Automated Compounding Systems Market 2020 Growth Factors And Innovation By Focusing On Top Players Baxter, ICU Medical, Grifols, Omnicell, Equashield
The study provides details such as the market share, Market Insights, Strategic Insights, Segmentation and key players in the Automated Compounding Systems Market.
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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.
Some of the Major Market Players Are:
Baxter International Inc., Braun Melsungen AG, Comecer, ICU MEDICAL INC, Grifols, S.A., OMNICELL INC., EQUASHIELD, ARxIUM, Weibond Technology, NewIcon
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.
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.
End User Insights
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. As a result, ensuring the safety of compounded medications and the control of quality and cost of IV therapy has been a priority for hospitals. That is why automated compounding systems are considered to be an essential component of safe and efficient pharmacy operations. Moreover, strategic initiatives by the major players are likely to augment the segmental growth in coming years. For instance, Omnicell announced that Allegheny General Hospital, Pittsburgh, Pa., part of Allegheny Health Network (AHN), has collaborated with Omnicell for in sourcing Central Pharmacy IV Compounding Service.
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.
Market Segmentation Analysis:
By Product Type
• Gravimetric Automated Compounding Systems
• Volumetric Automated Compounding Systems
By End User
• Chemotherapy Centers
The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.
Major Features of Automated Compounding Systems Market Report:
• Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global 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 commercial interest with respect to client products, segmentation, pricing and distribution.
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