June 18, 2024
Closed System Transfer Device Market

Closed System Transfer Device Market Is Poised For High Growth Due To Increasing Adoption Of Closed Drug Transfer Systems

The closed system transfer device market is witnessing increased demand owing to the growing need for closed drug transfer systems in hospitals in order to reduce contamination during drug preparation and administration. Closed system transfer devices provide an isolated path for drug transfer between two points using either positive pressure or a mechanical system to avoid exposure to environmental contaminants. Closed drug transfer systems help reduce occupational exposures and protect drug safety during preparation, handling and administration. The growing adoption of closed system transfer devices in various healthcare settings is expected to propel market growth over the forecast period.

The global closed system transfer device market is estimated to be valued at US$ 4.07 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 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 increasing adoption of closed drug transfer systems in home care settings and ambulatory care centers is expected to present significant growth opportunities for players in the market. Technological advancements including the development of lightweight closed system transfer devices is expected to support market growth over the forecast period.

Market Drivers

The growing need to minimize hazardous drug exposure among healthcare workers is a key factor driving adoption of Closed System Transfer Device market Trends and closed system transfer devices. Stringent regulatory requirements regarding drug safety and efficacy is also prompting increased use of closed systems for medication preparation and administration in hospitals and clinics. Increased awareness about occupational hazards posed by cytotoxic, antineoplastic and other hazardous drugs is further supporting market growth.

Current challenges in the Closed System Transfer Device market
The closed system transfer device market is currently facing challenges due to the ongoing COVID-19 pandemic situation across the globe. The spread of coronavirus has disrupted the supply chain and production of closed system transfer devices. Moreover, restrictions on travel and logistics are hindering the distribution of these medical devices. Delayed or canceled elective medical procedures during the pandemic have also negatively impacted the demand for closed system transfer devices in the short term.

SWOT Analysis

Strength: Minimal risk of hazardous drug exposure and spillage which ensures safety of healthcare professionals.
Weakness: Higher costs associated with closed system transfer devices compared to traditional methods.
Opportunity: Growing awareness about workplace safety and regulations mandating the use of closed drug transfer systems present an opportunity for market growth.
Threats: Entry of local manufacturers with low-cost alternatives can decrease sales of established market players. Stringent regulatory approvals also delay product launches.

Geographical Regions

North America currently accounts for the largest share of the closed system transfer device market in terms of value due to stringent regulatory scenario and established healthcare infrastructure in the region. The United States dominates the North America market attributed to the highly developed healthcare sector and rising number of oncology drug development activities.

The Asia Pacific region is anticipated to witness the fastest growth over the forecast period owing to improving healthcare facilities, increasing cancer incidence, and growing adoption of safer drug handling practices across hospitals and oncology centers in emerging economies such as China and India. Rising medical tourism in Asia Pacific countries will further support the regional market expansion.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it.