The Closed System Transfer Device Market is expected to reach USD 2,432.4 Million by 2025 from USD 921.2 Million in 2018, at a CAGR of 17.57% from 2019 to 2025.
The Closed System Transfer Device Market is expected to grow at a CAGR of 17.57% during the forecast period of 2019-2025. The market growth is mainly driven by the rising number of patients requiring medical treatment and especially growing medical research activities. Increasing medicines production, better availability of cytotoxic drugs at the workplace or at hospital, along with advancements in the field of medical devices are also responsible for the exponential growth in the market. Further, in recent years rising cases of cancer, as well approval for the oncology drugs is also projected to drive the demand for such Closed System Transfer Device.
Global Closed System Transfer Device Market Share and Size by 2025 (USD Million)
The market is analyzed across four geographical regions, namely, North America (U.S., Canada and Mexico), Europe (UK, Germany, France and rest of Europe), Asia-Pacific (China, Japan, India and Rest of Asia-Pacific), and RoW (Latin America, Middle East and Africa). North America region holds the highest market about 85% of total market share in 2018. Further Asia Pacific market is considered as one of the fastest growing regions with the CAGR of 28.8%. Increase in incidence rate of cancer, implementation of better regulatory guidelines are the key factors fueling growth of the Closed System Transfer Devices (CSTD) market during the forecasted period across globe. It is expected that at a country level, the U.S account for the largest share of revenue by 2025. The Closed System Transfer Device Market is segmented on the basis of Component, End Users, By Types and by Region. The two Component types in this Market are, Vial Access Devices, Syringe Safety Devices, Bag/Line Access Devices and Accessories. In which Vial Access Devices holds the %% of market share. And is expected to be growing at a CAGR of %% in the forecasted period.
Global Closed System Transfer Device Market Segmentation
Key companies profiled in the report are Becton, Dickinson and Company, Equashield, LLC, Teva Pharmaceutical Industries Ltd, Corvida Medical, ICU Medical, Inc., B. Braun Melsungen AG, JMS Co. Ltd., Yukon Medical, Victus Inc, Caragen Ltd. The continuous research & development activities to address changing demand of the industry companies spend heavy on the R&D expenses. The intense new product launches continue to be a key driver for the major manufacturers of the CSTD providers in the market. Key players have adopted key strategies such as expansion, mergers, acquisition to increase its operational presence in recent years.
Closed System Transfer Device Market Segmentation:
Closed System Transfer Device Market Overview, By Component
Vial Access Devices
Syringe Safety Devices
Bag/Line Access Devices
Closed System Transfer Device Market Overview, By Types
Closed System Transfer Device Market Overview, By End Users
Oncology Centers & Clinics
Closed System Transfer Device Market, By Region