June 25, 2020
As per the report titled ‘Automated Compounding Systems Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Product Type; End User, available with Market Study Report LLC, global automated compounding systems market is expected to reach USD 684.17 million by 2027 expanding with a CAGR of 7% over 2020-2027.
Due to widespread adoption of chemotherapy and surging need to minimize medication errors, automated compounding systems market is subjected to witness momentous growth during the analysis timeframe. However, the substantially high prices of automated compounding systems may hamper the market growth to some extent in the coming years, claim market analysts.
Government organizations are working to develop methods and systems to minimize medication and dispensing errors and to provide appropriate medication to the patients. Moreover, the deaths caused due to medication error sums up to be more than that of workplace injuries. Hence, several governments are supporting the usage of automated compounding tools, which in turn is expected to augment the growth of global automated compounding systems market.
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Medication and dispensing error can occur due to several factors like ineffective communication between doctor and pharmacist, unsafe storage practices in drugstores, and misinterpretation due to repetitive use of same labels. . Automated compounding systems are developed to minimize such errors. There are several cases where nurses commit errors in medication. Apart from these, even in intensive care units (ICUs), where the staff are experts, the frequency of medication errors is reported to be more than 52.5% in 2015.
With respect to the product type, gravimetric automated compounding system segment accounted for the largest fragment of the market in 2019 and is expected to follow a similar growth pattern by showcasing the highest CAGR during the analysis timeframe.
Speaking of end-user spectrum, the hospitals segment accounted for the largest market share in 2019 and is expected to continue dominating the market share by registering the highest CAGR during the analysis timeframe.
Major companies operating in global automated compounding systems market are Baxter International Inc., Comecer, Grifols, S.A., EQUASHIELD, Weibond Technology, Braun Melsungen AG, ICU MEDICAL INC., OMNICELL INC., ARxIUM, and NewIcon among others.