Report : Automated Compounding Systems Market Forecast to 2027 - Covid-19 Impact and Global Analysis by Product Type (Gravimetric Automated Compounding Systems and Volumetric Automated Compounding Systems); End User (Hospitals, Chemotherapy Centers, and Others) and Geography
Gravimetric automated compounding systems segment is expected to drive the growth of the global automated compounding systems market by product type
According to the latest study on 'Automated Compounding Systems Market Forecast to 2027 - Covid-19 Impact and Global Analysis by Product Type and End User'. The global 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. The report highlights the trends prevailing in the global automated compounding systems market and the factors driving the market along with those that act as deterrents to its growth.
Based on product type, the automated compounding systems market is segmented into gravimetric automated compounding systems and volumetric automated compounding systems. The gravimetric automated compounding systems held the largest share of the market in 2019 and it is expected to continue its dominance during the forecast period. The large share of gravimetric automated compounding systems is attributed to the accuracy provided by the systems, preference by the pharmacies and hospitals for the gravimetric systems, enormous commercial use of the systems in the market. For instance, fully automated compounding systems, such as RIVA, use precise automated measuring methods and gravimetric checks to ensure the accuracy of each dose.
Factors such as the growing adoption of chemotherapy and personalized medication, rising need to minimize medication errors are driving the market growth. However, the high cost of automated compounding systems will impede the market growth. Furthermore, increasing awareness in pharmacists is likely to offer significant opportunities for the growth of the global automated compounding systems market.
Baxter International Inc., Braun Melsungen AG, Comecer, ICU MEDICAL INC, Grifols, S.A., OMNICELL INC., EQUASHIELD, ARxIUM, Weibond Technology, and NewIcon are some of the notable companies present in the automated compounding systems market. Various companies are focusing on inorganic growth strategies such as mergers & acquisitions, partnerships, collaborations, and acquisitions. For instance, in Oct 2018, Equashield entered into a distribution partnership with Saudi Arabia-based Max Care Medical. Max Care will market and sell Equashield’s Closed System Transfer Device for the safe compounding of hazardous drugs in Saudi Arabia and the broader of Middle East and North Africa (MENA) region.
The report segments the global automated compounding systems market as follows:
By End User