Needlefree Closed System Transfer Device (CSTD) Market Size, Share & Industry Analysis, By Type (Hospital and Clinic), By Application (Closed Vial Access Devices, Closed Syringe Safety Devices, and Closed Bag/Line Access Devices), Regional Insights, and Forecast To 2031

Updated On: 08 April 2024

Needlefree Closed System Transfer Device (CSTD) Market REPORT OVERVIEW

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The global needlefree closed system transfer device (CSTD) market size was USD 1808.77 million in 2020 and to touch USD 4052.87 million by 2031, CAGR of 7.61% during the forecast period.

Needlefree Closed system transfer device (CSTD) is a medication device that precisely forbids the transfer of natural impurities into a system and the evasion of hazardous drug or fume concentrations outside the framework. Millions of healthcare workers are exposed to the toxic and hazardous drugs of chemotherapy and other medical treatments every year. Researches have shown that subjection to hazardous drugs can lead to serious health issues, such as reproductive system problems, cancer, and development problems. As per the Occupational Safety & Health Administration (OSHA), Joint Commission, and the National Institute of Occupational Safety & Health (NIOSH), the adverse effects can turn irreversible even on low exposure. The increasing prevalence of cancer amongst the ever-increasing population is anticipated to boost the market growth in the upcoming years.

COVID-19 IMPACT

"Market to Witness Robust Growth Post-Pandemic"

The humanitarian crisis has significantly impacted the global economic structure and stagnated the growth of several industries and markets. The needlefree closed system transfer device (CSTD) market has witnessed a limited impact of the COVID-19 pandemic. Due to the fear of contracting the virus at hospitals and clinics, the number of patients visiting hospitals and clinics declined. Cancer combined with the coronavirus can deteriorate the organs. This factor aggravated the situation and negatively impacted the market growth. However, the immense investments to bolster the healthcare sector has boosted the growth of the market. Moreover, the vaccines are now available to the masses, and nations around the globe have ramped up their vaccination drives. The market is anticipated to witness robust growth post-pandemic.

LATEST TRENDS

"Increasing Investments to Fortify Healthcare Sector "

The coronavirus pandemic has wreaked unprecedented chaos in the healthcare industry, and major economies’ healthcare infrastructures were on the verge of collapse during the pandemic. The lack of superior healthcare infrastructure has induced the governments of several nations to increase their investments in the healthcare sector. Additionally, the growing prevalence of cancer amongst the expanding global population has induced the governments of major economies to increase their research and development activities to developed advanced treatment methods and devices for cancer. The increasing government investments to fortify the healthcare sector are likely to foster the growth of the global needlefree closed system transfer device (CSTD) market.

Needlefree Closed System Transfer Device (CSTD) Market SEGMENTATION

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Based on type, the market bifurcates into clinics and hospitals.

Based on application, the market trifurcates into closed bag/line access devices, closed syringe safety devices, and closed vial access devices.

Out of these, the closed vial access devices segment is anticipated to witness the highest growth in the market.

Geographically, the market is classified into five major regions- North America, Europe, Latin America, Asia Pacific, and the Middle East & Africa.

DRIVING FACTORS

"Rising Prevalence of Cancer to Augment Market Growth"

The global population has been expanding at exponential rates. The number of cancer cases has also increased with the ever-increasing population. The cancer patient pool caused by genes, viruses, or sedentary lifestyles has escalated in recent years. The sedentary lifestyle of consumers, such as excessive alcohol consumption, smoking, and tobacco consumption, increases the risk of getting cancer. It is expected that the number of cancer cases will approximately be about 29.5 million by 2040, and there will be approximately 16.4 million deaths by cancer. The increasing number of cancer cases are anticipated to surge the demand for needlefree closed system transfer device (CSTD) and augment the market growth.

"Increasing Awareness for CSTD to Fuel Market Growth"

The sedentary lifestyle habits of consumers, such as smoking and tobacco consumption, boost the chances of getting cancer and are likely to surge the growth of the needlefree closed system transfer device (CSTD) market. The increasing number of cancer cases and the growing awareness for needle-free transfer of medication drugs in chemotherapy is anticipated to fuel the demand for needlefree closed system transfer device (CSTD). Additionally, the increasing popularity and demand for non-invasive surgeries is expected to boost the needlefree closed system transfer device (CSTD) market growth. The growing expenditure by hospitals on the procurement of the advanced needlefree closed system transfer device (CTSD) is also estimated to drive the growth of the market.

RESTRAINING FACTORS

"High Product Costs to Hamper Market Growth"

The implementation costs of needlefree closed system transfer device (CSTD) is high and are mostly purchased by hospitals rather than clinics. The high costs incurred in the implementation of the product are anticipated to hinder the market growth. Moreover, the improper regulatory guidelines in underdeveloped and developing nations may also hamper the growth of the market.

Needlefree Closed System Transfer Device (CSTD) Market REGIONAL INSIGHTS

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"Increasing Government Investments to Fortify Growth in Asia Pacific"

Asia Pacific is anticipated to witness the highest growth in the global needlefree closes system transfer device (CSTD) market share. The increasing government investments to fortify the healthcare sector in countries such as India, China, and Japan, are anticipated to foster growth for the market. The rising need for advanced medical equipment in the region, coupled with the growing advancements in the medical sector, are expected to fuel the market growth. Additionally, the surging cancer research activities are likely to complement the growth of the needlefree closed system transfer device (CSTD) market.

North America is projected to gain the second-highest growth in the global market. The significant initiatives taken by the U.S. Food and Drug Administration and other regulatory institutions to ensure the safety of patients are anticipated to boost the market growth. The growing number of oncology drug approvals is likely to stimulate growth for the market. Additionally, the early adoption of technology and growing cancer research are estimated to surge the market growth.

Europe is expected to gain substantial growth in the upcoming years due to the increasing pool of cancer patients in the region. Additionally, the increasing investments to bolster the healthcare sector are anticipated to augment the market growth.

Latin America and the Middle East & Africa are estimated to witness considerable growth in the global market due to the expanding healthcare infrastructure in the two regions. The growing investments in the healthcare sector are likely to accumulate growth for the market. Additionally, the increasing focus of key players in the emerging markets is anticipated to foster the market growth in the upcoming years.

KEY INDUSTRY PLAYERS

"Key Players Ramp Up R&D Activities to Launch Advanced Needlefree Closed System Transfer Device (CSTD)"

The key players are conducting extensive research and development activities to develop advanced needlefree closed system transfer device (CSTD) which completely eliminate the risk of exposure to the hazardous drugs of chemotherapy. The key payers focus on organic growth strategies such as new product launches, technological developments, patents, etc., to increase the market presence. The key players also adopt inorganic growth strategies such as partnerships, mergers, acquisitions, collaborations, and others to enhance their market positions and generate greater revenues.

List of Key Market Players Profiled:

• BD Medical
• Equashield
• ICU Medical
• Teva Medical
• Corvida Medical

KEY INDUSTRY DEVELOPMENTS:

October 2018: Equashield LLC formed a strategic partnership with Max Care Hospital, Saudi Arabia to expand its CSTD distribution in the Middle East and Africa region.

REPORT COVERAGE

The global needlefree closed system transfer device (CSTD) market report offers a comprehensive assessment of the market and focuses on key factors, such as components, end-users, applications, and leading companies. Other than this, the report offers vital insights into the ongoing market trends and highlights key industry developments. In addition to the above-mentioned factors, the report envisages significant factors contributing to the market’s growth in recent years.