Closed Systems Drug Transfer Devices Market

Closed Systems Drug Transfer Devices Market to Grow at a CAGR of 20.5% to reach US$ 1,661.83 Million from 2020 to 2027

NEW YORK, UNITED STATES, December 8, 2021 /EINPresswire.com/ -- According to The Insight Partners market research study of “Closed System Drug Transfer Devices Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Closing Mechanism, Type, Technology, Component, and End User,” The report highlights trends prevailing in the global closed system drug transfer devices market and the factors driving market along with those that act as hindrances.

Strategic Insights:

Report Coverage (Details)
Market Size Value in (US$ 374.48 million in 2019)
Market Size Value by (US$ 1,661.83 million by 2027)
Growth Rate (CAGR of 20.5% from 2020 to 2027)
Forecast Period (2020-2027)
Base Year (2020)
No. of Pages (218)
No. Tables (105)
No. of Charts & Figures (95)
Segments covered (by Closing Mechanism, Type, Technology, Component, End User and Geography)
Regional scope (North America; Europe; Asia Pacific; Latin America; MEA)
Country scope (US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina)
Report coverage (Revenue forecast, company ranking, competitive landscape, growth factors, and trends)

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The closed system drug transfer device provides protection against hazardous drugs or vapors during drug preparation and administration. It comprises components which enable filtering of dangerous vapors out of the system. Closed system drug transfer devices play a major role in protection of healthcare professionals from antineoplastic as well as other harmful medications. Growing emphasis on implementation of occupational health and safety standards by government authorities are offering lucrative opportunity for the growth of the market. The closed system drug transfer devices market growth is mainly attributed to increase in adoption of chemotherapy and improvement of regulatory guidelines regarding hazardous drugs.

Growing Adoption of Chemotherapy

Several hazardous drugs such as antineoplastics, monoclonal antibodies, and antibiotics are used during patient treatments protocols. Pharmacists, physicians, nurses, and other healthcare workers are at great risk of exposure to such hazardous drugs. The cancer treatment comprises utilization of antineoplastic drugs that can cause several health implications, if ingested. The antineoplastic can have severe impact during pregnancies, and the exposure can lead to chromosomal abnormalities. The surface contamination of chemotherapy treatment can impact not only healthcare professionals but also patients and their families. Increasing number of cancer cases are anticipated to boost the adoption of chemotherapy across the globe.

For instance, according to the World Health Organization, in 2018, ~9.6 million deaths were reported due to cancer across the world. According to the study conducted by American Cancer Society in 2019–2020, chemotherapy is the most common cancer treatment among stage III breast cancer women as ~56.0% of stage III breast cancer cases prefer chemotherapy in the US. Further, according to the same study, ~43.0% of the patients preferred chemotherapy for the treatment of large B-cells during 2012–2016. Thus, the consequent surge in the adoption of chemotherapies would eventually drive the demand for closed system drug transfer devices in the coming years.

COVID-19 Impacts on Closed System Drug Transfer Devices Market

The COVID-19 outbreak has also affected the closed system drug transfer devices market across the globe. At present, majority of the manufacturing companies and research institutes and centers are involved in diagnosing the coronavirus and vaccines to treat the deadly virus. Thus, the shift of medical device and research centers and diagnostics laboratories toward the COVID-19 pandemic has hindered the market growth. It is expected that the impact of the pandemic is likely to be seen for a few years.

Download the Latest COVID-19 Analysis on Closed System Drug Transfer Devices Market Growth Research Report at: https://www.theinsightpartners.com/covid-analysis-sample/TIPRE00004560?utm_source=EINPressWire&utm_medium=10144

Based on closing mechanism, the closed system drug transfer devices market is segmented into push-to-turn systems, color-to-color alignment systems, luer-lock systems, and click-to-lock systems. The push-to-turn systems segment held the largest share of the market in 2019. However, the luer-lock systems segment is anticipated to register the highest CAGR in the market during the forecast period. Push-to-turn is one of the closing mechanisms that successfully prevents aerosol and vapor leakage from the vial. Increasing spending on occupational health of healthcare professionals and growing preference for chemotherapies are likely to drive the demand for closed system drug transfer devices, which would eventually drive the segment growth.

In terms of type, the closed system drug transfer devices market is segmented into membrane-to-membrane systems and needleless systems. The membrane-to-membrane systems segment held the largest share of the market in 2019. However, the needleless systems segment is anticipated to register the highest CAGR in the market during the forecast period.

In terms of component, the closed system drug transfer devices market is segmented into vial access devices, syringe safety devices, bag/line access devices, and accessories. The vial access devices segment held the largest share of the market in 2019.

Closed System Drug Transfer Devices Market: Competitive Landscape and Key Developments

BD, B. Braun Medical Inc., ICU MEDICAL INC., EQUASHIELD, Corvida Medical, Yukon Medical, Caragen Ltd., Simplivia Healthcare Ltd., JMS CO., LTD., and Victus, Inc. are some of the leading companies operating in the closed system drug transfer devices market.

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The Insight Partners
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