Automated Compounding System Market Size, Share, Growth, And Industry Analysis by Type (Gravimetric Automated Compounding System, Volumetric Automated Compounding System, Automated Compounding System) by Application (Hospitals, Chemotherapy Centers & Others) Regional Forecast to 2028

Report Overview

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The global automated compounding system market size was USD 4.3664 billion in 2022. The global COVID-19 pandemic has been unprecedented and staggering, with automated compounding system market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. As per our research, the market is expected to reach USD 6.7161 billion in 2028, exhibiting a CAGR of 7.4 % during the forecast period. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over. 

A computerised system that is used to produce and deliver medication is known as an automated compounding system. A robotic arm that can measure, mix, and administer medication in accordance with preprogrammed instructions is generally part of it. Software that enables tracking and documenting of manufactured pharmaceuticals is also part of the system. Hospitals, pharmacies, and other healthcare facilities employ automated compounding systems to increase the precision and effectiveness of medicine manufacture and lower the chance of mistakes. These systems are gaining popularity because they may both save expenses for healthcare providers and assist patients receive higher-quality treatment.

The market for automated compounding systems will be expanding quickly. The need for more efficiency and safety in the compounding process, as well as the expanding use of automation in the healthcare sector, are some of the drivers that are fueling automated compounding system market size. The growing requirement for precision in compounding is one of the key factors driving the automated compounding system market. Healthcare professionals are seeking for strategies to guarantee that every patient receives the precise drug they require as the usage of customised medicine increases. Automated compounding systems can combine and administer pharmaceuticals in exact amounts, assisting in ensuring that patients receive the proper medication at the appropriate time. The automated compounding system market size is expected to experience significant growth in the coming years. With the increasing demand for precision in compounding, the need for improved efficiency and safety in the compounding process, and the growing use of automation in the healthcare industry.

COVID-19 Impact: The Pandemic Had A Favourable Effect On The Market Since The Necessity To Boost Efficiency Is What Generated Demand For These Systems

As hospitals and clinics work to boost productivity and lower the chance of human mistake while preparing pharmaceuticals, the demand for automated compounding systems has grown significantly. This is crucial in the context of the pandemic because hospitals are under tremendous pressure to treat a lot of patients well in a short amount of time. Additionally, as these systems are made to limit human contact with the pharmaceuticals, the rising demand for automated compounding systems is also motivated by the desire to lessen the danger of contamination. This is crucial when discussing COVID-19 since the virus can spread through contact with infected surfaces. The need for automated compounding systems in retail and ambulatory care settings has also grown as a result of the COVID-19 pandemic, which has sparked a move toward virtual and telemedicine consultations. 

Latest Trends

"Untapped Emerging Markets To Become The Market's Primary Driver Of Growth"

The market for pharmacy automation devices is anticipated to increase with a focus on emerging markets. Ageing populations are prevalent in developing nations. East and Southeast Asia are predicted to experience a two-fold increase in the number of elderly people, with the population aged 65 or over-estimated to rise from 260.6 million in 2019 to almost 572.5 million by 2050, according to the UN study on World Population Ageing (2019). The demand for high-quality patient care and effective medication dispensing is anticipated to rise in various Asian nations as a result of this demographic trend. As a result, it is anticipated that in the upcoming years, demand for pharmacy automation systems would rise in a number of Asian nations. 

SEGMENTATION

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• By type

Depending on automated compounding system given are types: Gravimetric Automated Compounding System, Volumetric Automated Compounding System, Automated Compounding System. The Gravimetric Automated Compounding System type will capture the maximum market share through 2028.

• By Application

The market is divided in Hospitals, Chemotherapy Centers & Others based on application. The global automated compounding system market  players in cover segment like Hospitals will dominate the market share during 2022-2028.

Driving Factors

"Growing Consumer Demand For Accuracy And Precision In Pharmaceutical Formulation Will Fuel The Market Growth"

Automated compounding systems are made to measure and distribute pharmaceuticals properly, lowering the possibility of mistakes and enhancing patient safety. Errors in the manual mixing of medications, such as wrong doses, inaccurate labelling, or contamination, are possible. On the other hand, automated compounding systems employ precise measurement and dispensing technology to guarantee that the right dosage is administered each time. Due to the potential for major patient repercussions, this can significantly lower the likelihood of drug mistakes. Automated compounding systems can potentially increase the effectiveness of the manufacture of medications. Measuring and administering prescriptions may be automated, which can help healthcare practitioners save time and money. The automated compounding system market growth is expanding because to the rising need for precision and accuracy in the manufacture of medications, the requirement to adhere to rules and accreditation requirements, and the opportunity for increased efficiency.

"The Rising Incidence Of Chronic Conditions Including Cancer, Diabetes, And Heart Disease Is Propelling Market Growth"

The need for automated compounding system is being driven by the rise of chronic illnesses including cancer, diabetes, and heart disease. These systems are made to prepare and distribute medicines for individuals with chronic diseases precisely and quickly. They employ cutting-edge technology, including robots and computer-controlled dispensing, to guarantee precise dosage and lower the possibility of mistakes. By increasing compounding efficiency via the use of automated technologies, patient outcomes can be enhanced and healthcare expenditures can be brought down. The need for automated compounding systems is anticipated to increase as the number of patients with chronic conditions rises. As the global population continues to age and the prevalence of chronic diseases continues to rise, the automated compounding system market growth is expected to boost. These systems will play an increasingly important role in the healthcare industry, helping to ensure that patients receive safe, effective, and personalized treatment.

Restraining Factors

"Large Initial Capital Expenditures To Impede Market Expansion"

Despite its advantages, some healthcare providers and experts are hesitant to implement or accept IT-based pharmacy management strategies. This is especially evident in emerging economies when cultural barriers are present. As a result, many pharmacists are reluctant to use pharmacy automation systems as part of their regular dispensing procedures since they do not want help. Although there are many advantages to automated pharmacy systems, as seen by the widespread use of technology, only high-volume pharmacies and hospitals have been able to demonstrate the returns on investment (ROIs) from putting these automated systems in place.

Regional Insights

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"North America To Dominate The Market Due To The Rising Need For Effective And Precise Drug Formulation "

Due to its highly developed healthcare system and high incidence of illness treatment, the United States is considered to be the most dominant market. The primary factor driving the demand for compounding systems is hospital acquired infections. The US has a large senior population and developing illness conditions like cancer that require chemotherapy have caused the US compounding system to expand. The CDC said that there were around 722,000 HAIs in the country. The National Institute for Occupational Safety and Health (NIOSH) of the US claims that 8 million healthcare workers in the US are at risk because they are more likely to come into contact with dangerous medications in hospital settings. The WHO and International Agency for Research on Cancer (IARC) predicted that by 2025, there will be a 19 million-per-year increase in cancer diagnoses. In terms of automated compounding system market share, the automated compounding devices (Oncology) are dominated by the United States in 2022. 

In the Europe, gravimetric automated compounding systems held the biggest automated compounding system market share. Government involvement in the compounding sector has encouraged market growth by reducing pharmaceutical mistakes. In the specified projection period, technological advancement is anticipated to increase. Every now and then, R&D is increasing to produce new drugs, which has resulted in a huge market need. Twenty million European healthcare professionals, according to the European Commission, are thought to be at comparable danger. The market in this area may see growth due to the rising demand for chemotherapy as a result of the rising cancer prevalence rate.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Baxter (U.S)
• COMECER (Italy)
• ICU Medical (U.S)
• Omnicell (U.S)
• Grifols (Spain)
• Equashield (U.S)
• B. Braun Holding (Germany)
• ARxIUM (U.S)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.