Asia-Pacific Closed System Transfer Devices Market, By Type (Membrane-To Membrane Systems and Needle-Free Closed System Transfer Device), Component (Devices and Accessories), Closing Mechanism (Push-To-Turn Systems, Color-To-Color Alignment Systems, Luer-Lock System and Click-To-Lock Systems), Technology (Diaphragm-Based Devices, Compartmentalized Devices And Air Cleaning/Filtration Devices), End User (Hospitals, Oncology Centers & Clinics, Ambulatory Surgical Centers, Academic and Research Institutes), Distribution Channel (Direct Tender and Retail Sales), Country (China, South Korea, Japan, India, Australia, Singapore, Malaysia, Indonesia, Thailand, Philippines And Rest Of Asia-Pacific) Industry Trends and Forecast To 2028.
Asia-Pacific closed system transfer devices market is expected to gain significant growth in the forecast period of 2021 to 2028. Data Bridge Market Research analyzes that the market is growing with a CAGR of 17.9% in the forecast period of 2021 to 2028 and is expected to reach USD 327,896.32 thousand by 2028. Technological advancements in the delivery of effective healthcare services is boosting the growth of the market.
Closed system transfer device or "CSTD" is a drug transfer device, which mechanically prohibits the transfer of environmental contamination in medical system and escape of hazardous drug or vapor concentrations outside the system. Open versus closed systems are commonly applied in medical devices to maintain the sterility of a fluid pathway. CSTDs work by preventing the uncontrolled inflow and outflow of contaminants and drugs, preserving the quality of solution to be infused into a patient. These devices ensure safety of healthcare workers during the usage of hazardous drugs or chemicals. Closed system transfer device designs and models have changed at a rapid rate in recent years, resulting in the development of a number of independent testing methodologies to assess closed system transfer device performance. Currently, manufacturers in the closed system transfer devices market are focusing more on adhering to performance requirements, which largely focus on patient safety and sterile practices.
Rise in safety concerns of healthcare workers is the major driving factor in the market. Shortage of skilled personnel in healthcare sector can prove to be the major challenge for market growth. However, extensive research funding projects from government in safe handling of drugs prove to be an opportunity for the market. On the other hand, lack of compatibility between the biologic and construction material of the CSTDs is expected to restrain the growth of the market. In addition, challenges faced due to the impact of Covid-19 on supply chain of raw materials are expected to further limit market growth.
The closed system transfer devices market report provides details of market share, new developments, and product pipeline analysis, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the closed system transfer devices market scenario contact Data Bridge Market Research for an Analyst Brief, our team will help you create a revenue impact solution to achieve your desired goal.
Asia-Pacific closed system transfer devices market is segmented on the basis of type, component, closing mechanism, technology, end user, and distribution channel. The growth among segments helps you analyze niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of type, the Asia-Pacific closed system transfer devices market is segmented into membrane-to-membrane systems and needle-free closed system transfer device. In 2021, membrane-to-membrane systems segment is expected to dominate the market as it gives comparatively higher protection from outside contamination.
- On the basis of component, the Asia-Pacific closed system transfer devices market has been segmented into devices and accessories. In 2021, devices segment is expected to dominate the market due to higher usage and pricing of devices compared to accessories.
- On the basis of closing mechanism, the Asia-Pacific closed system transfer devices market has been segmented into push-to-turn systems, color-to-color alignment systems, luer-lock system, and click-to-lock systems. In 2021, click-to-lock segment is expected to dominate the market because it is quiet easy to use and has same kind of effectiveness as others, which makes it more suitable for producers and end users.
- On the basis of technology, the Asia-Pacific closed system transfer devices market has been segmented into diaphragm-based devices, compartmentalized devices, and air cleaning/filtration devices. In 2021, diaphragm-based devices segment is expected to dominate the market because it is more effective when it comes to sealing capability. It gives more protection from contamination when compared with other technologies.
- On the basis of end user, the Asia-Pacific closed system transfer devices market is categorized into hospitals, oncology centers & clinics, ambulatory surgical centers, academic, and research institutes. In 2021, Hospital sub-segment is expected to dominate the market as medical regulatory bodies are encouraging the usage of CSTD products in hospitals for staff’s safety. When compared with other end users, hospitals are highly adopting the usage of CSTD while dealing with hazardous drugs.
- On the basis of distribution channel, the Asia-Pacific closed system transfer devices market is segmented into direct tender and retail sales. In 2021, retailer segment is expected to dominate the market because Asia-Pacific region is pretty much dependent on supply from dominating foreign providers of CSTD. Foreign companies are preferring third party retail sales channel to expand globally.
Asia-Pacific Closed System Transfer Devices Market Country Level Analysis
The closed system transfer devices market is analyzed and market size information is provided based on country, type, component, closing mechanism, technology, end user, and distribution channel as referenced above.
Countries covered in the closed system transfer devices market report are the China, South Korea, Japan, India, Australia, Singapore, Malaysia, Indonesia, Thailand, Philippines, and Rest of Asia-Pacific. China dominates the market due to its advancement in medical research and technology.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of Asia-Pacific brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.
Increasing Number of Oncology Drug Approvals is Boosting the Market Growth of Closed System Transfer Devices Market.
Asia-Pacific closed system transfer devices market also provides you with detailed market analysis for every country growth in particular market. Additionally, it provides the detail information regarding the market players’ strategy and their geographical presence. The data is available for historic period 2010 to 2019.
Competitive Landscape and Closed System Transfer Devices Market Share Analysis
Closed system transfer devices market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width and breadth, application dominance, and technology lifeline curve. The above data points provided are only related to the companies’ focus related to Asia-Pacific closed system transfer devices market.
Major companies operating in the Asia-Pacific closed system transfer devices market are ICU Medical, Inc., BD, B. Braun Medical Inc., EQUASHIELD, YUKON MEDICAL, Vygon, Epic Medical, and others. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
Many contracts and agreements are also initiated by the companies worldwide which are further accelerating the Asia-Pacific closed system transfer devices market growth.
- In September 2019, EQUASHIELD had announced the availability of CSTD in Japan region through Japanese distributor Tosho Inc. Under this acquisition, Tosho will provide PAL Medical with Equashield’s closed IV connectors in order to develop safer IV sets for oncology nurses administering hazardous chemotherapy drugs. This will also help the company to become recognized leader in the Asia-Pacific region for safe handling in healthcare settings.
- In April 2019, ICU Medical, Inc. and Scripps Health signed an agreement stating the long-term purchase agreement, which covers ICU Medical’s full product line of IV solutions and consumables, along with other medication software. With this, there is an increased level of clinical and IT diligence that Scripps Health performed to evaluate the technology and capabilities as part of their robust value analysis process. This will also help the company to provide highest standard of patient care with advanced technology and solutions.