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(Health-NewsWire.Net, August 14, 2020 ) 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 the closed system transfer devices market is mainly driven by factors such as the rising incidence 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. However, the high cost of implementation of CSTDs and lack of reimbursement as well as lack of compliance with regulatory guidelines in developing countries are expected to restrain the growth of this market during the forecast period.
Becton, Dickinson and Company (US), Equashield LLC. (US), and ICU Medical, Inc. (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) are some of the leading players in this market. These companies are focusing on increasing their presence in the high-growth markets through both organic as well as inorganic growth strategies such as product launches, approvals, expansions; collaborations and partnerships; and acquisitions.
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Becton, Dickinson and Company is the leading player in the closed system transfer devices market. The firm’s leading position in this market can be attributed to its wide product portfolio, which includes hazardous drug safety products, such as the PhaSeal and Texium systems. The company has a wide geographic presence spanning across the US, Canada, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The adoption of BD’s PhaSeal system is higher as compared to other CSTDs in the US and other international markets. This is due to the compatibility of BD’s PhaSeal system with many chemotherapy drugs. The company has experienced steady revenue growth over the past three years. In 2018, BD reported a 29.6% increase in its medication delivery solutions segment’s revenue to reach USD 3.64 billion in 2018 from USD 2.81 billion in 2017. In order to sustain its leading position in the market, the company focuses on expansions.
Equashield held the second position in the closed system transfer devices market. The company offers closed syringes and adapters for accessing vials and IV bags in pharmacies as well as connectors and tubing sets for nursing departments. The company distributes its products in the US. Outside the US, Equashield distributes and provides services to customers in four continents through its international network of distributors. Equashield’s product suite includes EQUASHIELD I and II (its flagship CSTDs) and EQUASHIELD Pro (a system-enabled multi-station hazardous IV drug compounder). The company focuses on increasing its distribution network in the emerging markets to cater to the growing demand for CSTDs. In October 2018, the company signed a partnership with Max Care Medical (Saudi Arabia) to distribute and market its CSTD products in Saudi Arabia and MEA.
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ICU Medical held the third position in the closed system transfer devices market. The company offers a strong portfolio for the safe handling of hazardous IV drugs. The company’s research and development expenses increased from USD 13.0 million in 2016 to USD 51.3 million in 2017. ICU Medical also has a strong geographic presence in North America, Europe, and the Asia Pacific. To increase its geographic presence in APAC, the company entered into a long-term supply agreement with Terumo Corporation (Japan). According to this agreement, Terumo will distribute ICU’s entire product portfolio, including its IV therapy and CSTD products, in Japan and Asia. The company also focuses on acquisitions to maintain its leadership position in the market.
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