PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1464627
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1464627
Automated Medication Compounding System Market size was valued at USD 2,240.23 Million in 2023, expanding at a CAGR of 14.52% from 2024 to 2032
An Automated Medication Compounding System represents a sophisticated apparatus employed in healthcare environments, particularly within pharmacies and hospitals, to streamline the compounding process of medications. These systems harness robotics, advanced software, and precise measurement mechanisms to accurately blend and dispense medications in tailored dosages and formulations. By minimizing human errors, ensuring sterile compounding conditions, and facilitating efficient and consistent medication preparation for intravenous (IV) admixtures, chemotherapy drugs, and specialized formulations, Automated Medication Compounding Systems significantly enhance patient safety.
Automated Medication Compounding System Market- Market Dynamics
Escalating global disease burden and the heightened utilization of prescription medications to propel market demand
The global Automated Medication Compounding System market holds immense growth potential attributed to the escalating global disease burden and the heightened utilization of prescription medications. For instance, according to a tracking poll conducted by KFF in 2022, approximately 62% of individuals in the U.S. were using prescription medicine between September and October 2021. This surge in prescription numbers fuels the demand for automation technology to mitigate medication errors and expedite prescription dispensing. Additionally, pharmacy automation devices aid in preventing product contamination and errors, thereby mitigating liabilities and enhancing patient safety. These devices also curtail medication wastage, translating into cost savings over time. For example, as reported by Omnicell Inc., pharmacy automation led to zero drug wastage and reduced pharmacy checks by 90%. Consequently, through automation, pharmacists can allocate more time to patient care.
Automated Medication Compounding System Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 14.52% over the forecast period (2024-2032)
Based on Product Type segmentation, medication dispensing systems was predicted to show maximum market share in the year 2023
Based on End user segmentation, retail pharmacy was the leading type in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global Automated Medication Compounding System Market is segmented on the basis of Product Type, End user, and Region.
The market is divided into five categories based on Product Type: medication dispensing systems, packaging and labeling systems, storage and retrieval systems, automated medication compounding systems, and tabletop tablet counters. The medication dispensing systems segment held the largest market share in 2023. This dominance is ascribed to stringent government regulations concerning medication and the escalating pressure on healthcare facilities and pharmacists to integrate diverse medication dispensing systems for enhancing patient care services.
The market is divided into five categories based on End user: retail pharmacy, inpatient pharmacies, outpatient pharmacies, pharmacy benefit management organizations, and mail-order pharmacies. The retail pharmacy segment captured the largest market share in 2023. This surge is fueled by the expanding utilization of pharmacy automation in prescription filling, cost and error reduction, inventory tracking, and operational streamlining, consequently propelling the adoption of these solutions within retail pharmacies.
Automated Medication Compounding System Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
In the Automated Medication Compounding System market, companies frequently utilize strategic partnerships to bolster their market positioning and technological prowess. Collaborations with healthcare institutions enable companies to grasp specific compounding requirements, thus tailoring their systems to provide bespoke solutions and cultivate enduring relationships. Partnerships with pharmaceutical manufacturers grant access to high-quality ingredients and compatibility with proprietary medications, broadening the system's versatility and appeal. Additionally, alliances with regulatory bodies and healthcare organizations facilitate compliance with industry standards and best practices, thereby fortifying system reliability and user confidence. Moreover, partnerships with technology providers facilitate seamless integration with electronic health record (EHR) systems and other healthcare IT infrastructure, streamlining workflow processes and enhancing medication management efficiency.
In March 2022, Swisslog Healthcare collaborated with TriaTech Medical Systems to introduce MedSMART, a suite of automated dispensing cabinets, across various healthcare facilities in Europe.
GLOBAL AUTOMATED MEDICATION COMPOUNDING SYSTEM MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHT
Amerisource Bergen Corporation
Accu-Chart Plus Healthcare Systems, Inc.
Omnicell, Inc.
McKesson Corporation
Pearson Medical Technologies
Baxter
Talyst, LLC (Swisslog Healthcare)
Scriptpro LLC
Fulcrum Pharmacy Management, Inc.
Health Robotics S.R.L.
Medacist Solutions Group, LLC
Aesynt, Inc
Others