Pune, India, June 13, 2019 (GLOBE NEWSWIRE) -- According to the latest report published by Market Research Future (MRFR) on the closed system drug transfer device market, the market is evaluated to garner a significant CAGR of 19.10% over the forecast period of 2018-2025. The market valuation is expected to be worth USD 6,312.52 million by 2025. The rigorous need for proper drug handling to prevent contamination is identified as a major cause to impel the CSTD market growth.
Market Insights
The Closed System Drug-Transfer Device (CSTD) is a drug transfer device that prohibits environmental contamination of drug, throughout the drug handling chain. Furthermore, it also restricts the escape of toxic gases that protects the personnel administering it, from its harmful effects.
The closed drug delivery system is extensively used in the handling of antineoplastic or cytotoxic drugs. These drugs are used in the management of cancer. The growing number of cancer patients are triggering the need for production of cancer therapeutics. This is anticipated to propel the closed system drug transfer device market. The growth of the closed system drug transfer device market is predicted to draw on the increase in number of oncology drug trials and approvals. This aids in gaining traction for investments in research and developmental activities. Thereby, helping in the revenue generation for the market.
Request Free Sample @ https://www.marketresearchfuture.com/sample_request/7733
The imposition of stringent government norms regarding clinical trials of cytotoxic drugs is increasing the need for regulatory compliance. This is contributing to the increase in adoption of closed system drug transfer device, in-turn boosting the market growth. Occupational exposure to hazardous drug vapors can result in infertility and related problems. The design of closed system drug transfer device offers protection to the personnel handling the drug from perilous effects. This serves the purpose to comply with the latest regulatory guidelines that aim at complete health protection of personnel involved in drug handling chain. The surge in safety concerns is expected to prompt the closed system drug transfer device market.
On the other hand, there are certain restraints on the closed system drug transfer device market growth. Defective medical device prone to leakage of the intended substance and the high implementation cost are reasons considered to be responsible for the drop in the growth curve of the market.
Market Players
Equashield LLC (U.S.). , Becton Dickinson and Company (U.S.), Teva Pharmaceutical Industries Ltd. (Israel), Yukon Medical (U.S.), Corvida Medical (U.S.), and ICU Medical Inc. (U.S.).
Segmental Analysis
The closed system drug transfer device market study has been segmented based on delivery, type, and end-user.
The Line Access Devices Segment to Acquire the Largest Market Share
Based on the delivery, the closed system drug transfer device market has been segmented into closed bag or line access devices, closed vial access devices, and closed syringe safety devices. The line access devices segment is likely to hold the largest share of the market.
The Filtration-type Segment to Thrive on Its High Rate of Adoption
Based on the type, the closed system drug transfer device market has been segmented into barrier-type and filtration-type. Numerous healthcare organizations, especially hospitals, are adopting the filtration system to ensure safety of staffs in-charge. Owing to the same, the filtration-type segment is likely to expand at a rapid pace over the assessment period.
The Specialty-center Segment Predominating the CSDT Market Growth
Based on the end-user, the CSTD market is segmented into hospitals and clinics, and specialty centers. The oncology professionals are extensively using chemotherapeutics to treat cancer. This is boosting the specialty-center segment to grow, thereby providing a fillip to the closed system drug transfer device market growth.
The regional insights of the CSTD market offer insights into its demographic progress. Geographically, the market has been studied across the Americas, Asia Pacific, Europe, and the Middle East Asia and Africa.
The American CSTD Market to be at the Forefront
Geographically, the market has been studied across the Americas, Asia Pacific, Europe, and the Middle East Asia and Africa.
MRFR predicts the CSTD Market in the Americas is expected to hold the prime position over the forecast period. The surge in the pool of cancer patients in the region is triggering the need for manufacturing relevant drugs. Hence, owing to the requirement for safe drug handling there is a surge in the adoption of CSTD. These dynamics are envisaged to bolster the regional CSTD market growth.
Browse the market data and information spread across 110 pages with 102 data tables and 20 figures of the report “Closed System Drug Transfer Device (CSTD) Market- Forecast 2018-2025” in-depth alongside table of content (TOC) at: https://www.marketresearchfuture.com/reports/closed-system-drug-transfer-device-market-7733
Europe, followed by APAC to Exhibit Substantial Growth
CSTD market in Europe accounted for the second position. The increase in awareness of adverse effects on exposure to toxic drug vapors in the region and excellent medical infrastructure in the region, are likely to be responsible for the market growth.
The huge pool of cancer patients in the Asia Pacific region is driving the need for research and developmental activities. This is creating tremendous scope for the emerging economies like India, China, and Japan to make investments concerning innovations. These factors are spotted to augment the closed system drug transfer device market growth in APAC.
The lack of firm technical infrastructure is restricting improvements in the healthcare industry, in the Middle East Asia and Africa. This factor can hinder the growth of the regional CSTD market over the review period.
Industry Update
January 2019: B. Braun Medical Inc, an eminent provider of medical products and services, demonstrated the effective barrier performance of OnGuard® Closed System Transfer Device under NIOSH Draft Protocol for CSTD.
Make an Enquiry Before Buying this Report @ https://www.marketresearchfuture.com/enquiry/7733
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), & Consulting Services.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.