PUBLISHER: The Business Research Company | PRODUCT CODE: 1556197
PUBLISHER: The Business Research Company | PRODUCT CODE: 1556197
Automated compounding devices are specialized pieces of equipment designed to automate the preparation of medications, including intravenous (IV) solutions, in healthcare settings. These devices ensure precise and efficient compounding, thereby enhancing patient safety and minimizing the risk of human error in medication preparation.
The main components of automated compounding devices include equipment and software. The equipment encompasses the physical parts of the devices used for automated medication preparation, such as robotic arms, dispensing units, and mixing chambers, which are crucial for the mechanical and physical operations that automate the compounding process, ensuring accuracy and efficiency. Product types are categorized into intravenous compounding systems, oral compounding systems, and total parenteral nutrition (TPN) compounding systems. The mode of operation includes fully automated and semi-automated compounding systems. End-users of these devices include hospitals, ambulatory surgical centers, and other healthcare facilities.
The automated compounding devices market research report is one of a series of new reports from the business research company that provides automated compounding devices market statistics, including automated compounding devices industry global market size, regional shares, competitors with an automated compounding devices market share, detailed automated compounding devices market segments, market trends and opportunities, and any further data you may need to thrive in the automated compounding devices industry. This automated compounding devices market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The automated compounding devices market size has grown strongly in recent years. It will grow from $2.2 billion in 2023 to $2.36 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth during the historic period can be attributed to several factors including the increasing prevalence of chronic diseases, an aging population, the expansion of healthcare infrastructure, regulatory requirements, and a rise in medication errors.
The automated compounding devices market size is expected to see strong growth in the next few years. It will grow to $3.12 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth during the forecast period can be attributed to several factors including the rising prevalence of cancer, global expansion of healthcare, increased emphasis on patient safety, regulatory support, and a growing focus on sustainability. Key trends expected in the forecast period include telemedicine, remote healthcare, advancements in artificial intelligence, healthcare digitalization, and real-time monitoring.
The growing prevalence of personalized medicines is expected to drive the expansion of the automated compounding devices market in the future. Personalized medicine involves tailoring healthcare decisions, practices, interventions, and treatments to the unique characteristics of each patient. This increase in personalized medicines is attributed to advances in genetics, patient-specific data, and regulatory support. Automated compounding devices (ACDs) are vital in personalized medicine, as they enable the precise and accurate preparation of custom medication formulations tailored to individual patient needs. These devices automate the process of mixing various pharmaceutical ingredients in exact proportions, which is essential for creating personalized treatments. For example, in February 2024, according to the Personalized Medicine Coalition, a US-based non-profit organization, reported that the FDA approved 16 new personalized therapies for rare diseases in 2023, up from six in 2022. Thus, the rise in personalized medicines is fueling the growth of the automated compounding devices market.
Major players in the automated compounding device market are concentrating on reducing medication errors and enhancing patient safety through advanced technologies, such as robotic compounding systems, to build customer trust, ensure regulatory compliance, and achieve a competitive edge. Robotic compounding technology automates the precise preparation and mixing of pharmaceutical compounds using sophisticated robotic systems, thereby improving accuracy, efficiency, and safety in medication preparation. For example, in March 2022, Omnicell Inc., a US-based healthcare technology company, introduced the IVX Station, a new automated compounding device. This innovative solution is designed to broaden the availability of IV robotic technology, improving patient safety, accuracy, cost efficiency, supply chain management, and regulatory compliance. The IVX Station provides three times faster throughput compared to existing IV robotic systems, features a highly reliable design to minimize downtime, and maintains a compact footprint suitable for pharmacy operations.
In January 2022, ICU Medical Inc., a US-based company specializing in the development and manufacturing of medical devices, acquired Smiths Medical Inc. from Smiths Group plc for an undisclosed amount. This acquisition allows ICU Medical to expand its infusion therapy product line and portfolio by integrating complementary offerings from Smiths Medical. This strategic move strengthens ICU Medical's global presence, establishing it as a prominent US-based competitor in the medical device market. Smiths Medical Inc., a US-based manufacturer, produces specialized medical devices and equipment, including automated compounding devices.
Major companies operating in the automated compounding devices market are McKesson Corporation, Amerisource Bergen Corporation, Medtronic PLC, Becton Dickinson and Company, Baxter International Inc, B. Braun Melsungen AG, Fresenius Kabi AG, Grifols International S.A., Terumo Corporation, ICU Medical Inc., Omnicell Inc., Tecan Group Ltd., Cantel Medical Corp., Fagron N.V., Swisslog Healthcare, ScriptPro LLC, PharMEDium Services LLC, Loccioni Group S.p.A., ARxIUM Inc., Codonics Inc., Apexus Inc., Equashield LLC, Yuyama Mfg Co. Ltd., Shanghai Weibond Technology Co. Ltd., Quirem Medical B.V
North America was the largest region in the automated compounding devices market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automated compounding devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the automated compounding devices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The automated compounding devices market consists of closed-system transfer devices, automated oral solid dose dispensers, and dispensing cabinets. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Automated Compounding Devices Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on automated compounding devices market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for automated compounding devices ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The automated compounding devices market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.