Global Automated Compounding Systems Market (2019 to 2027) - COVID-19 Impact and Analysis by Product Type, End-user and Geography - ResearchAndMarkets.com

DUBLIN--()--The "Automated Compounding Systems Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Product Type; End User and Geography" report has been added to ResearchAndMarkets.com's offering.

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. The growth of the automated compounding systems market is mainly attributed to factors such as the growing adoption of chemotherapy and personalized medication and rising need to minimize medication errors. However, the high cost of automated compounding systems is hindering the growth of the market.

Medication and dispensing errors are significant issues for hospital readmissions across the world. Medication errors can happen by both medical and paramedical personnel at different levels of patient care. A medication error can occur due to several factors such as poor order communication between the doctor and pharmacist, hazardous storage practices in drugstores, and misunderstanding raised due to the use of the same labels. Hence multilevel monitoring is compulsory. Automated compounding systems are deliberated to be one of the most qualified solutions to diminish these errors. There are several data on errors in medication committed by nurses. Even in intensive care units (ICUs), where the medical and paramedical personnel are more expert, the frequency of medication errors is reported to be more than 52.5% in 2015.

Various government organizations are working on the measures to avoid medication errors and developing methods and systems to overcome these errors to provide proper medication to the patients. For instance, National Coordinating Council for Medication Error Reporting and Prevention (NCC MERP) works to increase the safe use of medicines and to raise awareness of medication errors with the help of open communication, improved reporting, and campaign of medication error prevention strategies. According to the data of NCC MERP, approximately 0. 1 million people die yearly due to medical errors that occur in hospitals. Moreover, the death toll/year due to medication errors is more than that of workplace injuries. Thus, to minimize medication and compounding errors, governments in several nations are encouraging the use of automated compounding and medication tools in pharmacies and hospitals. This is considered to be a significant factor propelling the growth of the automated compounding systems market.

Based on product type, the automated compounding systems market is segmented into gravimetric automated compounding systems and volumetric automated compounding systems. The gravimetric automated compounding systems segment held the largest share of the market in 2019 and it is expected to continue its dominance with highest CAGR in the market during the forecast period.

Based on end user, the global automated compounding systems market is segmented into hospitals, chemotherapy centers, and others. The hospitals segment held the highest share of the market in 2019 and continues to dominate with the highest CAGR in the market during the forecast period.

The World Health Organization (WHO), Food and Drug Administration (FDA), NIOSH (National Institute for Occupational Safety and Health), and European Court of Justice are some of the major primary and secondary sources referred for preparing this report.

Reasons to Buy

  • Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the automated compounding systems market.
  • Highlights key business priorities in order to assist companies to realign their business strategies.
  • The key findings and recommendations highlight crucial progressive industry trends in the global automated compounding systems market, thereby allowing players across the value chain to develop effective long-term strategies.
  • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
  • Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
  • Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing and distribution

Market Dynamics

Drivers

  • Growing Adoption of Chemotherapy and Personalized Medication
  • Rising Need to Minimize Medication Errors

Restraints

  • High Cost of the Automated Compounding Systems

Opportunities

  • Increasing Awareness in Pharmacists

Trends

  • Introduction of Novel Robotic Technology Automation in Compounding Systems

Companies Profiled

  • Baxter International Inc.
  • Braun Melsungen AG
  • Comecer
  • ICU MEDICAL INC.
  • Grifols, S.A.
  • OMNICELL INC.
  • EQUASHIELD
  • ARxIUM
  • Weibond Technology
  • NewIcon

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Contacts

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900