New York, March22, 2022(GLOBE NEWSWIRE) -- Safety in the workplace has been a major concern amongst the regulatory bodies in recent years. According to the statistics by the World Health Organization (WHO) and the International Labour Organization (ILO), 1.9 Million people die every year due to exposure to risk factors in the workplace. Moreover, in the statistical report titled “WHO/ILO Joint Estimates of the Work-related Burden of Disease and Injury, 2000-2016”, published by the WHO and ILO, in the year 2016, occupation-related diseases accounted for 80.7% or 1.52 Million of the total number of deaths that happened in workplaces. To address the rising concerns for workplace safety and ensuring healthy lives as well as promote well-being for all people, the United Nations (UN) has laid focus on formulating initiatives, specifically SDG3 and SDG8, that are aimed for accomplishment by the year 2030 under the 2030 Agenda of Sustainable Development Goals (SDGs).
Kenneth Research has recently released a report on “Global Closed System Transfer Devices (CSTD) Market” which is studied for the forecast period, i.e., 2021-2030. The market research report, which is studied by using primary and secondary research processes, focuses on the market drivers, recent trends, opportunities, and the challenges associated with the market growth in the coming years. Besides this, the report also focuses on the growth strategies of the key players operating in the market, along with a brief of their product portfolio.
Unlike other industries, occupational safety is also a major concern in the healthcare industry. Healthcare workers (HCWs) often prepare or administer hazardous drugs or work in areas where they are exposed to hazardous agents. According to the statistics by the United States Center for Disease Control and Prevention (CDC), in the United States, around 8 Million HCWs are potentially exposed to hazardous drugs. These include pharmacy and nursing personnel, operating room personnel, physicians, environmental service workers, veterinary care workers, and workers in research laboratories among others. The National Institute for Occupational Safety and Health (NIOSH) recently updated its list of hazardous drugs and proposed risk management for HCWs who deal with such materials under the title “Hazardous Drugs: Draft NIOSH List of Hazardous Drugs in Healthcare Settings, 2020: Procedures; and Risk Management Information”. Backed by the rising concerns for occupational safety in healthcare settings, the NIOSH also promoted the use of closed system transfer devices (CSTD), a drug transfer device that resists the flow of environmental contaminants into the system and also lowers the escape of the vapor concentrations or the hazardous drug outside the system.
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The global closed system transfer devices (CSTD) market generated a revenue of USD 735.89 Million in the year 2020 and is further expected to touch USD 3329.59 Million by the end of 2030, by growing with a CAGR of 16.37% during the forecast period. The growth of the market can primarily be attributed to the rising awareness amongst healthcare workers regarding occupational safety and therefore the need to utilize devices that help to lower surface contamination. In addition to this, the surge in adoption of automated drug compounding robots in healthcare settings, followed by the increasing product development witnessed in the field of CSTDs are also anticipated to drive the market growth. Furthermore, the increasing cases of cancer worldwide, and the need for chemotherapies are also expected to boost the market growth in the coming years. In the year 2020, according to the WHO, nearly 10 Million deaths were registered as a result of cancer disease. Moreover, breast cancer was known to be the most common in terms of new cases of cancer, registering 2.26 Million cases in the same year.
The growth of the global closed system transfer devices (CSTD) market can also be attributed to the rising development of oncological drugs and the increasing number of novel drug approvals. According to the statistics by the Center for Drug Evaluation and Research (CDER) of the United States Food and Drug Administration (FDA), the total number of annual novel drug approvals increased from 22 approvals in the year 2016 to 50 approvals in the year 2021. Moreover, the statistics also stated that during the period 2012 and 2021, an average of 43 novel drug approvals per year had been registered. Additionally, in the year 2021, a total of four new therapies for non-small cell lung cancer had been approved by the CDER.
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The global closed system transfer devices (CSTD) market is segmented on the basis of region into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Among the market in these countries, the market in North America generated the largest revenue of USD 260.21 Million in the year 2020 and is further expected to touch USD 1170.35 Million by the end of 2030. One of the major factors anticipated to drive the growth of the market in the region is the rising prevalence of cancer disease. In the year 2020, an estimated 1806590 new cases of cancer would be diagnosed in the U.S., according to the statistics by the National Cancer Institute. Moreover, the statistics also stated that based on 2013-2017 cases, the rate of new cases of cancer was 442.4 per 1 million men and women per year. In addition to this, by the end of 2030, the number of cancer survivors in the nation is expected to increase to 22.2 Million. The market in the region is further segmented by country into the United States and Canada. Among the market in these countries, the market in the United States is anticipated to garner the largest revenue by the end of 2030 and also grow with the highest CAGR of 16.36% during the forecast period.
On the other hand, the market in Europe registered the second-largest revenue of USD 241.45 Million in the year 2020 and is further expected to touch USD 1065.80 Million by the end of 2030. The market in the region is further segmented by country into Germany, the United Kingdom, Italy, France, Spain, Russia, Netherlands, and the Rest of Europe. Amongst the market in these countries, the market in Germany generated the largest revenue of USD 52.76 Million in the year 2020 and is further expected to touch USD 241.83 Million by the end of 2030. The market in the nation is also anticipated to grow with the highest CAGR of 16.52% during the forecast period. Moreover, the market in the United Kingdom is expected to garner the second-largest revenue of USD 209.32 Million by the end of 2030, up from a revenue of USD 47.59 Million in the year 2020.
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The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity 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 the Middle East and Africa).
The global closed system transfer devices (CSTD) market is segmented on the basis of component into vial access devices, syringe safety devices, bag/line access devices, and others. Among these segments, the vial access devices segment registered the largest revenue of USD 261.10 Million in the year 2020 and is further expected to touch USD 1169.75 Million by the end of 2030. In North America, the segment is projected to generate the largest revenue of USD 411.26 Million by the end of 2030, up from a revenue of USD 92.40 Million in the year 2020. Additionally, in Europe, the segment registered the largest revenue of USD 85.69 Million in the year 2020 and is further anticipated to grow with a CAGR of 15.96% during the forecast period.
The global closed system transfer devices (CSTD) market is further segmented on the basis of end-user into hospitals, oncology centers & clinics, and others. Among these segments, the hospital's segment is anticipated to grow with the highest CAGR of 16.63% during the forecast period. The segment also generated the largest revenue of USD 551.27 Million in the year 2020 and is further expected to touch USD 2550.61 Million by the end of 2030. In North America, the segment is projected to touch the largest revenue of USD 893.80 Million by the end of 2030, up from a revenue of USD 194.40 Million in the year 2020. Further, in the Asia Pacific, the segment registered the largest revenue of USD 128.36 Million in the year 2020 and is further projected to touch USD 644.48 Million by the end of 2030.
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The global closed system transfer devices (CSTD) market is also segmented on the basis of product type, closing mechanism, and by technology.
Global Closed System Transfer Devices (CSTD) Market, Segmentation by Product Type
Global Closed System Transfer Devices (CSTD) Market, Segmentation by Closing Mechanism
Global Closed System Transfer Devices (CSTD) Market, Segmentation by Technology
Some of the prominent industry leaders in the global closed system transfer devices (CSTD) market that are included in our report are Becton, Dickinson and Company, Yukon Medical, LLC, Caragen Ltd., ICU Medical, Inc., Vygon, JMS North America Corporation, CODAN Companies, Corvida Medical, Simplivia Healthcare Ltd., EquashieldMedical Ltd., and others.
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