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2024 Automated Compounding Devices Market Report : Market Size, Growth Drivers, And Key Trends
Automated Compounding Devices Global Market Report 2024
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According to The Business Research Company's, The automated compounding devices market size has grown strongly in recent years. It will grow from $2.2 billion in 2023 to $2.36 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to the rising prevalence of chronic diseases, an aging population, the expansion of healthcare infrastructure, regulatory requirements, and increasing medication errors.
The automated compounding devices market size is expected to see strong growth in the next few years. It will grow to $3.12 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to rising cancer prevalence, global healthcare expansion, increased focus on patient safety, regulatory support, and an and an increasing focus on sustainability. Major trends in the forecast period include telemedicine, remote healthcare, advancements in artificial intelligence, healthcare digitalization, and real-time monitoring.
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Market Drivers and Trends:
The increasing number of personalized medicines is expected to fuel the growth of the automated compounding devices market going forward. Personalized medicine refers to a medical approach that tailors healthcare decisions, practices, interventions, and treatments to the individual characteristics of each patient. The increasing number of personalized medicines is due to a better understanding of genetics, patient-specific data, and regulatory support. Automated compounding devices (ACDs) play a crucial role in the field of personalized medicine by enabling the precise and accurate preparation of custom medication formulations tailored to individual patient needs. These devices automate the process of combining various pharmaceutical ingredients in specific proportions, which is essential for creating personalized treatments. For instance, in February 2024, according to the Personalized Medicine Coalition, a US-based non-profit organization, the FDA approved 16 novel personalized therapies for patients with rare diseases in 2023, compared to six in 2022. Therefore, the increasing number of personalized medicines is driving the growth of the automated compounding devices market.
Major companies operating in the automated compounding device market are focusing on reducing medication errors and improving patient safety with advanced technologies, such as robotic compounding technology, to gain enhanced customer trust, regulatory compliance, and a competitive advantage. Robotic compounding technology automates the precise preparation and mixing of pharmaceutical compounds using advanced robotic systems, enhancing accuracy, efficiency, and safety in medication preparation. For instance, in March 2022, Omnicell Inc., a US-based healthcare technology company, launched the IVX Station, a new automated compounding device. This innovative solution aims to expand access to IV robotic technology in the broader market, enhancing patient safety, accuracy, cost efficiency, supply chain management, and regulatory compliance. The IVX Station offers three times faster throughput than current IV robotic systems, incorporates a highly reliable design to minimize downtime, and maintains a compact footprint suitable for pharmacy operations.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
McKesson Corporation, Amerisource Bergen Corporation, Medtronic PLC, Becton Dickinson and Company, Baxter International Inc, B. Braun Melsungen AG, Fresenius Kabi AG, Grifols International S.A., Terumo Corporation, ICU Medical Inc., Omnicell Inc., Tecan Group Ltd., Cantel Medical Corp., Fagron N.V., Swisslog Healthcare, ScriptPro LLC, PharMEDium Services LLC, Loccioni Group S.p.A., ARxIUM Inc., Codonics Inc., Apexus Inc., Equashield LLC, Yuyama Mfg Co. Ltd., Shanghai Weibond Technology Co. Ltd., Quirem Medical B.V
Automated Compounding Devices Market 2024 Key Insights:
• The automated compounding devices market size is expected to see strong growth in the next few years. It will grow to $3.12 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%.
• Rise In Personalized Medicines Driving Growth Of Market
• Innovations In IV Robotic Technology For Hospital Pharmacies
• North America was the largest region in the automated compounding devices market in 2023
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