The North America automated compounding systemsmarket is expected to reach US$ 339.69 millionby 2027 from US$ 197.53 million in 2019. The market is estimated to grow with a CAGR of 7.2% from 2020 to 2027.
The automated compounding systemsmarketis growing primarily due to the growing adoption of chemotherapy, personalized medication, and rising need to minimize medication errors in the North America region. High cost of the automated compounding systems and COVID-19 pandemicare likely to restrain the growth of the market in coming years. Additionally, increasing awareness about automated compounding systemsamong pharmacistsand introduction of novel robotic technology automation in compounding systemsare likely to increase the growth of the automated compounding systems marketduring the forecast period.
Automated compounding system is a device that combines one or more drug solutions to final container for patient administration. Automated compounding system helps avoid medication error that occurs due to variety of factors such as poor management communication between the physician and pharmacist, critical storage practices in pharmacies, and confusion caused due to the use of similar labels. However, with the automated compounding systems, the accuracy as well as efficiency of dispensing compounded products have improved, and it has further reduced the exposure of healthcare professionals to toxic agents.
The rapid adoption of novel therapies, such as chemotherapy in oncology has been reported to provide better treatment options for breast, lung, and prostate cancers. The area of precision and personalized medicine (PPM) is developed to make therapies for a single patient or specific groups based on data that captures current and past physical health and environmental experience. Recently, several reports showed that the assimilation of PPM viewpoint into cancer research and treatment will result into significant enhancements in fighting cancer, mainly due to its complexity and interpatient unpredictability. Diana (ICU Medical, Inc.) helps to reduce human data entry errors and increase preparation traceability. Diana uses ChemoClave components to protect clinicians against dangerous drugs and unintended needle sticks while treating the patients. Therefore, the increasing adoption of chemotherapy is ranked among the leading factors for the growth of the automated compounding systems market.
Organizations and associations are working toward creating awareness among pharmacists about medication processes. For instance, as per the American Association of Colleges of Pharmacy (AACP), 2019, the Pharmacists for Healthier Lives campaign is a national effort in order to grow awareness regarding pharmacists? roles in delivering quality health care. The campaign is maintained by a coalition of pharmacy organizations that comprises AACP, the American Society of Health-System Pharmacists, the Academy of Managed Care Pharmacy and the Accreditation Council for Pharmacy Education, the National Alliance of State Pharmacy Associations, the Georgia Pharmacy Association, and Prescribe Wellness. These associations have been working toward spreading awareness among the population, which in turn is fuelling the growth of automated compounding systems market.
Research institutes, pharmaceutical, and biotech companies are engaged in collaborative work to address the COVID-19 outbreak. This has eventually shifted their focus from their regular supply of automated compounding systems. Majority of the companies which are operating in the manufacturing segment of automated compounding systems products are currently working on Personal Protective Equipment (PPE), such as gloves, masks, and gowns. In the upcoming years, the research activities are expected to accelerate owing to their potential in treating wide range of diseases. The COVID-19 outbreak highlights potential vulnerabilities in both our drug supply chain and clinical infrastructure, including the availability of adequate clinician resources.
In 2019, the gravimetric automated compounding systems segment accounted for the largest share in the North America automated compounding systemsmarket. The growth of the gravimetric automated compounding systems is attributed toaccuracy provided by the systems, preference by the pharmacies and hospitals for the gravimetric systems, enormous commercial use of these systems in the market.
Some of the significant secondary sources for automated compounding systemsmarket included in the report are the Food and Drug Administration (FDA), National Coordinating Council for Medication Error Reporting and Prevention (NCC MERP), American Association of Colleges of Pharmacy (AACP), and others
TABLE OF CONTENTS
1. Introduction
1.1 Scope of the Study
1.2 Research Report Guidance
1.3 Market Segmentation
1.3.1 North America Automated Compounding Systems Market ? By Product Type
1.3.2 North America Automated Compounding Systems Market? By End User
1.3.3 North America Automated Compounding Systems Market ? By Country
2. North America Automated Compounding Systems Market ? Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. North America Automated Compounding Systems Market ? Market Landscape
4.1 Overview
4.2 PEST Analysis
4.2.1 Automated Compounding Systems Market - North America PEST Analysis
4.3 Expert Opinion
5. North America Automated Compounding Systems Market - Key Market Dynamics
5.1 Key Market Drivers
5.1.1 Growing Adoption of Chemotherapy and Personalized Medication
5.1.2 Rising Need to Minimize Medication Errors
5.2 Key Market Restraints
5.2.1 High Cost of the Automated Compounding Systems
5.3 Key Market Opportunities
5.3.1 Increasing Awareness in Pharmacists
5.4 Future Trends
5.4.1 Introduction of Novel Robotic Technology Automation in Compounding Systems
5.5 Impact Analysis
6. Automated Compounding Systems Market ? North America Analysis
6.1 North America Automated Compounding Systems Market Revenue Forecasts and Analysis
7. North America Automated Compounding Systems Market Analysis and Forecasts To 2027 ? By Product Type
7.1 Overview
7.2 North America Automated Compounding Systems Market, By Product Type 2019 & 2027 (%)
7.2.1 North America Automated Compounding Systems Market Revenue and Forecasts to 2027, By Product Type (US$ Mn)
7.3 Gravimetric Automated Compounding Systems
7.3.1 Overview
7.3.2 North America Gravimetric Automated Compounding Systems Market Revenue and Forecast to 2027 (US$ Mn)
7.4 Volumetric Automated Compounding Systems
7.4.1 Overview
7.4.2 North America Volumetric Automated Compounding Systems Market Revenue and Forecasts to 2027 (US$ Mn)
8. North America Automated Compounding Systems Market Analysis ? By End-User
8.1 Overview
8.2 North America Automated Compounding Systems Market, By End-User 2019-2027 (%)
8.2.1 North America Automated Compounding Systems Market Revenue and Forecasts to 2027, By End-User (US$ Mn)
8.3 Hospitals
8.3.1 Overview
8.3.2 North America Hospitals Market Revenue and Forecasts to 2027 (US$ Mn)
8.4 Chemotherapy Centers
8.4.1 Overview
8.4.2 North America Chemotherapy Centers Market Revenue and Forecasts to 2027 (US$ Mn)
8.5 Others
8.5.1 Overview
8.5.2 North America Others Market Revenue and Forecasts to 2027 (US$ Mn)
9. Automated Compounding Systems Market Revenue and Forecasts To 2027 ? Geographical Analysis
9.1 North America Automated Compounding Systems Market Revenue and Forecasts To 2027
9.1.1 Overview
9.1.2 North America: Automated Compounding Systems Market - Revenue and Forecast to 2027 (USD Million)
9.1.3 North America: Automated Compounding Systems Market ? Volume and Forecast to 2027 (Units)
9.1.4 North America Automated Compounding Systems Market, by Product Type ? Revenue and Forecast to 2027 (USD Million)
9.1.5 North America Automated Compounding Systems Market, by Product Type ? Volume and Forecast to 2027 (Units)
9.1.6 North America Automated Compounding Systems Market, by End User ? Revenue and Forecast to 2027 (USD Million)
9.1.7 North America: Automated Compounding Systems Market, by Country, 2019 & 2027 (%)
9.1.8 US: Automated Compounding Systems Market ? Revenue and Forecast to 2027 (USD Million)
9.1.8.1 US: Automated Compounding Systems Market ? Revenue and Forecast to 2027 (USD Million)
9.1.8.1.1 US Automated Compounding Systems Market, by Product Type ? Revenue and Forecast to 2027 (USD Million)
9.1.8.1.2 US Automated Compounding Systems Market, by End User ? Revenue and Forecast to 2027 (USD Million)
9.1.9 Canada: Automated Compounding Systems Market ? Revenue and Forecast to 2027 (USD Million)
9.1.9.1 Canada: Automated Compounding Systems Market ? Revenue and Forecast to 2027 (USD Million)
9.1.9.1.1 Canada Automated Compounding Systems Market, by Product Type ? Revenue and Forecast to 2027 (USD Million)
9.1.9.1.2 Canada Automated Compounding Systems Market, by End User ? Revenue and Forecast to 2027 (USD Million)
9.1.10 Mexico: Automated Compounding Systems Market ? Revenue and Forecast to 2027 (USD Million)
9.1.10.1 Mexico: Automated Compounding Systems Market ? Revenue and Forecast to 2027 (USD Million)
9.1.10.1.1 Mexico Automated Compounding Systems Market, by Product Type ? Revenue and Forecast to 2027 (USD Million)
9.1.10.1.2 Mexico Automated Compounding Systems Market, by End User ? Revenue and Forecast to 2027 (USD Million)
10. Impact Of COVID-19 Pandemic on North America Automated Compounding Systems Market
10.1 North America: Impact Assessment of COVID-19 Pandemic
11. COMPANY PROFILES
11.1 Baxter International Inc.
11.1.1 Key Facts
11.1.2 Business Description
11.1.3 Products and Services
11.1.4 Financial Overview
11.1.5 SWOT Analysis
11.1.6 Key Developments
11.2 ICU MEDICAL INC.
11.2.1 Key Facts
11.2.2 Business Description
11.2.3 Products and Services
11.2.4 Financial Overview
11.2.5 SWOT Analysis
11.2.6 Key Developments
11.3 OMNICELL INC.
11.3.1 Key Facts
11.3.2 Business Description
11.3.3 Products and Services
11.3.4 Financial Overview
11.3.5 SWOT Analysis
11.3.6 Key Developments
11.4 EQUASHIELD
11.4.1 Key Facts
11.4.2 Business Description
11.4.3 Products and Services
11.4.4 Financial Overview
11.4.5 SWOT Analysis
11.4.6 Key Developments
11.5 ARxIUM
11.5.1 Key Facts
11.5.2 Business Description
11.5.3 Products and Services
11.5.4 Financial Overview
11.5.5 SWOT Analysis
11.5.6 Key Developments
12. Appendix
12.1 About the Insight Partners
12.2 Word Index
LIST OF TABLES
Table 1. North America Automated Compounding Systems Market Revenue and Forecasts To 2027, By Product Type (US$ Mn)
Table 2. North America Automated compounding systems Market Revenue and Forecasts To 2027, By End-User (US$ Mn)
Table 3. North America Automated Compounding Systems Market, by Product Type ? Revenue and Forecast to 2027 (USD Million)
Table 4. North America Automated Compounding Systems Market, by Product Type ? Volume and Forecast to 2027 (Units)
Table 5. North America Automated Compounding Systems Market, by End User ? Revenue and Forecast to 2027 (USD Million)
Table 6. US Automated Compounding Systems Market, by Product Type ? Revenue and Forecast to 2027 (USD Million)
Table 7. US Automated Compounding Systems Market, by End User ? Revenue and Forecast to 2027 (USD Million)
Table 8. Canada Automated Compounding Systems Market, by Product Type ? Revenue and Forecast to 2027 (USD Million)
Table 9. Canada Automated Compounding Systems Market, by End User ? Revenue and Forecast to 2027 (USD Million)
Table 10. Mexico Automated Compounding Systems Market, by Product Type ? Revenue and Forecast to 2027 (USD Million)
Table 11. Mexico Automated Compounding Systems Market, by End User ? Revenue and Forecast to 2027 (USD Million)
Table 12. List of Abbreviation
LIST OF FIGURES
Figure 1. Automated Compounding Systems Market Segmentation
Figure 2. North America Automated Compounding Systems Market Overview
Figure 3. Gravimetric Automated Compounding Systems Segment Held Largest Share of Product Type in Automated Compounding Systems Market
Figure 4. US is Expected to Show Remarkable Growth During the Forecast Period
Figure 5. North America Automated Compounding Systems Market - Leading Country Markets (US$ Mn)
Figure 6. Automated Compounding Systems Market - North America PEST Analysis
Figure 7. Automated Compounding Systems Market Impact Analysis of Driver and Restraints
Figure 8. North America Automated Compounding Systems Market ? Revenue Forecasts and Analysis ? 2019- 2027
Figure 9. North America Automated Compounding Systems Market, By Product Type 2019 & 2027 (%)
Figure 10. North America Gravimetric Automated Compounding Systems Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 11. North America Volumetric Automated Compounding Systems Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 12. North America Automated Compounding Systems Market, by End-User 2019 & 2027 (%)
Figure 13. North America Hospitals Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 14. North America Chemotherapy Centers Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 15. North America Others Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 16. North America: Automated Compounding Systems Market, by Key Country ? Revenue (2019) (USD Million)
Figure 17. North America Automated Compounding Systems Market Revenue and Forecast to 2027 (USD Million)
Figure 18. North America Automated Compounding Systems Market Volume and Forecast to 2027 (Units)
Figure 19. North America: Automated Compounding Systems Market, by Country, 2019 & 2027 (%)
Figure 20. US: Automated Compounding Systems Market ? Revenue and Forecast to 2027 (USD Million)
Figure 21. Canada: Automated Compounding Systems Market ? Revenue and Forecast to 2027 (USD Million)
Figure 22. Mexico: Automated Compounding Systems Market ? Revenue and Forecast to 2027 (USD Million)
Figure 23. Impact of Covid-19 Pandemic in North American Country Markets
The List of Companies - North America Automated Compounding Systems Market
1. Baxter International Inc.
2. ICU MEDICAL INC
3. OMNICELL INC.
4. EQUASHIELD
5. ARxIUM
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