Based on region, the Closed System Drug Transfer Device Market has been segmented into North America, Europe, Asia-Pacific, and the Rest of the World. North America accounted for the largest market share in 2023 and is anticipated to reach USD 9.92 billion by 2032, registering a CAGR of 9.10% during the forecast period.
North America accounted for the largest market share of 38.14% and is estimated to dominate the global CSTD market. This large market share is due to the increasing prevalence of cancer cases and the strong research and development infrastructure. For instance, In the United States in 2020, there were 1,603,844 new cancer cases reported and 602,347 cancer deaths. There were 403 new cancer cases reported for every 100,000 people, and 144 people died from cancer. Moreover, Technological advancements in CSTDs are further driving market growth.
Modern devices incorporate innovative features such as air filtration systems, leak-proof connectors, and enhanced compatibility with various drug delivery systems, thereby improving their effectiveness and usability in clinical settings
The Americas region is followed by Europe, which accounted for the second largest closed system drug transfer device market share. One of the primary drivers is the increasing prevalence of chronic diseases across the region, which necessitates efficient and safe drug delivery mechanisms. This demographic trend is fueling demand for advanced drug transfer devices that offer enhanced safety and precision in medication administration. Additionally, stringent regulations and guidelines pertaining to healthcare worker safety are pushing healthcare facilities to adopt closed-system drug transfer devices (CSTDs) to minimize occupational exposure to hazardous drugs.
Moreover, technological advancements in drug transfer devices, such as the integration of smart features and materials that ensure compatibility with a wide range of medications, are further propelling market expansion. These factors collectively contribute to a favorable landscape for growth in the Europe drug transfer devices market, promising continued innovation and adoption in the years ahead.
Asia-Pacific is expected to witness significant growth and is projected to be the fastest growing region over the forecast period due to the increasing number of new vendors involved in the drug-device system, as many regional/small market players are trying to leverage the market share. In 2019, there were only 62 dedicated cancer care hospitals in India, including both regional and national facilities, according to the National Institute of Health. The estimated number of cancer incidents in India for the year 2022 was 14,61,427 (crude rate: 100.4 per 100,000).
In India, one in every nine people will develop cancer during their lifetime. Lung and breast cancers were the most common cancer sites in men and women, respectively. Thus, the increasing cancer patient pool will propel the demand for closed drug delivery systems which will boost the market growth in the region. Additionally, the availability of skilled workforce and low production cost in the region portrays an opportunity for global players to enter untapped markets in Asia-Pacific.
FIGURE 3: CLOSED SYSTEM DRUG TRANSFER DEVICE MARKET BY REGION 2023 & 2032 (USD BILLION)
