(EMAILWIRE.COM, February 26, 2019 ) The closed system transfer devices market is projected to reach USD 982 million by 2024 from USD 390 million in 2019, at a CAGR of 20.3%. Growth in this market is mainly driven by the rising prevalence of cancer, increasing number of oncology drug approvals, increasing use of closed system transfer devices to combat the harmful effects of cytotoxic or antineoplastic drugs, and improving regulatory guidelines regarding the safe handling and use of hazardous drugs.

The membrane-to-membrane systems segment is expected to account for the largest share of the closed system transfer devices market in 2019

On the basis of type, the membrane-to-membrane systems segment is expected to account for the largest share of the market in 2019. The large share and high growth of this segment can be attributed to their ease of operation and the lower risk of contamination associated with double-membrane containment systems. Also, these systems use a double membrane junction between the syringe and the medication vial or container to help isolate medications. This double membrane containment system provides an added layer of protection compared to needleless membranes, which boosts growth in this segment.

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The diaphragm-based devices segment is expected to account for the largest share of the market in 2019

Based on technology, the diaphragm-based devices segment accounted for the largest share of the market. The large share of this segment is mainly due to the ease of operation and safety provided by these devices. The compartmentalized devices segment is expected to grow at the highest CAGR of 23.6% during the forecast period due to their lower cost.

The hospitals segment accounted for the largest share of the closed system transfer devices market in 2019
Based on end user, the hospitals segment is expected to account for the largest share of the market in 2019. The large share and high growth of this segment are mainly due to the strong financial capabilities of hospitals for purchasing high-priced CSTDs as compared to oncology centers and clinics, large cancer patient pool, and the increasing need to comply with the regulatory guidelines established by the FDA and NIOSH regarding the safety of healthcare providers.

Asia Pacific is expected to grow at the highest CAGR during the forecast period

The market in the Asia Pacific is expected to grow at the highest CAGR during the forecast period. This is due to the rising incidence of cancer and the increasing demand for better healthcare services in developing economies such as India and China. In addition, the increasing focus of international players on emerging markets is further expected to drive the growth of this market in the APAC.

Prominent players in the global closed system transfer devices market are Becton, Dickinson and Company (US), ICU Medical, Inc. (US), Equashield LLC. (US), B. Braun Melsungen AG (Germany), Corvida Medical (US), Yukon Medical (US), JMS Co., Ltd. (US), CODAN Medizinische Geräte GmbH & Co KG (Germany), Baxter International, Inc. (US), VICTUS (US), and Caragen Ltd. (Ireland).

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