Dublin, Aug. 10, 2020 (GLOBE NEWSWIRE) — The “North America Automated Compounding Systems Market to 2027- COVID-19 Impact and Regional Analysis by Product Type; End User, and Country – Regional Analysis and Market Forecasts by Drug Class and Action Mechanism” report has been added to ResearchAndMarkets.com’s offering.
The North America automated compounding systems market is expected to reach US$ 339.69 million by 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 systems market is growing primarily due to the growing adoption of chemotherapy, personalized medication, and rising need to minimize medication errors in the North America region. The high cost of the automated compounding systems and the COVID-19 pandemic are likely to restrain the growth of the market in coming years. Additionally, increasing awareness about automated compounding systems among pharmacists and the introduction of novel robotic technology automation in compounding systems are likely to increase the growth of the market during the forecast period.
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. The 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 systems market. The growth of the gravimetric automated compounding systems is attributed to accuracy provided by the systems, preference by the pharmacies and hospitals for the gravimetric systems, enormous commercial use of these systems in the market.
Key Topics Covered:
2. North America Automated Compounding Systems Market – Key Takeaways
3. Research Methodology
4. North America Automated Compounding Systems Market – Market Landscape
5. North America Automated Compounding Systems Market – Key Market Dynamics
6. Automated Compounding Systems Market – North America Analysis
7. North America Automated Compounding Systems Market Analysis and Forecasts To 2027 – By Product Type
8. North America Automated Compounding Systems Market Analysis – By End-User
9. Automated Compounding Systems Market Revenue and Forecasts To 2027 – Geographical Analysis
10. Impact Of COVID-19 Pandemic on North America Automated Compounding Systems Market
11. COMPANY PROFILES
- Baxter International Inc.
- ICU Medical Inc
- OMNICELL Inc.
For more information about this report visit https://www.researchandmarkets.com/r/ch1nrb
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