According to FutureWise analysis the market for closed system transfer devices in 2023 is US$ 1.16 billion, and is expected to reach US$ 4.8 billion by 2031 at a CAGR of 19.40%.
The rising number of approvals for oncological drugs, increasing prevalence of cancer are some of the factors responsible for the proliferation of the market. These devices are helpful in combating the effects of antineoplastic drugs and in containing the escape of vapor concentration and hazardous drugs outside the system. The membrane-to-membrane system is predicted to grow at a remarkable rate over the forecast period owing to their low contamination risk pertaining to double membrane contaminant systems and operational ease. Furthermore, these systems are efficient in isolating medications through the usage of a double membrane junction between the container or the medication vial and the syringe, thus increasing its demand. The hospital segment is anticipated to witness significant market growth and that is mainly due to a larger pool of cancer patients, stronger financial capability to purchase high-quality closed system transfer devices in comparison with clinics and oncology centres. The Asia Pacific region is expected to showcase noteworthy growth over the forecast period owing to the rising incidences of cancer and the ever-increasing demand for improved healthcare service from developing countries like India. Additionally, these are emerging market region which had been targeted by key market players for expanding their businesses which shall further bolster the market growth in the region.
FutureWise Market Research has instantiated a report that provides an intricate analysis of Closed System Transfer Devices Market trends that shall affect the overall market growth. Furthermore, it includes detailed information on the graph of profitability, SWOT analysis, market share and regional proliferation of this business. Moreover, the report offers insights on the current stature of prominent market players in the competitive landscape analysis of Closed System Transfer Devices.
According to the research study conducted by FutureWise research analysts, the Closed System Transfer Devices Market is anticipated to attain substantial growth by the end of the forecast period. The report explains that this business is predicted to register a noteworthy growth rate over the forecast period. This report provides crucial information pertaining to the total valuation that is presently held by this industry and it also lists the segmentation of the market along with the growth opportunities present across this business vertical.