Closed System Transfer Device Market is Estimated to Witness High Growth Owing to Rise in Adoption
The closed system transfer device market is used to transfer drugs from vials to intravenous bags in a closed system, which prevents the escape of hazardous drug vapors. It provides an alternative to traditional practices like needle removal and needle reconstitution by incorporating a mechanical mechanism to withdraw and transfer liquids between various medical delivery devices without accessing the drug vial.
The Global Closed System Transfer Device Market is estimated to be valued at US$ 1.40 Bn in 2024 and is expected to exhibit a CAGR of 16% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the closed system transfer device market are General Electric, Molded Fiber Glass, Vesta, AREVA WIND, Bora Energy AVANTIS Energy, DeWind, ENERCON, EWT, GBT Composites Technology, Xinjiang Goldwind Science and Technology, Hexcel, Indutch composites technology, Inoxwind, Reliance Industries, Leitner, NORDEX, ReGen Powertech, SR Fibreglass Auto, and Wind World.
The key opportunities in the Closed System Transfer Device Market Demand include increased adoption in hospitals and oncology centers, growing awareness about occupational hazards of cytotoxic drugs, and stringent regulatory guidelines mandating closed drug transfer systems.
Technological advancements include membrane-based closed vial access devices, automated drug compounding devices with closed transfers, and smart infusion pumps integrated with closed system drug transfer technology.
Market Drivers
The major drivers for the growth of closed system transfer device market are the rising incidence of cancer leading to increased chemotherapy treatments, stringent safety standards by regulatory bodies to curb occupational exposure to hazardous drugs, and growing awareness about protection of healthcare workers handling cytotoxic drugs. Additionally, the support in terms of funding and product development partnerships for advanced drug reconstitution technologies will further aid the market expansion over the forecast period.
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