Closed System Transfer Devices Market Estimated to Cross US$ 2,032 Million by 2027

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[150+ Pages Research Report] According to the recent analysis research report; the global Closed System Transfer Devices  Market in 2020 was approximately USD 800 Million. The market is expected to grow at a CAGR of 20.4% and is anticipated to reach around USD 2,032 Million by 2027. Top market players are ICU Medical, Inc., Baxter International, Inc., B. Braun Melsungen AG, Becton, Dickinson and Company, Equashield LLC, Corvida Medical, Yukon Medical, Caragen Ltd., and JMS Co. Ltd.

Overview of Closed System Transfer Devices  Market Study

Closed System Transfer Devices  market study conducted by Nova One Advisor is intended at helping stakeholders get a comprehensive overview of potential challenges and undiscovered opportunities. The report offers exclusive insights to help companies and their customers to make informed decision to sustain growth through the assessment period.

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Growth Factors:

Market growth is largely driven by the harmful effects (lingering role) of cytotoxic drugs, rising incidence of cancer, an increasing number of oncology drug approvals, and improving regulatory guidelines regarding the safe handling of hazardous drugs. However, the high cost of implementation of CSTDs, along with a lack of reimbursement for CSTDs and compliance to regulatory guidelines in developing countries, hampers the adoption of these products in hospitals and oncology centers to a certain extent.

Market Dynamics
DRIVER: Rising environmental pollution levels
Exposure to indoor and outdoor air pollutants, allergens, and occupational exposure are the major risk factors causing chronic respiratory diseases. The prevalence of allergic disorders among the urban population is higher than those living in rural areas due to the higher exposure to environmental pollutants in cities (as a result of vehicular pollution and industrial activities).

As per the WHO, more than 80% of people living in urban areas are exposed to air quality levels that exceed the WHO safety limits; though this is a global trend, its effects are more severe in the urban areas of low-income countries. This is a major indicator for the growth of the allergy diagnostics market, as air pollution from motor vehicles has been indicated as one of the major risk factors responsible for allergic diseases.

Epidemiological and toxicological research reveals a causal relationship between air pollution and the increased incidence of asthma, allergic rhinitis, and other allergic disorders. Studies have also demonstrated a significant increase in the incidence and exacerbation of asthma in urban locations with elevated PM 2.5 (particulate matter of size 2.5 micrometers or less), nitrogen dioxide, and ozone concentrations.

Research by allergy/immunology community members has shown that pollutants augment immediate and late-phase responses to allergens. Research also indicates that pollutants contribute to disease development, with tobacco smoke and diesel exhaust particles augmenting primary sensitization to antigens, leading to an IgE response. Epidemiologic studies also demonstrate that exposure to ambient air pollutants contributes to increased hospitalizations, decreased lung growth, and disease development.

RESTRAINTS: Premium costs associated with allergy diagnostic instruments
Several allergy diagnostics instruments, such as luminometers, blot analyzers, scanners, ELISA analyzers, and immunoassay analyzers, are periodically updated by market players. As these instruments are equipped with advanced features and functionalities, they are priced at a premium (the price of each instrument varies based on its accuracy, flexibility, and TAT). For instance, immunoassay analyzers cost between USD 10,000 and USD 20,000, while luminometers cost between USD 3,000 and USD 14,000. Semi-automated ELISA readers cost between USD 2,000 and USD 5,000, while fully automated analyzers cost around USD 14,000. Furthermore, maintenance and insurance, laboratory supervision, and overheads (including utilities, space, and administration) are additional expenses required to operate this equipment.

Large hospitals and diagnostic laboratories have a larger share in this market as they have good capital budgets to afford high-volume systems. However, most small laboratories, physicians’ clinics, and independent practitioners have budget constraints owing to which they generally cannot afford large or very large systems. Thus, high fixed-cost requirements are expected to limit the growth of the allergy diagnostics market.

OPPORTUNITY: Use of mHealth in allergy diagnosis
The use of mHealth for the diagnosis of rhinitis is currently limited, with a small number of mHealth tools for allergic rhinitis (AR) diagnosis published in peer-reviewed journals. Recent developments in integrated biosensors, wireless communication, and power harvesting techniques generate a new breed of point-of-care devices. However, AR is a very common disease. Any diagnostic device connected to a smartphone (e.g., peak nasal inspiratory flow meters or intranasal biosensors) would need to be inexpensive to be affordable.

The monitoring of the control of allergic multimorbidity (rhinitis, conjunctivitis, and asthma) has been approached by several apps. Allergymonitor, for example, helps in monitoring the symptoms and medication intake, which is then matched to local pollen concentrations. Similarly, the MASK (Mobile Airways Sentinel Network) MASK-Air, initially called Allergy Diary, uses a visual analog scale (VAS) for eye, nose, & asthma symptoms, work impairment, and a global assessment. The data collected by the users of this app have led to new insights on work productivity, treatment patterns, and phenotypes of allergic diseases.

Mobile health in food allergy plays a promising role for different stakeholders, including patients and patient organizations, doctors, and allergy organizations but also the food industry. Within food allergy, different levels of medical management can be approached by mHealth tools. For the diagnosis of allergies, mobile health tools can support patients in the documentation of symptoms. Mobile health in food allergy may play a role for different stakeholders, including patients and patient organizations, doctors, and allergy organizations but also the food industry. Within food allergy, different levels of medical management can be approached by mHealth tools. At the level of diagnosis, mobile health tools can support patients for the documentation of symptoms.

Incorporating mHealth would enable the allergists and their patients to have a new way of communication via the phone camera, sound recording system, motion sensors, texting, and ultimately by using diagnostic devices and diagnostic algorithms incorporated in the smartphone itself.

TREND: Reagent rental agreements
Reagent rental agreements are sales agreements between end users (such as hospitals and diagnostic laboratories) and allergy diagnostic product manufacturers. Under these agreements, the end user rents or purchases instruments at a subsidized rate by entering into a reagent-purchase contract with the manufacturer. This mutually beneficial agreement lowers the initial capital investment for the end user while assuring the manufacturer of purchases over a substantial time period. In some cases, analyzers are rented out to the end user at a cost-per-test rate.

Reagent rental agreements and cost-per-test contracts provide significant benefits to laboratories focusing on reducing costs. They also help laboratories avoid major fixed capital expenditures associated with the purchase of new equipment. For high-volume laboratories, these expenditures are substantially higher than those of a standard laboratory. Moreover, with the average contract lasting between 5 and 10 years, this allows laboratories to remain updated with the latest innovations in allergy diagnostics. Some contracts also include service/maintenance expenses in the total cost, providing additional savings for laboratories.

“Consumables are expected to hold the largest share of the allergy diagnostics market, by product & service in 2020.”
Based on product & service, the allergy diagnostics market is segmented into consumables, instruments, and services. In 2020, the consumables segment accounted for the largest share of the allergy diagnostics market. The large share of the consumables segment can be attributed to the increasing cases of allergies and the need for rapid tests to diagnose allergic conditions. The consumables segment is also expected to witness significant growth during the forecast period.

“In vivo tests are expected to hold the largest share of the allergy diagnostics market, by test type in 2020.”
Based on test type, the allergy diagnostics market is segmented into in vivo tests and in vitro tests. In 2020, the in vivo tests segment accounted for the largest share of the allergy diagnostics market. The growth of this segment is mainly driven by the increasing adoption of various in vivo tests, such as skin prick tests. These tests are dependable, safe, convenient, and cost-effective, as compared to in vitro tests.

“Inhaled allergens are expected to hold the largest share of the allergy diagnostics market, by an allergen in 2020.”
Based on allergens, the allergy diagnostics market is segmented into inhaled allergens, food allergens, drug allergens, and other allergens. In 2020, the inhaled allergens segment accounted for the largest share of the allergy diagnostics market due to the increasing environmental pollution and rising pollen coupled with other factors such as fungus, mold, and dust.

Diagnostic laboratories are expected to hold the largest share of the allergy diagnostics market, by end user in 2020.”
Based on end user, the allergy diagnostics market is segmented into diagnostic laboratories, hospital-based laboratories, academic research institutes, and other end users. In 2020, the diagnostic laboratories segment accounted for the largest share of the market. The large share of the segment can be primarily attributed to the preference for proper diagnosis from a specialist, rising awareness regarding the management of allergic diseases, and the availability of funds for the operation of independent diagnostic laboratories.

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COVID-19 Impact on Closed System Transfer Devices  Sales

Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Closed System Transfer Devices  market.

Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.

Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.

Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Closed System Transfer Devices  market 2021 onwards. This trend will however continue through the course of the report’s assessment period

Key Players:

This report provides detailed company profiles of the key market players. This research report also highlights the competitive landscape of the Closed System Transfer Devices  market and ranks noticeable companies as per their occurrence in diverse regions across globe and crucial developments initiated by them in the market space. This research study also tracks and evaluates competitive developments, such as collaborations, partnerships, and agreements, mergers and acquisitions; novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.

Some of the prominent players in the Closed System Transfer Devices  market include:

ICU Medical, Inc., Baxter International, Inc., B. Braun Melsungen AG, Becton, Dickinson and Company, Equashield LLC, Corvida Medical, Yukon Medical, Caragen Ltd., and JMS Co. Ltd.

Unravelling the Critical Segments

This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:

By Closing Mechanism

  • Push-to-Lock System
  • Click-to-Lock System
  • Luer lock System
  • Color-to-Color alignment System

By Type

  • Membrane-to-Membrane systems
  • Needleless Systems

By Component

  • Vial access devices
  • Syringe safety devices
  • Bag/line access devices
  • Accessories

By Technology

  • Diaphragm-based devices
  • Compartmentalized devices
  • Air cleaning/filtration devices

Browse Complete Table of Content@ https://www.novaoneadvisor.com/toc/closed-system-transfer-devices-market

Why Buy this Report?

The purpose of Nova one advisor’s Closed System Transfer Devices  market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.

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