Automated Compounding Systems Market Growing Adoption of Chemotherapy and Personalized Medication
The automated compounding systems market was valued at US$ 403.88 million in 2019 and is projected to reach US$ 684.17 million by 2027; it is expected to grow at a CAGR of 7.0% during 2020–2027.
An automated compounding system is a device that combines one or more drug solutions to a final container for patient administration. Automated compounding system helps avoid medication error that occurs due to a variety of factors such as poor management communication between the physician and pharmacist, critical storage practices in pharmacies, and confusion while using similar labels. However, with the automated compounding systems, the accuracy and efficiency of dispensing compounded products have improved and reduced the exposure of healthcare professionals to toxic agents. The global automated compounding systems market is driven by factors such as the growing adoption of chemotherapy and personalized medication, rising need to minimize medication errors. However, the high cost of automated compounding systems will impede the market growth. Furthermore, increasing awareness in pharmacists is likely to offer significant opportunities for the growth of the global automated compounding systems market
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Key findings from the report
- The gravimetric automated compounding systems held the largest share in the global automated compounding systems market. The growth of the segment is attributed to the increasing adoption of this method for the preparation of IV agents such as antineoplastic agents, along with the reduction of potential errors. Also, the well-known players in this market are using gravimetric techniques in automation compounding systems. For instance, fully automated compounding systems, such as RIVA, use precise automated measuring methods and gravimetric checks to ensure the accuracy of each dose.
- Based on end user, the automated compounding systems market is segmented into hospitals, chemotherapy centers, and others. The hospitals segment held the largest share in the global automated compounding systems market in 2019.
- Growth of the segment is attributed to exposure to global trends, increasing medication errors, and the need to provide the highest standards of patient care. For instance, some studies have observed that the standard error rates of up to 10% in hospital pharmacies.
- Collaborations and technology partnerships by the operating players in the market to bridge the demand-supply gap is anticipated to play a significant role in the growth of the automated compounding systems industry during the forecast period. Moreover, the rising need to minimize medication errors predicted to accelerate market growth.
- Baxter International Inc., Braun Melsungen AG, Comecer, ICU MEDICAL INC, Grifols, S.A., OMNICELL INC., EQUASHIELD, ARxIUM, Weibond Technology, and NewIcon are some of the notable companies present in the automated compounding systems market.
Factors such as the growing adoption of chemotherapy and personalized medication, rising need to minimize medication errors are driving the market growth. However, the high cost of automated compounding systems will impede the market growth. Furthermore, increasing awareness in pharmacists is likely to offer significant opportunities for the growth of the global automated compounding systems market.
The rapid adoption of novel therapies, such as chemotherapy, in oncology has been reported to provide better treatment options for breast, lung, and prostate cancers. Similarly, the area of precision and personalized medicine (PPM) is developed to make therapies for a single patient or specific groups based on data that captures current and past physical health and environmental experience. Recently, several reports show that the assimilation of PPM viewpoint into cancer research and treatment will result in significant enhancements in fighting cancer, mainly due to its complexity and interpatient unpredictability.
Cancer is a shattering disease that causes significant number of deaths every year. Due to disease heterogeneity, standard cures such as chemotherapy or radiation are an efficient solution as a treatment among the patient population. Chemotherapy is a drug therapy that needs powerful chemicals to eliminate fast-multiplying tumor cells in the body. Chemotherapy is most often used to treat malignancy, as the cancer cells grow and increase rapidly compared to other cells in the body.
For the purpose of this report, Reports and Data has segmented the global automated compounding systems market on the basis of type, product, platform, end user, and region:
By Product Type
- Gravimetric Automated Compounding Systems
- Volumetric Automated Compounding Systems
By End User
- Chemotherapy Centers
Global Automated Compounding Systems Market – By Geography
- North America
- Asia Pacific (APAC)
- South Korea
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- South and Central America
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