Report : Closed Systems Drug Transfer Devices Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Closing Mechanism (Push-to-turn Systems, Color-to-color Alignment Systems, Luer-lock Systems, Click-to-lock Systems); Type (Membrane-to-membrane Systems, Needleless Systems); Technology (Diaphragm-based Devices, Compartmentalized Devices, Air Cleaning/Filtration Devices); Component (Vial Access Devices, Syringe Safety Devices, Bag/Line Access Devices, Accessories); End User (Hospitals and Clinics, Oncology Centers, Others), and Geography
According to The Insight Partners market research study of “Closed System Drug Transfer Devices Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Closing Mechanism, Type, Technology, Component, and End User,” the global closed system drug transfer devices market is expected to reach US$ 1,661.83 million by 2027 from US$ 374.48 million in 2019. The market is estimated to grow at a CAGR of 20.5% from 2020 to 2027. The report highlights trends prevailing in the global closed system drug transfer devices market and the factors driving market along with those that act as hindrances.
Based on technology, the global closed system drug transfer devices market is segmented into diaphragm-based devices, compartmentalized devices, and air cleaning/filtration devices. The diaphragm-based devices segment held the largest share of the market in 2019. Certain factors, such as superior protection from hazardous drugs and increase in adoption of the devices due to pressure equalization techniques, are responsible for considerable share of the segment in the global market. However, the compartmentalized devices segment is anticipated to register the highest CAGR during the forecast period.
The closed system drug transfer devices market is expected to grow owing to factors such as growing adoption of chemotherapy and improvement of regulatory guidelines regarding hazardous drugs. However, the lack of regulatory guidelines regarding health workers’ safety in emerging countries is expected to restrict the market growth during the forecast period.
The COVID-19 outbreak has also affected the closed system drug transfer devices market across the globe. At present, majority of the manufacturing companies and research institutes and centers are involved in diagnosing the coronavirus and vaccines to treat the deadly virus. Thus, the shift of medical device and research centers and diagnostics laboratories toward the COVID-19 pandemic has hindered the market growth. It is expected that the impact of the pandemic is likely to be seen for a few years.
BD, B. Braun Medical Inc., ICU MEDICAL INC., EQUASHIELD, Corvida Medical, Yukon Medical, Caragen Ltd., Simplivia Healthcare Ltd., JMS CO., LTD., and Victus, Inc. are some of the leading companies operating in the closed system drug transfer devices market.
The report segments the global closed system drug transfer devices market as follows:
By End User