The Automated Compounding Devices Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Automated Compounding Devices Global Market Report 2024, 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 in the historic period can be attributed to the rising prevalence of chronic diseases, an aging population, the expansion of healthcare infrastructure, regulatory requirements, and increasing 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 in the forecast period can be attributed to rising cancer prevalence, global healthcare expansion, increased focus on patient safety, regulatory support, and an and an increasing focus on sustainability. Major trends in the forecast period include telemedicine, remote healthcare, advancements in artificial intelligence, healthcare digitalization, and real-time monitoring.
The increasing number of personalized medicines is expected to fuel the growth of the automated compounding devices market going forward. Personalized medicine refers to a medical approach that tailors healthcare decisions, practices, interventions, and treatments to the individual characteristics of each patient. The increasing number of personalized medicines is due to a better understanding of genetics, patient-specific data, and regulatory support. Automated compounding devices (ACDs) play a crucial role in the field of personalized medicine by enabling the precise and accurate preparation of custom medication formulations tailored to individual patient needs. These devices automate the process of combining various pharmaceutical ingredients in specific proportions, which is essential for creating personalized treatments. For instance, in February 2024, according to the Personalized Medicine Coalition, a US-based non-profit organization, the FDA approved 16 novel personalized therapies for patients with rare diseases in 2023, compared to six in 2022. Therefore, the increasing number of personalized medicines is driving the growth of the automated compounding devices market.
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The automated compounding devices market covered in this report is segmented –
1) By Component: Automated Compounding Systems Equipment, Automated Compounding Systems Software
2) By Product Type: Intravenous Compounding Systems, Oral Compounding Systems, Total Parenteral Nutrition (TPN) Compounding Systems
3) By Mode Of Operation: Fully Automated Compounding Systems, Semi-Automated Compounding Systems
4) By End-User: Hospitals, Ambulatory Surgical Centers, Other End Users
Major companies operating in the automated compounding device market are focusing on reducing medication errors and improving patient safety with advanced technologies, such as robotic compounding technology, to gain enhanced customer trust, regulatory compliance, and a competitive advantage. Robotic compounding technology automates the precise preparation and mixing of pharmaceutical compounds using advanced robotic systems, enhancing accuracy, efficiency, and safety in medication preparation. For instance, in March 2022, Omnicell Inc., a US-based healthcare technology company, launched the IVX Station, a new automated compounding device. This innovative solution aims to expand access to IV robotic technology in the broader market, enhancing patient safety, accuracy, cost efficiency, supply chain management, and regulatory compliance. The IVX Station offers three times faster throughput than current IV robotic systems, incorporates a highly reliable design to minimize downtime, and maintains a compact footprint suitable for pharmacy operations.
The automated compounding devices market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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