Global Closed System Drug Transfer Device (CSTD) Market Growth to be Propelled by Need to Comply with the Health and Safety Standards by CAGR of ~20% During 2022 – 2031

 

Kenneth Research published a report titled “Closed System Drug Transfer Device (CSTD) Market: Global Demand Analysis & Opportunity Outlook 2031” which delivers detailed overview of the global closed system drug transfer device (CSTD) market in terms of market segmentation by technology, type, end-users, and by region.

Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.

The global closed system drug transfer device (CSTD) market is estimated to grow at a CAGR of ~20 % over the forecast period, i.e., 2022-2031. The market is segmented by end-users into academic & research institutes, hospitals & clinics, oncology centers, and others. Out of these, the hospitals & clinics segment is anticipated to hold the largest share in the global closed system drug transfer device (CSTD) market by the end of 2031 owing to the financial capability of hospitals to purchase CSTD. Furthermore, there are a high number of cancer patients receiving treatment at hospitals, thereby contributing to the growth of the segment.

There is a need to comply with the health and safety standards of healthcare workers for treating their patients. Furthermore, the CSTD is used to transfer the drugs to patients in a controlled manner to avoid any kind of mishandling. Therefore, it is expected to drive the growth of the global closed system drug transfer device (CSTD) market.

Geographically, the global closed system drug transfer device (CSTD) market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Out of them, the market in the Asia Pacific region is estimated to hold the noteworthy growth by the end of 2031 owing to the rise in cancer cases and an increase in the population base.

The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.

Increase in the Use of Antineoplastic Drugs to Drive the Growth of the Market

According to the International Agency for Research on Cancer, the number of new cancer diagnoses was 19.3 million in 2020, with 10.0 million fatalities.

There is an increase in the use of antineoplastic drugs that are hazardous for the treatment of patients suffering from cancer. Therefore, closed system drug transfer device is used to protect the patients from any mishappening while the healthcare workers are transferring drugs to patient’s body.  Hence, the increase in the use of antineoplastic drugs is anticipated to increase the growth of the global closed system drug transfer device (CSTD) market.

However, high cost of CSTD and lack of awareness among healthcare workers are expected to operate as key restraint to the growth of global closed system drug transfer device (CSTD) market over the forecast period.

This report also provides the existing competitive scenario of some of the key players of the global closed system drug transfer device (CSTD) market which includes company profiling of Becton, Dickinson and Company, EquashieldMedical Ltd., Corvida Medical, Baxter International, Inc., ICU Medical, Inc., Caragen Ltd, Yukon Medical, Vygon, Simplivia Healthcare Ltd., Teva Pharmaceutical Industries Ltd., and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global closed system drug transfer device (CSTD) market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.     

Request Report Sample@https://www.kennethresearch.com/sample-request-10085885 

Kenneth Research is a leading service provider for strategic market research and consulting. We aim to provide unbiased, unparalleled market insights and industry analysis to help industries, conglomerates and executives to take wise decisions for their future marketing strategy, expansion and investment etc. We believe every business can expand to its new horizon, provided a right guidance at a right time is available through strategic minds. Our out of box thinking helps our clients to take wise decision in order to avoid future uncertainties.

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