CSTD Market Growth: $3.6 Billion by 2033, Report Reveals
- The closed system drug transfer device market was valued at $0.8 billion in 2023 and is projected to reach $3.6 billion by 2033.
- Key growth drivers include the increasing prevalence of cancer and a focus on healthcare worker safety, with diaphragm-based components preferred for their effectiveness.
- Despite the promising growth, challenges such as high costs and maintenance requirements may impact the market's expansion.
In Wilmington, Delaware, on October 10, 2024, Allied Market Research released a report detailing the growth of the closed system drug transfer device (CSTD) market. The market was valued at $0.8 billion in 2023 and is projected to reach $3.6 billion by 2033, with a compound annual growth rate (CAGR) of 15.7% from 2024 to 2033. This growth is primarily driven by the increasing prevalence of cancer and a heightened focus on worker safety in healthcare settings. The report highlights the importance of diaphragm-based components in CSTDs, which provide a robust barrier against contamination and ensure secure drug transfer. These devices are crucial for protecting healthcare workers from exposure to hazardous drugs while maintaining the sterility of medications. Emerging markets in Latin America and the Middle East are gradually adopting these technologies as regulatory frameworks strengthen and healthcare investments rise. However, the high cost and maintenance of these devices pose challenges to market growth. The report also emphasizes the competitive landscape of the CSTD market, showcasing the strategic moves of key players. Notably, B. Braun Medical Inc. announced the availability of its OnGuard 2 CSTD in the U.S. in December 2021, which features upgraded materials and enhanced usability. This report serves as a valuable resource for understanding market dynamics and opportunities in the healthcare industry.