ICU Medical (US) and Becton, Dickinson and Company (US) are Leading players in the Closed System Transfer Devices Market
The closed system transfer devices market is projected to reach USD 2.5 billion by 2029 from USD 1.1 billion in 2024, at a CAGR of 14.5% during the forecast period. Market growth is largely driven by Growing concerns about healthcare worker safety, particularly from exposure to hazardous drugs during cancer treatment, is a key driver. Stricter regulations mandating safe handling practices further necessitate the adoption of CSTDs. Additionally, the rising prevalence of diseases like cancer and the increasing use of potent drugs in personalized medicine fuel the demand for these devices. However, the initial investment required for implementing CSTDs, resistance to change within organizations and the healthcare industry's traditionally slow adoption of new technologies and regulatory complexities and compliance requirements hampers the adoption of these products in hospitals and oncology centers to a certain extent.
The prominent players in the closed system transfer device market are Becton, Dickinson and Company (US), ICU Medical (US), B Braun Melsungen (Germany), Simplivia Healthcare (Israel), Corvida Medical (US), Yukon Medical (US), JMS (Japan), Equashield (US), Corning Incorporated (US), Terumo Corporation (Japan), Cardinal Health (US), Eraser Medical (Turkey), Baxter International (US), West Pharmaceuticals Services (US), CODAN Medizinische Geräte GmbH & Co KG (Germany), Victus (US), Caragen (Ireland), Vygon SA (US), Practivet (US), and Insung Medical (South Korea) among others. These players have adopted various growth strategies such as product launches, acquisition, and expansion to increase their presence and reach in the closed system transfer devices market.
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ICU Medical:
A comprehensive portfolio is provided by ICU Medical for the safe handling of dangerous IV medications. Its range of products includes automated and needleless drugs compounding systems. The company engaged into a long-term supply deal with Terumo Corporation (Japan) in order to expand its regional reach. This deal states that Terumo will distribute all of ICU's products throughout Japan and Asia, including IV therapy and CSTD products. Over the last three years, the company's infusion consumables segment has grown steadily, taking up the greatest share of 37% of the total revenue mix.
Becton, Dickinson and Company:
With a broad product portfolio that includes hazardous drug-safe devices like the PhaSeal and Texium system, as well as a global presence spanning more than 50 countries, BD is the market leader in the CSTD space. Because BD's PhaSeal system works with a wide range of chemotherapeutic medications, it is more widely used in the US and other markets than other CSTDs. The corporation prioritises growing its worldwide footprint and bolstering its product line.
Equashield:
Equashield provides nursing tubing sets, connectors, and closed syringes as well as adapters for using vials and IV bags in pharmacies. The company distributes its products in the US. Equashield uses a global network of distributors to distribute and offer services to clients on four continents outside of the United States. Equashield I, II, its flagship CSTD, and Equashield Pro, a system-enabled multi-station hazardous IV drug compounder, are all part of Equashield's product range. By forming alliances to increase its worldwide presence, the corporation meets its goal. In the past three years, the company has grown into nations including Brazil, the Netherlands, and the UK.
Related Reports:
Closed System Transfer Devices Market by Type (Membrane-to-Membrane, Needleless), Technology, Component (Vial Access Device, Male luer, Bag Spike, Female Component), End User (Hospitals & Clinics, Oncology Center) - Global Forecast to 2029
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