Automated Compounding Systems Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Product Type ; End User and Geography

NEW YORK, May 7, 2020 /PRNewswire/ -- The automated compounding systems market was valued at US$ 403.88 million in 2019 and is projected to reach US$ 684.17 million by 2027; it is expected to grow at a CAGR of 7.0% during 2020-2027. The growth of the automated compounding systems market is mainly attributed to factors such as the growing adoption of chemotherapy and personalized medication and rising need to minimize medication errors. However, the high cost of automated compounding systems is hindering the growth of the market.

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Medication and dispensing errors are significant issues for hospital readmissions across the world.Medication errors can happen by both medical and paramedical personnel at differentlevels of patient care.

A medication error can occur due to several factors such as poor order communication between the doctor and pharmacist, hazardous storage practices in drugstores, and misunderstanding raised due to the use of the same labels.Hence multilevel monitoring is compulsory.

Automated compounding systems are deliberated to be one of the most qualified solutions to diminish these errors.There are several data on errors in medication committed by nurses.

Even in intensive care units (ICUs), where the medical and paramedical personnel are more expert, the frequency of medication errors is reported to be more than 52.5% in 2015.

Various government organizations are working on the measures to avoid medication errors and developing methods and systems to overcome these errors to provide proper medication to the patients.For instance, National Coordinating Council for Medication Error Reporting and Prevention (NCC MERP) works to increase the safe use of medicines and to raise awareness of medication errors with the help of open communication, improved reporting, and campaign of medication error prevention strategies.

According to the data of NCC MERP, approximately 0.1 million people die yearly due to medical errors that occur in hospitals. Moreover, the death toll/year due to medication errors is more than that of workplace injuries. Thus, to minimize medication and compounding errors, governments in several nations are encouraging the use of automated compounding and medication tools in pharmacies and hospitals. This is considered to be a significant factor propelling the growth of the automated compounding systems market.

Based on product type, the automated compounding systems market is segmented into gravimetric automated compounding systems and volumetric automated compounding systems. The gravimetric automated compounding systems segment held the largest share of the market in 2019and it is expected to continue its dominance with highest CAGR in the market duringthe forecast period.

Based on end user, the global automated compounding systems market is segmented into hospitals, chemotherapy centers, and others. The hospitals segment held the highest share of the market in 2019 and continues to dominate with the highest CAGR in the market during the forecast period.

The World Health Organization (WHO), Food and Drug Administration (FDA), NIOSH (National Institute for Occupational Safety and Health), and European Court of Justice are some of the major primary and secondary sources referred for preparing this report.

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