Global Automated Compounding Devices Market Outlook 2024, Forecast To 2033
24 Sep, 2024
The automated compounding devices market has seen significant growth, moving from $2.2 billion in 2023 to $2.36 billion in 2024, with a compound annual growth rate (CAGR) of 7.2%. This growth is driven by the rising prevalence of chronic diseases, an aging population, expanded healthcare infrastructure, regulatory requirements, and the need to reduce medication errors. The market is projected to grow to $3.12 billion by 2028, at a CAGR of 7.3%. Future growth will be supported by increasing cancer prevalence, global healthcare expansion, a stronger focus on patient safety, regulatory support, and an emphasis on sustainability. Noteworthy trends include advancements in telemedicine and remote healthcare, AI integration, healthcare digitalization, and real-time monitoring systems.
Major Driver In The Automated Compounding Devices Market
The automated compounding devices market is expected to grow with the increasing number of personalized medicines. This medical approach tailors treatments to individual patient characteristics, with automated compounding devices facilitating the precise preparation of custom medications. The Personalized Medicine Coalition reported that the FDA approved 16 novel personalized therapies in 2023, compared to six in 2022. This rise in personalized medicine is fueling the growth of the automated compounding devices market, with robust expansion anticipated through 2024 and into 2028.
Request A Free Sample Of The Automated Compounding Devices Market ReportAutomated Compounding Devices Market Competitive Landscape
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
Key Automated Compounding Devices Market Trend
The automated compounding device market is advancing with robotic compounding technology that reduces medication errors and enhances patient safety. This technology automates the precise preparation of pharmaceutical compounds. Omnicell Inc. introduced the IVX Station in March 2022, a robotic compounding device designed to improve patient safety, accuracy, and cost efficiency. The IVX Station offers three times faster throughput compared to existing systems, with a compact design suitable for pharmacy operations. The automated compounding device market, valued at $2.11 billion in 2023, is expected to grow to $2.26 billion in 2024 and is projected to reach $2.97 billion by 2028.
Purchase The Global Automated Compounding Devices Market Report Directly And Get A Swift Delivery
Automated Compounding Devices Market Segmentation
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
By Geography:The regions 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.
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 Automated Compounding Devices Global Market Report 2024 furnishes information about the global automated compounding devices market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.