Closed System Transfer Devices Market Trends

Growth Driver

• Increasing Prevalence of Cancer – The growing presence of cancer globally and also growth in several oncology products approval are the primary factors expected to drive the growth of this market in the forecast period. According to a report in 2020, there were approximately 19,292,789 new cases of cancer globally in that year. By 2040, there would be 28,887,940 cases, according to estimates. The large population of cancer patients, which is driving demand for cutting-edge drug delivery methods, is anticipated to contribute to the market's expansion for closed-system transfer devices.
• Growing Use of Antineoplastic Drugs and Other Toxic Drugs – Antineoplastic drugs are hugely used in the treatment of cancer and are considered to be harmful. Healthcare professionals associated with the delivery, transport, preparation, distribution, administration, and disposal of these drugs are at high risk. As per statistics, around 8 million healthcare workers in the United States are exposed to hazardous drugs. 
• Stringent Government Drug Safety Standards - Globally, governments are establishing strict laws to guarantee the security of healthcare professionals when handling dangerous pharmaceuticals. Guidelines for the safe handling of hazardous medications have been released by the US Occupational Safety and Health Administration (OSHA) and the National Institute for Occupational Safety and Health (NIOSH). Similarly to this, the European Medicines Agency (EMA) has published recommendations for the administration of risky medications in healthcare facilities. It is anticipated that this will accelerate the use of closed-system transfer devices.
• Growing Adoption in Healthcare Sector – As the presence of chronic diseases such as cancer and diabetes seems to be growing globally, the adoption rate of closed system transfer devices also grew as closed system transfer device is widely related to the treatment of these diseases. A 2019 study conducted by the American Society of Health-System Pharmacists (ASHP) found that the use of closed-system transfer devices in healthcare settings has increased significantly in recent years. The survey found that 83% of hospitals and healthcare systems use CSTD for at least some dangerous drugs. 

Challenges

• High Cost of Implementation of Closed System Transfer Device – One of the significant challenges faced by the closed system transfer device market is the high cost associated with these devices. The high price of closed-system transfer devices makes it difficult for healthcare facilities to afford them, which limits their adoption. This factor is expected to pose a challenge to the growth of the market in the forecast period.
• Regulatory Challenges
• Limited Awareness