DUBLIN--(BUSINESS WIRE)--The "Europe Automated Compounding Systems Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Product Type; End User, and Country" report has been added to ResearchAndMarkets.com's offering.
The Europe automated compounding systems market is expected to reach US$ 182.88 million by 2027 from US$ 111.28 million in 2019. The market is estimated to grow with a CAGR of 6.6% from 2020 to 2027.
The automated compounding systems market is growing primarily due to the growing adoption of chemotherapy and personalized medication and a rising need to minimize medication errors in the European region. Restraining factors, such as high cost and reluctance to adopt automated compounding systems and the COVID-19 pandemic are likely to damage the growth of the market in the coming years. Additionally, the introduction of novel robotic technology automation in compounding systems is likely to increase the growth of the market during the forecast period.
Automated compounding system is a device that combines one or more drug solutions to final container for patient administration. This helps avoid medication errors that occur due to a variety of factors such as poor management communication between the physician and pharmacist, critical storage practices in pharmacies, and confusion arising out of the use of similar labels. However, with automated compounding systems, the accuracy as well as efficiency of dispensing compounded products have improved, and it has further reduced the exposure of healthcare professionals to toxic agents.
Medication and dispensing errors are major issues for hospital readmissions across the world. Medication errors can happen by both medical and paramedical personnel at numerous levels of patient care. 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 much more expert, the frequency of medication errors is reported to be more than 52.5%.
Various government organizations are working on measures to avoid medication errors and developing methods and systems to overcome these errors in order to provide proper medication to the patients. The successful implementation of automated dispensing cabinets (ADCs) and automated dispensing machines (ADMs) in hospitals in the past has led to a significant reduction in the number of dispensing and medication errors in hospitals. Thus, governments in several countries encourage the use of ADMs and ADCs in pharmacies and hospitals to eliminate prescription and distribution errors. This leads to greater acceptance of automation systems for pharmacies.
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 major factor propelling the growth of automated compounding systems market.
Key Topics Covered:
1.1 Scope of the Study
1.2 Report Guidance
1.3 Market Segmentation
1.3.1 Europe Automated Compounding Systems Market - By Product Type
1.3.2 Europe Automated Compounding Systems Market- By End User
1.3.3 Europe Automated Compounding Systems Market - By Country
2. Europe Automated Compounding Systems Market - Key Takeaways
3. Research Methodology
3.2 Secondary Research
3.3 Primary Research
4. Europe Automated Compounding Systems Market - Market Landscape
4.2 PEST Analysis
4.2.1 Automated Compounding Systems Market - Europe PEST Analysis
4.3 Expert Opinion
5. Europe Automated Compounding Systems Market - Key Market Dynamics
5.1 Key Market Drivers
5.1.1 Growing Adoption of Chemotherapy and Personalized Medication
5.1.2 Rising Need to Minimize Medication Errors
5.2 Key Market Restraints
5.2.1 High Cost and Reluctance to Adopt Pharmacy Automation Systems
5.3 Key Market Opportunities
5.3.1 Increasing Awareness in Pharmacists
5.4 Future Trends
5.4.1 Introduction of Novel Robotic Technology Automation in Compounding Systems
5.5 Impact Analysis
6. Automated Compounding Systems Market - Europe Analysis
7. Europe Automated Compounding Systems Market Analysis and Forecasts To 2027 - By Product Type
8. Europe Automated Compounding Systems Market Analysis - By End-User
9. Automated Compounding Systems Market Revenue and Forecasts To 2027 - Geographical Analysis
10. Impact Of COVID-19 Pandemic on Europe Automated Compounding Systems Market
11. COMPANY PROFILES
11.1 Braun Melsungen AG
11.3 Grifols, S.A.
11.5 Baxter International Inc.
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