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Kenneth Research recently added a report on ‘Closed System Transfer Devices Market’ in its database of market research reports which provides its readers an in-depth analysis on the latest trends, growth opportunities and growth drivers that are associated with the growth of the market. The report additionally shares critical insights on the COVID-19 impacts on the Closed System Transfer Devices Market, along with the compound growth rate (CAGR) of the market for a projected period between 2022 and 2031. The report also includes analysis of the market by utilizing different analytical tools, such as PESTEL analysis and Porter’s five forces analysis. These tools also provide an in-depth analysis on the micro and macro-environmental factors that are associated with the growth of the market during the forecast period.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Closed System Transfer Devices Market products.
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The global closed system transmission device (CSTD) market is estimated to be valued at USD 900 million in 2021 and is expected expand at a compound annual growth rate of approximately 12% from 2022 to 2030. The system transfer device (CSTD) is used to transfer drugs from one reservoir to another while limiting the possibility of drug atomization, drug contamination, exposure to sharp objects, and exposure to dangerous drugs. The closed components of the drug transfer and reconstitution system allow for the safe reconstitution of pre-dissolved liquid or powdered drugs in infusion bags, soft bottles or syringes.
Single, partial or multiple vials can be used for each infusion container. The components of the CSTD system include vial adapters, syringe adapters, tip port adapters, connection kits, Luer lock adapters, and tubing and accessory kits. These products have a short shelf life and are mainly disposable products.
CLOSED SYSTTEM TRANSFER DEVICES (CSTD) MARKET DYNAMICS : In terms of the dynamics of the Closed System Transmission Devices (CSTD) market, the global Closed System Transmission Devices (CSTD) market is segmented into systems (needleless systems, needle systems), components (infusion vials and adapters for adapters), and tubing. A closed, easy-to-use physical drive system is designed to reduce waste, simplify implementation and avoid confusion.
These factors can be the driving force behind this industry. On the basis of demand, the global Closed System Transmission Systems (CSTD) market is segmented into pharmaceutical, nursing, and veterinary segments. Awareness of occupational drug exposure prevention in hospital pharmacies and the availability of new closed-loop delivery systems is expected to strengthen the pharmaceutical industry during the forecast period. Pharmaceuticals and biotechnology are important parts of the health system. The price of drugs, especially intravenous cancer, cytotoxic antibiotics, alkylated drugs, and monoclonal antibodies, continues to rise every year.
In 2017, oncology drug sales were approximately $50 billion in the United States and approximately $133 billion worldwide. Devices such as closed system transfer devices maintain the sterility of disposable vials to maintain drug shelf life. One week to avoid contamination
According to USP 797 (USP 797), disposable glass must be used within 6 hours of storage at ISO 5. NORTH AMERICA DOMINATES THE GOLBAL MARKET : The global closed loop transmission (CSTD) market is divided into five major regions: North America, Europe, Asia Pacific, Latin America, Middle East and Africa. North America held a significant share of the global closed loop transmission (CSTD) market in 2019.
Exposure to hazardous drugs can adversely affect health care professionals. Therefore, the increased exposure of healthcare workers to dangerous drugs in the workplace could stimulate the North American market. According to the Centers for Disease Control and Prevention, approximately 8 million health care workers in North America are expected to be exposed to dangerous drugs, and China is expected to generate high returns during the CSTD market forecast. Growing target population and increasing use of CSTDs requiring treatment in high-tech areas are expected to dominate the global CSTD market during the forecast period.
COMPETITIVE OUTLOOK: ICU Medical, Inc. and Baxter International, B. Braun Melsungen AG, and Equashield LLC are the top three companies in the global closed loop transmission (CSTD) market. The global CSTD market is split by number of players. Major players in the global market include ICU Medical, Inc. and Baxter International, Inc. and B. Braun Melsungen AG, Becton, Dickinson & Company, Equashield LLC, Corvida Medical, Yukon Medical, Carrageen Ltd. and market segmentation by JMS Global.
GLOBAL CLOSED SYSTEM TRANSFER DEVICES (CSTD) MARKET : CLOSED SYSTEM TRANSFER DEVICE: Nursing, veterinary CLOSED SYSTEM TRANSFER DEVICE : Direct sales, distributors .
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