The Asia Pacific automated compounding systems market is expected to reach US$ 123.70 million by 2027 from US$ 70.25 million in 2019. The market is estimated to grow with a CAGR of 7.5% from 2020 to 2027.
The growth of the Asia Pacific Automated Compounding Systems market is driven by factors such as the growing adoption of automated compounding systems in the pharmacies and hospitals and increasing need to reduce medication errors in the Asia Pacific region. However, high cost and reluctance to adopt the automated compounding systems and COVID-19 pandemicis likely to restrain the market growth to a certain extent.
Automated compounding system is a device that combines one or more drug solutions to final container for patient administration. Automated compounding system helps avoid medication error that occurs due to variety of factors such as poor management communication between the physician and pharmacist, critical storage practices in pharmacies, and confusion that was arising out of the use of similar labels. However, with the automated compounding systems, the accuracy as well as efficiency of dispensing compounded products have improved, and it has further reduced the exposure of healthcare professionals to toxic agents.
The management of medicines have suffered largely for years, while drugs have increased the number and difficulty. Moreover, the traditional methods followed in pharmacies has witnessed several problems such as an upsurge in medication errors and rising patient waiting times, due to the increasing number of patients. At present, awareness and concerns about medication errors and other severe issues are increasing among healthcare professionals.
Various government organizations are working on the measures to avoid medication errors and developing methods and systems to overcome these errors in order to provide proper medication to the patients. The successful implementation of automated dispensing cabinets (ADCs) and automated dispensing machines (ADMs) in hospitals in the past has led to a significant reduction in the number of dispensing and medication errors in hospitals. The Japanese government supports the implementation of closed system transfer devices (CSTDs) for lethal drugs through reimbursements. Also, the country is the highest adopter of the automated compounding systems for oncology nursing. Through targeted consultations with asthma patients, Italian pharmacists contribute to improving clinical outcomes and cost-effectiveness of prescribed medicines, reducing medicines waste and improving patient outcomes by improving adherence. Thus, governments in several nations are encouraging the use of automated compounding and medication tools in pharmacies and hospitals which in turn is fueling the growth of automated compounding systems market.
Several manufacturers are developing robotics automating compounding systems. For instance, the advancement of AI and Internet + medical services after the introduction of Da Vinci robotic robotic system and Tinavi robotic system in Sichuan Provincial People's Hospital.
The Weibond Technology company is making its global debut of the Weinas (Weibond Intravenous Assistant System) product line. Therefore, innovative technology of robotics automation in compounding systems is a major factor for the market growth.
Considering the geographic and economic operations between Asian countries and China, the countries are expected to witness challenge of COVID-19. Domestic start-ups backed by international funding have already started witnessing back out from investors putting the development of the products in jeopardy. Moreover, sluggish economy and affected supply chains are making it harder for the small companies to survive in the current crisis. These restrictive measures will definitely be anticipated to impact on medical device supply chain and availability of the devices in remote regions. Though the demand for medical devices such as fitness bands and health trackers are increasing due to effectiveness in health tracking, other domains are likely to get hampered due to shut downs.
Rest of Asia Pacific Automated Compounding Systems Market Revenue and Forecasts to 2027 (US$Mn)
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ASIA PACIFICAUTOMATED COMPOUNDING SYSTEMS MARKET SEGMENTATION
By Product Type
- Gravimetric Automated Compounding Systems
- Volumetric Automated Compounding Systems
By End Users
- Hospitals
- Chemotherapy Centers
- Others
By Country
- Japan
- China
- India
- South Korea
- Australia
Companies Mentioned
- Weibond Technology
- ARxIUM
- Grifols, S.A
- NewIcon
- Baxter International Inc.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product Type, End User, and Country
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Australia, China, Japan, South Korea
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
1.3.1 Asia Pacific Automated Compounding Systems Market – By Product Type
1.3.2 Asia Pacific Automated Compounding Systems Market– By End User
1.3.3 Asia Pacific Automated Compounding Systems Market – By Country
2. Asia Pacific Automated Compounding Systems Market – Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Asia Pacific Automated Compounding Systems Market – Market Landscape
4.1 Overview
4.2 PEST Analysis
4.2.1 Automated Compounding Systems Market - Asia Pacific PEST Analysis
4.3 Expert Opinion
5. Asia Pacific Automated Compounding Systems Market - Key Market Dynamics
5.1 Key Market Drivers
5.1.1 Growing Adoption of Automated Compounding Systems in the Pharmacies And Hospitals
5.1.2 Increasing Need to Reduce Medication Errors
5.2 Key Market Restraints
5.2.1 High Cost and Reluctance to Adopt Pharmacy Automation Systems
5.3 Key Market Opportunities
5.3.1 Growing Government Support in Developing Countries
5.4 Future Trends
5.4.1 Introduction of Novel Robotic Technology Automation in Compounding Systems
5.5 Impact Analysis
6. Automated Compounding Systems Market – Asia Pacific Analysis
6.1 Asia Pacific Automated Compounding Systems Market Revenue Forecasts and Analysis
7. Asia Pacific Automated Compounding Systems Market Analysis and Forecasts To 2027 – By Product Type
7.1 Overview
7.2 Asia Pacific Automated Compounding Systems Market, By Product Type 2019 & 2027 (%)
7.2.1 Asia Pacific Automated Compounding Systems Market Revenue and Forecasts to 2027, By Product Type (US$ Mn)
7.3 Gravimetric Automated Compounding Systems
7.3.1 Overview
7.3.2 Asia Pacific Gravimetric Automated Compounding Systems Market Revenue and Forecast to 2027 (US$ Mn)
7.4 Volumetric Automated Compounding Systems
7.4.1 Overview
7.4.2 Asia Pacific Volumetric Automated Compounding Systems Market Revenue and Forecasts to 2027 (US$ Mn)
8. Asia Pacific Automated Compounding Systems Market Analysis – By End-User
8.1 Overview
8.2 Asia Pacific Automated Compounding Systems Market, By End-User 2019-2027 (%)
8.2.1 Asia Pacific Automated Compounding Systems Market Revenue and Forecasts to 2027, By End-User (US$ Mn)
8.3 Hospitals
8.3.1 Overview
8.3.2 Asia Pacific Hospitals Market Revenue and Forecasts to 2027 (US$ Mn)
8.4 Chemotherapy Centers
8.4.1 Overview
8.4.2 Asia Pacific Chemotherapy Centers Market Revenue and Forecasts to 2027 (US$ Mn)
8.5 Others
8.5.1 Overview
8.5.2 Asia Pacific Others Market Revenue and Forecasts to 2027 (US$ Mn)
9. Automated Compounding Systems Market Revenue and Forecasts To 2027 – Geographical Analysis
9.1 Asia Pacific Automated Compounding Systems Market Revenue and Forecasts To 2027
9.1.1 Overview
9.1.2 Asia Pacific: Automated Compounding Systems Market - Revenue and Forecast to 2027 (USD Million)
9.1.3 Asia Pacific: Automated Compounding Systems Market - Volume and Forecast to 2027 (Units)
9.1.4 Asia Pacific Automated Compounding Systems Market, by Product Type – Revenue and Forecast to 2027 (USD Million)
9.1.5 Asia Pacific Automated Compounding Systems Market, by Product Type – Volume and Forecast to 2027 (Units)
9.1.6 Asia Pacific Automated Compounding Systems Market, by End User – Revenue and Forecast to 2027 (USD Million)
9.1.7 Asia Pacific: Automated Compounding Systems Market, by Country, 2019 & 2027 (%)
9.1.8 Japan: Automated Compounding Systems Market – Revenue and Forecast to 2027 (USD Million)
9.1.8.1 Japan: Automated Compounding Systems Market – Revenue and Forecast to 2027 (USD Million)
9.1.8.1.1 Japan Automated Compounding Systems Market, by Product Type – Revenue and Forecast to 2027 (USD Million
9.1.8.1.2 Japan Automated Compounding Systems Market, by End User – Revenue and Forecast to 2027 (USD Million)
9.1.9 China: Automated Compounding Systems Market – Revenue and Forecast to 2027 (USD Million)
9.1.9.1 China: Automated Compounding Systems Market – Revenue and Forecast to 2027 (USD Million)
9.1.9.1.1 China Automated Compounding Systems Market, by Product Type – Revenue and Forecast to 2027 (USD Million)
9.1.9.1.2 China Automated Compounding Systems Market, by End User – Revenue and Forecast to 2027 (USD Million)
9.1.10 India: Automated Compounding Systems Market – Revenue and Forecast to 2027 (USD Million)
9.1.10.1 India: Automated Compounding Systems Market – Revenue and Forecast to 2027 (USD Million)
9.1.10.1.1 India Automated Compounding Systems Market, by Product Type – Revenue and Forecast to 2027 (USD Million)
9.1.10.1.2 India Automated Compounding Systems Market, by End User – Revenue and Forecast to 2027 (USD Million)
9.1.11 South Korea: Automated Compounding Systems Market – Revenue and Forecast to 2027 (USD Million)
9.1.11.1 South Korea: Automated Compounding Systems Market – Revenue and Forecast to 2027 (USD Million)
9.1.11.1.1 South Korea Automated Compounding Systems Market, by Product Type – Revenue and Forecast to 2027 (USD Million)
9.1.11.1.2 South Korea Automated Compounding Systems Market, by End User – Revenue and Forecast to 2027 (USD Million)
9.1.12 Australia: Automated Compounding Systems Market – Revenue and Forecast to 2027 (USD Million)
9.1.12.1 Australia: Automated Compounding Systems Market – Revenue and Forecast to 2027 (USD Million)
9.1.12.1.1 Australia Automated Compounding Systems Market, by Product Type – Revenue and Forecast to 2027 (USD Million)
9.1.12.1.2 Australia Automated Compounding Systems Market, by End User – Revenue and Forecast to 2027 (USD Million)
10. Impact of COVID-19 Pandemic on Asia Pacific Automated Compounding Systems Market
10.1 Asia Pacific: Impact Assessment of COVID-19 Pandemic
11. Company Profiles
11.1 Weibond Technology
11.1.1 Key Facts
11.1.2 Business Description
11.1.3 Products and Services
11.1.4 Financial Overview
11.1.5 SWOT Analysis
11.1.6 Key Developments
11.2 Baxter International Inc.
11.2.1 Key Facts
11.2.2 Business Description
11.2.3 Products and Services
11.2.4 Financial Overview
11.2.5 SWOT Analysis
11.2.6 Key Developments
11.3 Grifols, S.A.
11.3.1 Key Facts
11.3.2 Business Description
11.3.3 Products and Services
11.3.4 Financial Overview
11.3.5 SWOT Analysis
11.3.6 Key Developments
11.4 NewIcon
11.4.1 Key Facts
11.4.2 Business Description
11.4.3 Products and Services
11.4.4 Financial Overview
11.4.5 SWOT Analysis
11.4.6 Key Developments
11.5 ARxIUM
11.5.1 Key Facts
11.5.2 Business Description
11.5.3 Products and Services
11.5.4 Financial Overview
11.5.5 SWOT Analysis
11.5.6 Key Developments
12. Appendix
12.1 About the Insight Partners
12.2 Word Index
LIST OF TABLES
Table 1. Asia Pacific Automated Compounding Systems Market Revenue and Forecasts To 2027, By Product Type (US$ Mn)
Table 2. Asia Pacific Automated Compounding Systems Market Revenue and Forecasts To 2027, By End-User (US$ Mn)
Table 3. Asia Pacific Automated Compounding Systems Market, by Product Type – Revenue and Forecast to 2027 (USD Million)
Table 4. Asia Pacific Automated Compounding Systems Market, by Product Type – Volume and Forecast to 2027 (Units)
Table 5. Asia Pacific Automated Compounding Systems Market, by End User – Revenue and Forecast to 2027 (USD Million)
Table 6. Japan Automated Compounding Systems Market, by Product Type – Revenue and Forecast to 2027 (USD Million))
Table 7. Japan Automated Compounding Systems Market, by End User – Revenue and Forecast to 2027 (USD Million)
Table 8. China Automated Compounding Systems Market, by Product Type – Revenue and Forecast to 2027 (USD Million)
Table 9. China Automated Compounding Systems Market, by End User – Revenue and Forecast to 2027 (USD Million)
Table 10. India Automated Compounding Systems Market, by Product Type – Revenue and Forecast to 2027 (USD Million)
Table 11. India Automated Compounding Systems Market, by End User – Revenue and Forecast to 2027 (USD Million)
Table 12. South Korea Automated Compounding Systems Market, by Product Type – Revenue and Forecast to 2027 (USD Million)
Table 13. South Korea Automated Compounding Systems Market, by End User – Revenue and Forecast to 2027 (USD Million)
Table 14. Australia Automated Compounding Systems Market, by Product Type – Revenue and Forecast to 2027 (USD Million)
Table 15. Australia Automated Compounding Systems Market, by End User – Revenue and Forecast to 2027 (USD Million)
Table 16. List of Abbreviation
LIST OF FIGURES
Figure 1. Automated Compounding Systems Market Segmentation
Figure 2. Asia Pacific Automated Compounding Systems Market Overview
Figure 3. Gravimetric Automated Compounding Systems Segment Held Largest Share of Product Type in Automated Compounding Systems Market
Figure 4. China is Expected to Show Remarkable Growth During the Forecast Period
Figure 5. Asia Pacific Automated Compounding Systems Market - Leading Country Markets (US$ Mn)
Figure 6. Automated Compounding Systems Market - Asia Pacific PEST Analysis
Figure 7. Automated Compounding Systems Market Impact Analysis of Driver and Restraints
Figure 8. Asia Pacific Automated Compounding Systems Market – Revenue Forecasts and Analysis – 2019- 2027
Figure 9. Asia Pacific Automated Compounding Systems Market, By Product Type 2019 & 2027 (%)
Figure 10. Asia Pacific Gravimetric Automated Compounding Systems Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 11. Asia Pacific Volumetric Automated Compounding Systems Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 12. Asia Pacific Automated Compounding Systems Market, by End-User 2019 & 2027 (%)
Figure 13. Asia Pacific Hospitals Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 14. Asia Pacific Chemotherapy Centers Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 15. Asia Pacific Others Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 16. Asia Pacific: Automated Compounding Systems Market, by Key Country – Revenue (2019) (USD Million)
Figure 17. Asia Pacific Automated Compounding Systems Market Revenue and Forecast to 2027 (USD Million)
Figure 18. Asia Pacific Automated Compounding Systems Market Volume and Forecast to 2027 (Units)
Figure 19. Asia Pacific: Automated Compounding Systems Market, by Country, 2019 & 2027 (%)
Figure 20. Japan: Automated Compounding Systems Market – Revenue and Forecast to 2027 (USD Million)
Figure 21. China: Automated Compounding Systems Market – Revenue and Forecast to 2027 (USD Million)
Figure 22. India: Automated Compounding Systems Market – Revenue and Forecast to 2027 (USD Million)
Figure 23. South Korea: Automated Compounding Systems Market – Revenue and Forecast to 2027 (USD Million)
Figure 24. Australia: Automated Compounding Systems Market – Revenue and Forecast to 2027 (USD Million)
Figure 25. Impact of Covid-19 Pandemic in Asia-Pacific Country Markets
The List of Companies - Asia Pacific Automated Compounding Systems Market
- Weibond Technology
- ARxIUM
- Grifols, S.A
- NewIcon
- Baxter International Inc.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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