Closed System Transfer Devices Market : Current Trends and Future Opportunities

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 the closed system transfer devices market is mainly driven by factors such as the rising incidence 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. However, the high cost of implementation of CSTDs and lack of reimbursement as well as lack of compliance with regulatory guidelines in developing countries are expected to restrain the growth of this market during the forecast period.

Becton, Dickinson and Company (US), Equashield LLC. (US), and ICU Medical, Inc. (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) are some of the leading players in this market. These companies are focusing on increasing their presence in the high-growth markets through both organic as well as inorganic growth strategies such as product launches, approvals, expansions; collaborations and partnerships; and acquisitions.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=251802928

Becton, Dickinson and Company is the leading player in the closed system transfer devices market. The firm’s leading position in this market can be attributed to its wide product portfolio, which includes hazardous drug safety products, such as the PhaSeal and Texium systems. The company has a wide geographic presence spanning across the US, Canada, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The adoption of BD’s PhaSeal system is higher as compared to other CSTDs in the US and other international markets. This is due to the compatibility of BD’s PhaSeal system with many chemotherapy drugs. The company has experienced steady revenue growth over the past three years. In 2018, BD reported a 29.6% increase in its medication delivery solutions segment’s revenue to reach USD 3.64 billion in 2018 from USD 2.81 billion in 2017. In order to sustain its leading position in the market, the company focuses on expansions.

Equashield held the second position in the closed system transfer devices market. The company offers closed syringes and adapters for accessing vials and IV bags in pharmacies as well as connectors and tubing sets for nursing departments. The company distributes its products in the US. Outside the US, Equashield distributes and provides services to customers in four continents through its international network of distributors. Equashield’s product suite includes EQUASHIELD I and II (its flagship CSTDs) and EQUASHIELD Pro (a system-enabled multi-station hazardous IV drug compounder). The company focuses on increasing its distribution network in the emerging markets to cater to the growing demand for CSTDs. In October 2018, the company signed a partnership with Max Care Medical (Saudi Arabia) to distribute and market its CSTD products in Saudi Arabia and MEA.

Speak To Our Analyst : https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=251802928

ICU Medical held the third position in the closed system transfer devices market. The company offers a strong portfolio for the safe handling of hazardous IV drugs. The company’s research and development expenses increased from USD 13.0 million in 2016 to USD 51.3 million in 2017. ICU Medical also has a strong geographic presence in North America, Europe, and the Asia Pacific. To increase its geographic presence in APAC, the company entered into a long-term supply agreement with Terumo Corporation (Japan). According to this agreement, Terumo will distribute ICU’s entire product portfolio, including its IV therapy and CSTD products, in Japan and Asia. The company also focuses on acquisitions to maintain its leadership position in the market.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441

Matched content

Editor’s pick

Do NOT follow this link or you will be banned from the site!