Future Outlook of the Automated Compounding Devices Market: Growth, Trends, and Emerging Opportunities Explored
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What is the Expected Growth Rate of the Automated Compounding Devices Market Based on Industry Projections?
In the past few years, there has been robust growth in the market size of automated compounding devices. The market is set to grow from $2.36 billion in 2024 to reach $2.53 billion in 2025, at a compound annual growth rate (CAGR) of 7.4%. The expansion during the historic period is due to the surging incidence of chronic diseases, the growing elderly population, amplification of healthcare infrastructure, regulatory stipulations, and the rise in medication errors.
It is anticipated that the market size of automated compounding devices will experience robust growth in the coming years, rising to $3.34 billion by 2029, with a Compound Annual Growth Rate (CAGR) of 7.2%. The increase in the predicted period can be linked to a surge in cancer incidence, expanded global healthcare, enhanced emphasis on patient safety, regulatory assistance, and a growing attention on sustainability. Key trends for this forecasted period cover telemedicine, remote healthcare, progress in artificial intelligence, the digitization of healthcare, and live monitoring.
What Industry-Specific Factors Are Fueling the Growth of the Automated Compounding Devices Market?
The growth of the automated compounding devices market is set to be propelled by the escalating number of personalized medicines. Personalized medicine refers to a healthcare approach that individualizes healthcare decisions, practices, interventions, and treatments to align with each patient’s unique features. The rise in the number of personalized medicines can be attributed to advances in genetics understanding, patient-specific data, and regulatory approval. Automated compounding devices (ACDs) are indispensable in personalized medicine as they facilitate the exact and precise concoction of custom medication formulations altered to meet individual patient requirements. These equipment mechanize the combining of diverse pharmaceutical constituents in accurate proportions, a necessity for creating personalized treatments. For instance, the Personalized Medicine Coalition, a US-based non-profit organization, reported in February 2024 that the FDA had sanctioned 16 new personalized therapies for patients with uncommon diseases in 2023, as opposed to only six in 2022. Consequently, the burgeoning number of personalized medicines contributes to the expansion of the automated compounding devices market.
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What Companies Are At the Forefront of Innovation in the Automated Compounding Devices Market?
Major companies operating in the automated compounding devices market are:
• McKesson Corporation_x000D_
• Amerisource Bergen Corporation_x000D_
• Medtronic PLC_x000D_
• Becton Dickinson and Company_x000D_
• Baxter International Inc_x000D_
How Are Emerging Trends in Consumer Behavior Affecting the Automated Compounding Devices Market?
Significant players in the automated compounding device market are concentrating on minimizing medication mistakes and bolstering patient safety with innovative technologies, like robotic compounding technology, in order to gain increased consumer confidence, adherence to regulations, and an edge over competitors. The robotic compounding technology automates the exact concoction and blending of pharmaceutical ingredients through cutting-edge robot systems, boosting precision, productivity, and safety in medicine formulation. For instance, Omnicell Inc., an American healthcare technology firm, introduced the IVX Station in March 2022, a fresh automated compounding device. This groundbreaking product seeks to promote the reach of IV robotic technology to a wider market, improving patient safety, precision, cost-effectiveness, supply chain management, and compliance with regulations. The IVX Station delivers three times faster performance than existing IV robotic systems, integrates a highly dependable design to limit downtime, and keeps a compact design suitable for pharmacy workflow.
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What Are the Main Segments of the Automated Compounding Devices Market, and How Are They Evolving?
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
Subsegments:
1) By Automated Compounding Systems Equipment: Compounding Workstations, Compounding Pumps, Mixing Chambers, Scales And Balances, Dispensing Units, Vial And Syringe Filling Systems, Other Related Equipment (Filtration Devices)
2) By Automated Compounding Systems Software: Prescription Management Software, Workflow Management Software, Monitoring And Control Software, Data Analytics And Reporting Software, Safety And Compliance Software, Integration Software For Hospital Or Pharmacy Management Systems
What Regions Are Propelling Growth in the Automated Compounding Devices Industry?
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.
What Key Parameters Define the Automated Compounding Devices Market’s Scope?
Automated compounding devices refer to specialized equipment designed to automate the preparation of medications, including intravenous (IV) solutions, in healthcare settings. These devices ensure precise and efficient compounding, enhancing patient safety and reducing the risk of human error in medication preparation.
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