Automated Compounding Devices - Market Insights, Competitive Landscape, and Market Forecast - 2028
Automated Compounding Devices Market By Product Type (Gravimetric Automated Compounding Systems And Volumetric Automated Compounding Systems), End-User (Hospitals, Specialty Centers, And Others), and geography is expected to grow at a steady CAGR forecast till 2028 owing to the growing adoption of chemotherapy and personalized medication and the rising need to minimize medication errors across the globe
The global automated compounding devices market is estimated to grow at a CAGR of 6.8% during the forecast period from 2023 to 2028. The demand for automated compounding devices is being boosted by the rising global disease burden and the increasing use of prescription medications, the growing demand for chemotherapy and personalized medication and the rising need to minimize medication errors, rising product launches and approvals, and surging research and developmental activities by the key players, among others are thereby contributing to the overall growth of the automated compounding devices market during the forecast period from 2023-2028.
Automated Compounding Devices Market Dynamics:
The automated compounding devices market is witnessing a growth in product demand owing to various factors, one of the key factors being the rising prevalence of chronic disorders.
For instance, according to the European Chronic Disease Alliance, chronic diseases are the leading cause of mortality in Europe, representing 77% of the total disease burden and 86% of all deaths.
The data published by GLOBOCAN in the year 2020 stated that a total of 19,292,789 new cases of cancer were reported worldwide. As per the same data, the five-year prevalence for all types of cancer across the globe is 50,550,287, in 2020.
As per the above-mentioned source, the cancer incidence in Asia rose to 169.1 per 100,000 inhabitants, accounting for 49.3% of the global cancer incidence. The most common cancers were lung (13.8%), breast (10.8%), and colorectal (10.6%) cancers.
Further, the International Diabetes Federation Atlas stated that the global diabetes prevalence in 2021 was estimated to be 537 million adults (20-79 years), rising to 643 million by 2030 and 783 million by 2045.
The increasing burden of chronic diseases across the globe will increase the demand for automated compounding devices as the increasing prevalence will increase the demand for various medicines, ultimately increasing the demand for compounding devices. Automated compounding devices employ cutting-edge technology, including robots and computer-controlled dispensing, precise dosing, and a lower possibility of mistakes.
Further, many government agencies are attempting to prevent medication errors and are building strategies and procedures to deal with them so that patients receive the right medications. For instance, the National Coordinating Council for Medication Error Reporting and Prevention (NCC MERP) promotes open dialogue, improved reporting, and campaigns of medication error prevention techniques to increase the safe use of medications and increase public awareness of medication errors. According to the latest data provided by The National Coordinating Council for Medication Error Reporting and Prevention (NCC MERP) data, almost 0.1 million individuals each year pass away as a result of medical mistakes that happen in hospitals. Additionally, drug errors cause more deaths each year than job accidents. Thus, to minimize medication and compounding errors, governments in several regions are encouraging the use of automated compounding and medication tools in pharmacies and hospitals. Thus, this is considered to be a significant factor propelling the growth of the automated compounding systems market.
Therefore, the above-mentioned factors are contributing to the growth of the automated compounding devices market during the forecast period from 2023-2028.
However, high cost of the device and the complex installation of the device, robotic automated compounding systems are limited in the size of vials, acting as a barrier for the market, and others may restrict the automated compounding devices market growth.
Automated Compounding Devices Market Segment Analysis:
Automated Compounding Devices Market by Product Type (Gravimetric Automated Compounding Systems and Volumetric Automated Compounding Systems), End-User (Hospitals, Specialty Centers, and Others), and Geography (North America, Europe, Asia-Pacific, and the Rest of the World)
In the product type segment of the automated compounding devices market, the volumetric automated compounding systems category is expected to amass a significant revenue share in the year 2022. This can be attributed to the advantages and applications associated with volumetric automated compounding systems. Moreover, increasing demand for technologically advanced products and the rising product launches in the market will in turn lead to an increased demand for the segment.
For instance, volumetric automated compounding devices set are rated with a manufacturer-recommended volume that they can deliver before replacement is necessary.
Volumetric automated compounding devices determine the amount of solution transferred to the final container by the amount of rotor rotation, the tubing diameter, and the tubing length.
Volumetric systems can be affected by solution viscosity, tubing diameters, and length, the height at which a source ingredient or final container is hung, tube or distal restrictions, and room temperature.
Moreover, in December 2022, Baxter International Inc., a global leader in nutrition therapy, launched the ExactaMix Pro Automated Compounder, which is expected to be available to customers in the United States in early 2023. ExactaMix Pro is the first and only automated compounder certified by the U.S. Food and Drug Administration (FDA)-recognized UL 2900-2-1 cybersecurity standard.
Thus, the above-mentioned factors are likely to propel the demand for volumetric automated compounding systems, thereby contributing to the growth of the automated compounding devices market during the forecast period from 2023-2028.
North America is expected to dominate the overall Automated Compounding Devices Market:
Among all the regions, North America is estimated to account for the largest share of the Automated Compounding Devices market in the year 2022. This can be ascribed to the high prevalence of various chronic diseases, the increasing burden of the geriatric population, the highly developed healthcare system, and others that act as supportive factors in US market growth.
For instance, as per the Center for Disease Control and Prevention (CDC) latest study, it was estimated that nearly 6 in 10 adults in the US have a chronic disease. The increasing patient pool of chronic disease, will in turn increase the demand for various medicines especially personalized medicines, ultimately leading to an increase in the automated compounding devices which are used to dispense the medicines prepared to treat chronic diseases.
Moreover, government involvement in the compounding sector has encouraged market growth by reducing medication errors and pharmaceutical mistakes. Along with this, the surging R&D activities in the region are resulting in increased production of new drugs, which has resulted in a huge market need for automated compounding devices.
Further, the presence of various domicile players such as B.Braun, Baxter, and ARxIUM, among others will propel the market of automated compounding devices in the United States.
Thus, all the above-mentioned factors will lead to an increase in the North America automated compounding devices market growth during the forecasting period of 2023-2028.
Automated Compounding Devices Market Key Players:
Some of the key market players operating in the automated compounding devices market include Baxter, B.Braun SE, COMECER S.p.A., EQUASHIELD, Icumedical, Grifols, S.A., Omnicell, Inc., BD, ARxUM, NewIcon, Loccioni, Fagron, and others.
Recent Developmental Activities in the Automated Compounding Devices Market:
In January 2018, an array of hospitals adopted Omnicell's IV compounding technology across North Carolina, to enhance safety, providing improved therapy, reduction in costs, and facilitating compliance in the IV room.
Key Takeaways from the Automated Compounding Devices Market Report Study
Market size analysis for current automated compounding devices market size (2022), and market forecast for 5 years (2023-2028)
Top key product/services/technology developments, mergers, acquisitions, partnerships, and joint ventures happened for the last 3 years
Key companies dominating the global automated compounding devices market.
Various opportunities available for the other competitor in the automated compounding devices market space.
What are the top-performing segments in 2022? How these segments will perform in 2028.
Which are the top-performing regions and countries in the current automated compounding devices market scenario?
Which are the regions and countries where companies should have concentrated on opportunities for automated compounding devices market growth in the coming future?
Target Audience who can be benefited from this Automated Compounding Devices Market Report Study
Automated compounding devices product providers
Research organizations and consulting companies
Automated compounding devices-related organizations, associations, forums, and other alliances
Government and corporate offices
Start-up companies, venture capitalists, and private equity firms
Distributors and Traders dealing in automated compounding devices
Various End-users who want to know more about the automated compounding devices market and the latest technological developments in the automated compounding devices market.
Frequently Asked Questions for the Automated Compounding Devices Market:
1. What are automated compounding devices?
Automated compounding devices transfer one or more sterile component solutions to a sterile final container for patient preparation, thereby replacing or decreasing the need for drawing up component solutions with syringes, increasing the accuracy of the ingredient delivery, and reducing preparation time.
2. What is the market for global automated compounding devices?
The global automated compounding devices market is estimated to grow at a CAGR of 6.8% during the forecast period from 2023 to 2028.
3. What are the drivers for the global automated compounding devices market?
The demand for automated compounding devices is primarily being heightened by the growing adoption of chemotherapy and personalized medication, the rising need to minimize medication errors, the rising global disease burden, and the increasing use of prescription medications among others are thereby contributing to the overall growth of the automated compounding devices market during the forecast period from 2023-2028.
4. Who are the key players operating in the global automated compounding devices market?
Some of the key market players operating in the automated compounding devices market include Baxter, B.Braun SE, COMECER S.p.A., EQUASHIELD, Icumedical, Grifols, S.A., Omnicell, Inc., BD, ARxUM, NewIcon, Loccioni, Fagron, and others.
5. Which region has the highest share in the automated compounding devices market?
North America is expected to dominate the overall automated compounding devices market during the forecast period from 2023-2028. Factors such as the high prevalence of various chronic diseases, increasing burden of the geriatric population, highly developed healthcare system, and rising need to minimize medication errors among others will positively impact the North American automated compounding devices market.
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