The Automated Compounding Systems Market size was estimated to be US$ 481.93 million in 2022 and US$ XX million in 2023 and is expected to reach US$ 950.41 million by 2031; it is estimated to record a CAGR of 8.0% till 2031. Strategic developments and product launches are likely to remain key Automated Compounding Systems Market trends.
Increasing demand for personalized medicines, improved patient safety, stringent regulations for medication compounding, efficiency and cost effectiveness of automated compounding systems, and increasing awareness in pharmacists is driving the growth of the automated compounding systems market. In addition, increase in prevalence of chronic diseases has fueled the demand for automated compounding systems.
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. Moreover, 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.
Medication and dispensing errors are the major issues for hospital readmissions across the world. Medication errors can happen by both medical and paramedical personnel at numerous levels of patient care. A medication error can happen due to several factors such as poor order communication between the doctor and pharmacist, hazardous storage practices in drugstores, and misunderstanding raised due to the usage of the same labels. Hence, multilevel monitoring is compulsory. Automated compounding systems are deliberated to be one of the most qualified solutions to diminish these errors. 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. Thus, to minimize medication and compounding errors, governments in several nations are encouraging the use of automated compounding and medication tools in pharmacies and hospitals. This is considered to be a major factor propelling the growth of automated compounding systems market.
Parenteral nutrition is indicated when patients cannot meet their nutritional needs due to diseases, such as cancer and chronic diseases affecting the gastrointestinal tract. This type of nutrition is the cornerstone of therapy for most patients with severe short bowel syndrome (SBS). SBS occurs in ~3 per 1 million people yearly. As per the article titled “Understanding Short Bowel Syndrome: Current Status and Future Perspectives," published in 2020, the prevalence of SBS has increased by more than twofold in the last 40 years. The prevalence was ~30 cases per million in the US and approximately 1.4 cases per million in Europe. Automated compounding systems can be used to manufacture parenteral nutrition products. The automated compounding systems is usually linked to dedicated software that electronically transfers information about PN formulations. A number of researchers are comparing the PN formulations prepared by automated compounding systems and by manual methods. The ongoing researches for use of automated compounding systems for formulation of PN is expected to create opportunity for growth of automated compounding systems market.
Key segments that contributed to the derivation of the Automated Compounding Systems Market analysis are route of administration, application, and end user.
The geographic scope of the Automated Compounding Systems Market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America has dominated the Automated Compounding Systems Market. The market growth in North America is characterized by increased demand for chronic disease medications, the presence of key market players, an increase in product launches, as rising adoption of automated compounding systems in the US, rising pharmaceutical production, which is leading to the increasing demand for automated filling and packaging of medicines, and extensive R&D conducted by academic and research institutes and pharmaceutical companies. Moreover, Asia Pacific is anticipated to record the highest CAGR in the coming years.
The regional trends and factors influencing the Automated Compounding Systems Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Automated Compounding Systems Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 481.93 Million |
| Market Size by 2031 | US$ 950.41 Million |
| Global CAGR (2023 - 2031) | 8.0% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Product Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Automated Compounding Systems Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Automated Compounding Systems Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The Automated Compounding Systems Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for automated compounding systems and strategies:
The “Automated Compounding Systems Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas: