and increasing awareness regarding workplace safety. However, Asia Pacific is expected to witness the highest growth during the forecast period owing to improving healthcare infrastructure and rising medical tourism in the region.
Market Drivers
The rising prevalence of cancer worldwide is a key factor driving the growth of the closed system transfer device market. Globally, cancer burden has been increasing with an estimated 18.1 million new cases and 9.6 million cancer deaths in 2018. Also, the increasing number of chemotherapy procedures performed annually is further fueling the adoption of closed system transfer devices. Stringent regulations implemented by OSHA, NIOSH, and other regulatory bodies regarding the handling and use of hazardous drugs to ensure personnel safety is another major factor boosting the market growth. For instance, in the US, NIOSH published a list of antineoplastic and other hazardous drugs in 2016 with new handling guidelines that mandated the use of closed drug transfer systems. Availability of government funding and improving reimbursement scenario also has a positive impact on the market.
PEST Analysis
Political: Changes in healthcare regulations can impact the demand for closed system transfer devices. For example, stricter enforcement of rules to reduce occupational exposure to hazardous drugs can drive market growth.
Economic: The increasing healthcare spending globally is fueling the demand for Closed System Transfer Device Market Trends And Size from hospitals and cancer care centers. Growing economy tends to allocate more funds to improve healthcare safety.
Social: With increasing awareness about hazardous drugs exposure among healthcare workers, there is higher demand for protection devices like closed system transfer devices to ensure safety. Protecting lives tends to garner social support.
Technological: Advancements in materials and connector designs help improve the effectiveness of closed system transfer devices in isolating hazardous drugs. Digital integration with workflow also enhances usability. Further innovations aim to achieve an entirely closed transfer process.
Geographical Regions with Concentrated Market Value
North America dominates the closed system transfer devices market currently due to strong healthcare infrastructure and stringent safety regulations in the region. The growing geriatric population and high cancer incidence rate in the US and Canada present a large patient base requiring treatment involving hazardous drugs.
Asia Pacific is poised to be the fastest growing regional market during the forecast period. This is attributable to increasing government healthcare spending, expansion of private hospital sector, and low device pricing boosting adoption. Rising incidence of cancer in densely populated countries such as China and India also present massive market opportunities.
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