The Asia Pacific closed systems drug transfer devices market is expected to reach US$ 345. 83 million by 2027 from US$ 75. 23 million in 2019; it is estimated to grow at a CAGR of 21. 1% from 2020 to 2027.
New York, Nov. 27, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Asia Pacific Closed Systems Drug Transfer Devices Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Closing Mechanism, Type, Technology, Component, and End User and Country" - https://www.reportlinker.com/p05989497/?utm_source=GNW
The closed systems drug transfer devices market in Asia Pacific is primarily driven by the rising adoption of closed system drug transfer device for chemotherapy.However, the lack of regulatory guidelines regarding the safety of health workers in emerging countries restricts the growth of the market.
Additionally, continuous technological advancements in handling of hazardous drugs and rising number of chemotherapeutic drug approvals are expected to fuel the growth of the Asia Pacific closed systems drug transfer devices market during the forecast period.
Closed system drug transfer devices provide protection against hazardous drugs or vapors during drug preparation and administration.These devices comprise components to filter dangerous vapors.
Closed system drug transfer devices play a major role in providing protection to healthcare professionals who are in close proximity to antineoplastic drugs and other harmful medications. Government authorities are emphasizing on the implementation of occupational health and safety standards, which, in turn, offers lucrative opportunities for the growth of the Asia Pacific closed systems drug transfer devices market.
As closed system drug transfer devices provide protection against lethal drugs, government agencies and healthcare authorities emphasize on the utilization of these devices for better healthcare services. For instance, in September 2019, Equashield (equashield.com), a provider of closed system transfer devices (CSTDs) for hazardous drugs, announced that through Japanese distributor Tosho Inc., EQUASHIELD CSTD will be available for oncology nurses in Japan. As per the collaboration, Tosho provides Equashield’s closed IV connectors for PAL Medical to develop safer IV sets for oncology nurses administering hazardous chemotherapy drugs. Recently, the use of closed systems for compounding chemotherapy medications has increased significantly in Japan owing to the support provided by the government with reimbursements for CSTD use. In addition, there are official guidelines from the Japanese Ministry of Health recommending the use of CSTDs in the preparation and administration of hazardous drugs. Thus, the rising adoption of CSTD in the Asia Pacific market boosts the growth of the market.
Considering geographic and economic operations, countries in Asia Pacific are witnessing various challenges due to the COVID-19 crisis.With growing geriatric population having chronic diseases and rising burden of cancer patients, the region is facing challenges in healthcare.
Government agencies and healthcare experts are striving to provide cancer care and trying to contain the spread of COVID-19, simultaneously.Also, the pandemic is likely to have both a medium- and longer-term negative impact on R&D and manufacturing activities, thereby causing delay in projects.
These factors are affecting the growth of the closed systems drug transfer device market in the region.
In 2019, the push-to-turn systems segment accounted for the largest share of the market.The growth of this segment is attributed to the increasing preference for push-to-turn mechanism, as it offers superior protection and availability of the product incorporating push-to-turn mechanism.
Furthermore, the luer-lock systems segment is expected to register the highest CAGR in the closed systems drug transfer devices market during the forecast period.
A few major secondary sources referred while preparing the Asia Pacific closed systems drug transfer devices market report are the World Health Organization (WHO), China National Medical Products Administration (NMPA), Chinese Center for Drug Evaluation (CDE), and Globocan Cancer Statistics 2018.
Read the full report: https://www.reportlinker.com/p05989497/?utm_source=GNW
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