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    Hazardous Drugs Closed System Transfer Device Market Report

    Hazardous Drugs Closed System Transfer Device Market Report
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    Global Hazardous Drugs Closed System Transfer Device Market, Trends, Dynamics, and Market See more...

    Impact of COVID-19 on Hazardous Drugs Closed System Transfer Device Market

    Covid-19 has impacted the market dynamics, competition, and global...

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    Impact of COVID-19 on Hazardous Drugs Closed System Transfer Device Market

    Covid-19 has impacted the market dynamics, competition, and global supply chain. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition.

    Note: The summary below might not have included insights on covid impact since we have large number of reports.

    Market Insights

    The Global Hazardous Drugs Closed System Transfer Device Market is projected to grow from USD 398.5 million in 2020 to USD 1,220.4 million by 2026 at a CAGR of over 20.6% during the forecast period.

    Figure: Global Hazardous Drugs Closed System Transfer Device Market Size, 2020-2026 (USD Million)

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    What are Hazardous Drugs Closed System Transfer Device?

    The hazardous closed system drug transfer devices (CSTDs) protect hazardous vapour or drugs during drug production and administration. It consists of components that enable the filtering of dangerous vapours out of the system. These devices play a critical role in the protection of healthcare professionals from harmful medications and antineoplastic, which are primarily used in the treatment of patients suffering from chronic ailments.

    Key Players

    Key players operating in the global hazardous drugs closed system transfer device market are

    • Becton, Dickinson, and Company (BD) (The U.S),
    • ICU Medical, Inc. (The U.S),
    • B. Braun Melsungen (Germany),
    • JMS Co., Ltd. (Japan),
    • Equashield LLC. (The U.S),
    • Teva Pharmaceutical Industries Ltd. (Israel),
    • Corvida Medical (The U.S),
    • Yukon Medical (Canada),
    • Codan Medizinische Geräte GmbH & Co Kg (Germany), and
    • Victus, Inc. (The U.S).

    Market Dynamics

    Rising importance on the implementation of occupational health and safety standards by the government authorities are providing opportunities to the market players.

    • In addition, increasing the adoption of chemotherapy and the improvement of regulatory guidelines regarding hazardous drugs across the medical organizations in the world, further augment the market growth.
    • Also, the growing number of chemotherapy and related harmful drug approval is likely to bolster the need for closed system transfer devices.
    • However, the poor regulatory guidelines regarding health workers' safety in developing nations are likely to hinder the industry expansion.

    Segment Analysis

    End Use Trends

    By end use, the hazardous drugs closed system transfer device market has been segmented into hospitals, oncology clinics and centers, and others.

    Under these, the hospitals segment garnered the highest market share in 2020 and is projected to register the substantial CAGR during the review period.

    This is mainly attributed to increasing cancer patient pool, robust financial capabilities of hospitals for purchasing high-priced CSTDs when compared to oncology centers, and the growing need to comply with the regulatory guidelines established by the NIOSH and FDA regarding the safety of healthcare providers.

    Regional Trends

    By region, the market in the North America accounted for the highest share in 2020 and is projected to grow at a steady CAGR during the assessment period. This is mainly ascribed to favourable initiatives taken by the U.S. Food and Drug Administration and other regulatory bodies in North America to ensure patient safety along with the rising number of oncology drug approvals, which further boosts the regional growth.

    COVID-19 Impact on Global Hazardous Drugs Closed System Transfer Device Market

    The outbreak of the COVID-19 virus has moderately affected the hazardous drugs closed system transfer device industry. The ongoing COVID-19 pandemic is expected to leave a strong impact on the development of the hazardous drug closes system transfer device (CSTD), during the review period, particularly in the first half.

    The chain of pharmaceutical supplies across the globe is affected by the lockdown coupled with the rigorous border control and the fluctuation in the global economy can also be considered as a key cause. Though the supply chain of the pharmaceutical lines has resumed worldwide, the industry participants are likely to focus on the supply chain in the prospective months.

    Critical Questions Answered in the Report

    • What are the key trends in the global hazardous drugs closed system transfer device market?
    • How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in next five years?
    • What is the impact of the COVID-19 on the global hazardous drugs closed system transfer device market?
    • What are the key strategies adopted by the major vendors to lead in the global hazardous drugs closed system transfer device market?
    • What is the market share of the top vendors?

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    Target Audience

    • Hazardous drugs closed system transfer device companies
    • Hazardous drugs closed system transfer device vendors
    • R&D companies
    • Hospitals
    • Drug manufacturing companies

    Custom Research: Stratview research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at [email protected].

    Frequently Asked Questions (FAQs)

    The hazardous drugs closed system transfer device market size is expected to reach USD 1,220.4 million in the coming years.

    Becton, Dickinson, and Company (BD) (The U.S), ICU Medical, Inc. (The U.S), B. Braun Melsungen (Germany), JMS Co., Ltd. (Japan), Equashield LLC. (The U.S), Teva Pharmaceutical Industries Ltd. (Israel), Corvida Medical (The U.S), Yukon Medical (Canada), Codan Medizinische Gerte GmbH & Co Kg (Germany) and Victus, Inc. (The U.S) are among the key players in the hazardous drugs closed system transfer device market.

    The hazardous drugs closed system transfer device market is expected to witness an impressive growth of 20.6% CAGR in the foreseeable future.

    North America accounted for the highest share in 2020 and is projected to grow at a steady CAGR during the assessment period.

    The hospitals segment garnered the highest market share in 2020 and is projected to register the substantial CAGR during the review period.

    Rising importance on the implementation of occupational health and safety standards by the government authorities, increasing the adoption of chemotherapy and the improvement of regulatory guidelines regarding hazardous drugs across the medical organizations in the world are the factors driving the growth of the hazardous drugs closed system transfer device market.

    Hazardous drugs closed system transfer device companies, Hazardous drugs closed system transfer device vendors, R&D companies, Hospitals, Drug manufacturing companies are the target audience in the hazardous drugs closed system transfer device market.

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