Automated Compounding Systems Market Scope 2031
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.
Automated Compounding Systems Market Analysis
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 Systems Market Overview
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.
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Automated Compounding Systems Market: Strategic Insights
Market Size Value in US$ 403.88 Million in 2019 Market Size Value by US$ 684.17 Million by 2027 Growth rate CAGR of 7.0% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Automated Compounding Systems Market: Strategic Insights
| Market Size Value in | US$ 403.88 Million in 2019 |
| Market Size Value by | US$ 684.17 Million by 2027 |
| Growth rate | CAGR of 7.0% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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Automated Compounding Systems Market Drivers and Opportunities
Rising Need to Minimize Medication Errors
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.
Use of Automated Compounding Systems for Parenteral Nutrition – An Opportunity 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.
Automated Compounding Systems Market Report Segmentation Analysis
Key segments that contributed to the derivation of the Automated Compounding Systems Market analysis are route of administration, application, and end user.
- 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 segment held the largest market share in 2023.
- By end user, the Automated Compounding Systems Market is segmented into hospitals, chemotherapy centers, and others. The hospitals segment held the largest market share in 2023.
Automated Compounding Systems Market Share Analysis by Geography
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.
Automated Compounding Systems Market Report Scope
Automated Compounding Systems Market News and Recent Developments
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:
- Simplivia launched the innovative SmartCompounders chemo automation solution empowered by the leading Chemfort Closed System Drug-Transfer Device (CSTD). It gives pharmacists and technicians the tools to make the compunding process shorter, more reliable and eliminates errors in medication identification and dosage quantity. (Source: Simplivia, Company Website, 2024)
- Baxter International Inc launched the ExactaMix Pro Automated Compounder. ExactaMix Pro combines enhanced security with more intuitive and efficient features and greater processing power as compared to ExactaMix. (Source: Baxter, Company Website, 2022)
Automated Compounding Systems Market Report Coverage and Deliverables
The “Automated Compounding Systems Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product Type ; End User and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
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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