COVID-19 Impact on Automated Compounding Systems Market 2020: Analysis And Forecast By Baxter International Inc., Braun Melsungen AG, Comecer, ICU MEDICAL INC, Grifols, S.A., OMNICELL INC., EQUASHIELD, ARxIUM, Weibond Technology, and NewIcon

The Covid-19 (coronavirus) pandemic is impacting society and the overall economy across the world. The impact of this pandemic is growing day by day as well as affecting the supply chain. The COVID-19 crisis is creating uncertainty in the stock market, massive slowing of supply chain, falling business confidence, and increasing panic among the customer segments. The overall effect of the pandemic is impacting the production process of several industries including Life science Industry, and many more. Trade barriers are further restraining the demand- supply outlook. As government of different regions have already announced total lockdown and temporarily shutdown of industries, the overall production process being adversely affected; thus, hinder the overall Automated Compounding Systems market globally. This report on 'Automated Compounding Systems market' provides the analysis on impact on Covid-19 on various business segments and country markets. The report also showcase market trends and forecast to 2027, factoring the impact of Covid -19 Situation.

Get the inside scope of the Sample report @ https://www.theinsightpartners.com/sample/TIPRE00010169/?openpr-10225

According to the latest study on 'Automated Compounding Systems Market Forecast to 2027 - Covid-19 Impact and Global Analysis by Product Type and End User'. The global 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 report highlights the trends prevailing in the global automated compounding systems market and the factors driving the market along with those that act as deterrents to its growth.

Company Profiles

Baxter International Inc.
Braun Melsungen AG
Comecer
ICU MEDICAL INC
Grifols, S.A.
OMNICELL INC.
EQUASHIELD
ARxIUM
Weibond Technology
NewIcon

Market Insights

Growing Adoption of Chemotherapy and Personalized Medication

Cancer is a shattering disease that causes significant number of deaths every year. Due to disease heterogeneity, standard cures such as chemotherapy or radiation are an efficient solution as a treatment among the patient population. Chemotherapy is a drug therapy that needs powerful chemicals to eliminate fast-multiplying tumor cells in the body. Chemotherapy is most often used to treat malignancy, as the cancer cells grow and increase rapidly compared to other cells in the body.

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. Similarly, 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 show that the assimilation of PPM viewpoint into cancer research and treatment will result in significant enhancements in fighting cancer, mainly due to its complexity and interpatient unpredictability.

Several manufactures offer automated compounding systems toward chemotherapy and personalized medicines. For instance, Pharmoduct (Comecer) is an automated device used for the sterilized preparation of personalized oncology drugs, which includes chemotherapy and biologicals.

Products Insights

The gravimetric automated compounding systems held the largest share in the global automated compounding systems market. The growth of the segment is attributed to the increasing adoption of this method for the preparation of IV agents such as antineoplastic agents, along with the reduction of potential errors. Also, the well-known players in this market are using gravimetric techniques in automation compounding systems. For instance, fully automated compounding systems, such as RIVA, use precise automated measuring methods and gravimetric checks to ensure the accuracy of each dose.

End User Insights

Based on end user, the automated compounding systems market is segmented into hospitals, chemotherapy centers, and others. The hospitals segment held the largest share in the global automated compounding systems market in 2019. Growth of the segment is attributed to exposure to global trends, increasing medication errors, and the need to provide the highest standards of patient care. For instance, some studies have observed that the standard error rates of up to 10% in hospital pharmacies. As a result, ensuring the safety of compounded medications and the control of quality and cost of IV therapy has been a priority for hospitals. That is why automated compounding systems are considered to be an essential component of safe and efficient pharmacy operations. Moreover, strategic initiatives by the major players are likely to augment the segmental growth in coming years. For instance, Omnicell announced that Allegheny General Hospital, Pittsburgh, Pa., part of Allegheny Health Network (AHN), has collaborated with Omnicell for in sourcing Central Pharmacy IV Compounding Service.

As hospitals recognize the need to provide the highest standards of patient care, the demand for automated compounding systems is likely to increase at a steady pace during the forecast period.

Strategic Insights

Collaborations and technology partnerships by the operating players in the market to bridge the demand-supply gap is anticipated to play a significant role in the growth of the automated compounding systems industry during the forecast period. Moreover, the rising need to minimize medication errors predicted to accelerate market growth.

By Product Type

Gravimetric Automated Compounding Systems
Volumetric Automated Compounding Systems

By End-User

Hospitals
Chemotherapy Centers
Others

By Geography

North America
Europe
Asia Pacific (APAC)
Middle East & Africa (MEA)
South America

TOC of Market Report Contains:

Industry Overview
Production Market Analysis
Sales Market Analysis
Consumption Market Analysis
Production, Sales and Consumption Market Comparison Analysis
Major Manufacturers Production and Sales Market Comparison Analysis
Major Type of Analysis
Major Organization Size Analysis
Industry Chain Analysis
Global and Regional Market Forecast
Major Manufacturers Analysis
New Project Investment Feasibility Analysis
And More...

Reasons To Buy

Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the market.
Highlights key business priorities in order to assist companies to realign their business strategies.

The key findings and recommendations highlight crucial progressive industry trends in the global market, thereby allowing players across the value chain to develop effective long-term strategies.

Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.

Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.

Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing and distribution.

Click to buy full report with all description: https://www.theinsightpartners.com/buy/TIPRE00010169/?openpr-10225

Contact Us:
The Insight Partners,
Phone: +1-646-491-9876
Email: sales@theinsightpartners.com

About Us:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We are committed to provide highest quality research and consulting services to our customers. We help our clients understand the key market trends, identify opportunities, and make informed decisions with our market research offerings at an affordable cost.
We understand syndicated reports may not meet precise research requirements of all our clients. We offer our clients multiple ways to customize research as per their specific needs and budget

This release was published on openPR.