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Needlefree Closed System Transfer Device (CSTD) is a medication device that prevents the leakage of hazardous drugs to maintain the drug sterility during its preparation process. This device also blocks the administration of environmental contaminants in the system that may affect the drug quality. Business Research Insights states that the needlefree closed system transfer device (CSTD) market size was valued at USD 1,808.77 million in 2020 and is expected to grow at a CAGR of 7.61% during the forecast period. The rising prevalence of cancer is expected to bolster the market growth in the coming years.
Needlefree Closed System Transfer Device (CSTD) Sales will Boost Post-Pandemic
The COVID-19 pandemic affected various industries due to stringent restrictions imposed by governments. The demand for Needlefree Closed System Transfer Device (CSTD) decreased to a higher extent during the pandemic due to reduction in patient visits to clinics and hospitals. However, the industry is projected to grow at a rapid pace post-pandemic due to increasing investments by government bodies. Also, rising R&D activities in the healthcare sector will allow the leading companies to introduce devices according to customer demand.
Adoption of High Quality Medical Devices
The major aspect of medical devices used in the treatment and drug production is accuracy and efficiency. Healthcare service providers focus on acquiring high quality and efficient devices to ensure enhanced performance and accuracy. The increasing prevalence of cancer and rising drug production activities are expected to bolster the market growth. Furthermore, the leading companies' increasing adoption of advanced technologies is expected to bolster the product demand by various healthcare service providers and pharmacists. These companies focus on investing in technological advancements and developments to introduce devices and enhance their product portfolio. Implementing smart technologies in device development will ensure device quality and feasibility with the efficient outcome expected by the users.
Below Mentioned are the Profiles of the Leading Needlefree Closed System Transfer Device (CSTD) Companies:
1. BD Medical
BD Medical also known as Becton, Dickinson and Company was established in 1897 and is headquartered in New Jersey, U.S. BD Medical is one of the well-known American multinational companies with several subsidiaries. The company delivers high quality medical devices, reagents, and instrument systems. Regionally, the company also provides consulting and analytics services according to consumer requirements.
2. Equashield
Equashield is headquartered in the U.S. and focuses on deploying its products to over 28+ countries globally. The company manufactures a unique encapsulated syringe with a built-in pressure equalization system. These syringes are fully closed and have dry disconnections with needle-safe properties. The company has around 2,000+ happy customers from the pharmaceutical and hospital sectors.
3. ICU Medical
ICU Medical is located in California, U.S. The company was established in 1984 and is a globalized brand. It manufactures, develops, and sells medical technologies used in oncology, critical care operations, and vascular therapy. The major motive of ICU Medical is to provide life-saving and life-enhancing medical devices by introducing innovative and cost-effective medical devices.
4. Teva Pharmaceutical Industries Ltd.
Teva Pharmaceutical Industries Ltd. was established in February 1944 and is headquartered in Israel. The company aims to provide generic and biopharmaceutical medicines. Teva manufactures and sells pharmaceutical products globally by investing in product development and innovation.
5. Corvida Medical
Corvida Medical is headquartered in the U.S. and provides its services globally. The company manufactures and sells medical devices developed by implementing advanced technologies. It was established in 2008 and now serves globally.
High Investment in Technological Advancements by Leading Companies
Needlefree Closed System Transfer Device (CSTD) is highly adopted in the healthcare sector to ensure high drug quality and to avoid hazardous impacts of drug leakage. The leading players focus on various business growth strategies to improve their performance and propel growth. Emerging technologies and rapid adoption of new platforms will ensure productivity and profitability by increasing awareness regarding CSTD among customers. Also, the increasing prevalence of cancer among the population is anticipated to fuel industrial development. Furthermore, companies focus on increasing investment in R&D activities to develop new product ranges to meet customer demand.