Automated Compounding Devices (Oncology) Market Research Report Segmented By Technology (Gravimetric Compounding System, Volumetric Compounding System); By End-User (Hospitals, Chemotherapy Centers, Others); and Region- Size, Share, Growth Analysis | Forecast (2024 2030)

Automated Compounding Devices (Oncology) Market Size (2024 – 2030)

The automated compounding devices market, focused on oncology, achieved a valuation of USD 7.38 billion in 2023 and is anticipated to attain a market size of USD 12.48 billion by the close of 2030. The market is poised for a steady growth trajectory at a projected Compound Annual Growth Rate (CAGR) of 7.8%.

AUTOMATED COMPOUNDING DEVICES

The automated compounding device oncology market is undergoing rapid evolution within the broader healthcare sector. These devices are instrumental in automating the preparation of sterile medications tailored for cancer patients. Given the criticality of precision and accuracy in cancer treatments, automated compounding devices assume a pivotal role in augmenting patient safety. Continuous technological advancements in the automated compounding device oncology market are geared towards assisting healthcare professionals in delivering enhanced patient outcomes. The growth of automated compounding systems is anticipated to be fueled by increasing awareness and the introduction of innovative robotic technology into compounding systems during the forecast period.

Key Market Insights:

The Automated Compounding Devices (ACD) market is influenced by several pivotal trends. Key market insights include the escalating prevalence of cancer, with approximately 19.3 million new cases diagnosed globally in 2020. This surge in cancer prevalence serves as a significant driver for ACD demand, as these devices facilitate the safe and accurate compounding of hazardous oncology drugs. The adoption of personalized medicine, tailoring treatments to individual patient needs, is gaining traction. ACDs play a role in compounding medications specifically designed based on the patient's genetic makeup and other personalized factors. There is a growing demand for safer and more efficient compounding methods, driven by concerns about patient safety associated with traditional compounding. ACDs offer a precise and controlled approach, reducing the risk of errors. The expanding elderly population, at a heightened risk of developing cancer, further contributes to the demand for safe and effective oncology treatments as the need for ACDs rises.

Automated Compounding Devices (Oncology) – Market Drivers:

Growing Consumer Demand for Accuracy and Precision Drives Formulation Advancements:

There is an increasing consumer demand for accuracy and precision in pharmaceutical formulation, propelling market growth. Automated compounding systems, by accurately measuring and dispensing pharmaceuticals, mitigate the possibility of manual mixing errors. This technological precision reduces the likelihood of drug mistakes, ensuring consistent and safe drug dosing. The efficiency of medication manufacturing is enhanced through automated compounding systems, allowing healthcare practitioners to save time and costs. The rising need for precision, adherence to regulations and accreditation requirements, and the potential for increased efficiency contribute to the growth of the automated compounding system market.

Rising Incidence of Chronic Conditions Propels Market Growth:

The market is driven by the growing prevalence of chronic conditions, including cancer, diabetes, and heart disease. The increasing incidence of cancer diagnoses emphasizes the crucial role of accurate and safe compounding of oncology medications. ACDs offer a precise and controlled method of compounding, ensuring consistency in drug dosing and reducing the risk of errors.

Automated Compounding Devices (Oncology) – Market Restraints and Challenges:

Large Initial Capital Expenditures Pose a Challenge to Market Expansion:

The significant initial capital expenditures required can impede the expansion of the automated compounding device market. Some healthcare providers and experts may exhibit reluctance in adopting IT-based pharmacy management strategies, especially in emerging economies where cultural barriers may exist. The hesitancy among pharmacists to incorporate pharmacy automation systems into routine procedures, particularly in regions with cultural resistance, poses a challenge. Although automated pharmacy systems offer numerous advantages, the demonstration of returns on investment (ROIs) is primarily evident in high-volume pharmacies and hospitals.

Evolving Regulatory Landscape Presents a Hurdle:

The regulatory landscape for ACDs is subject to constant evolution, presenting a challenge for companies in terms of development and marketing. Compliance with a multitude of regulations creates complexity and adds to the challenges faced by ACD manufacturers.

Automated Compounding Devices (Oncology) – Market Opportunities:

Leveraging Market Opportunities for Substantial Growth:

The Automated Compounding Devices (ACD) market holds significant growth opportunities driven by the rising prevalence of cancer, the adoption of personalized medicine, and the demand for safer compounding methods. Addressing restraining factors, expanding market reach, and fostering collaborative partnerships are pivotal in accelerating the adoption of ACDs. These devices are poised to become a cornerstone in enhancing patient safety and treatment outcomes within the field of oncology care.

Automated Compounding Devices (Oncology) Market Segmentation:

Automated Compounding Devices (Oncology) Market Segmentation: By Technology

• Gravimetric Compounding System

• Volumetric Compounding System

Automated compounding systems employ a balance to precisely gauge the weight of each ingredient, ensuring accurate dosing and minimizing the risk of errors. These systems, recognized for their high accuracy and reliability, prove to be an excellent choice for compounding hazardous oncology drugs. The weight of ingredients is measured by placing them on a balance, and the system accurately dispenses the correct amount of each ingredient into a compounding bag. This meticulous process guarantees that patients receive the precise medication dosage. Gravimetric compounding systems are versatile, allowing the compounding of a wide range of medications. They serve as invaluable assets to pharmacies and healthcare facilities. Volumetric Compounding Systems (VCS) utilize pumps to deliver precise volumes of each ingredient, ensuring consistency and minimizing the risk of errors. More cost-effective than gravimetric systems, VCS can achieve faster compounding speeds. Pumps transfer the volume of each ingredient into a compounding bag, adjusting for factors like temperature and pressure to ensure the accurate dispensing of each ingredient.

Automated Compounding Devices (Oncology) Market Segmentation: By End-User

• Hospitals

• Chemotherapy Centers

• Others

In 2023, Hospitals took the lead in the global market, capturing the highest market share of approximately 65% and is expected to remain the fastest-growing segment. The demand for secure and precise compounding of oncology medications is driving the integration of ACDs into hospital systems. This integration streamlines compounding processes, ensuring patient safety in hospitals dealing with large volumes of oncology medications. Chemotherapy centers also rely on ACDs for the safety and precision of treatments. ACDs find increasing applications in pharmacies, ambulatory clinics, and home healthcare settings. As cancer prevalence and the adoption of personalized medicine continue to rise, the demand for ACDs is set to surge, solidifying their role as indispensable tools for improving patient safety, treatment outcomes, and overall healthcare quality. Chemotherapy Centers are experiencing the fastest growth in terms of users.

Automated Compounding Devices (Oncology) Market Segmentation: Regional Analysis

• North America

• Asia-Pacific

• Europe

• South America

• Middle East and Africa

In 2023, North America emerged as the largest market for ACDs, constituting 42% of the global market share. This dominance is attributed to the high prevalence of cancer, early adoption of new technologies, and the strong presence of key ACD manufacturers in the region.

Europe stands as the second-largest market for ACDs, with growing demand for safer and more efficient compounding methods driving market growth. The Asia Pacific region is projected to witness the fastest growth in the ACD market. This growth is fueled by a large and expanding population, rising disposable incomes, and increased awareness of cancer. The markets are expected to expand due to the rising prevalence of cancer and the growing adoption of ACDs. This segment is expected to evolve in the coming years, with the Asia Pacific region anticipated to experience the fastest growth, while the North American and European markets are expected to mature.

COVID-19 Impact Analysis on the Global Automated Compounding Devices (Oncology) – Market:

The demand for automated compounding systems has surged significantly as hospitals and clinics strive to enhance productivity and reduce the risk of human errors in pharmaceutical preparation. The increased demand for automated compounding systems stems from the imperative to minimize the risk of contamination, especially in hospitals under pressure to treat a high volume of patients. The COVID-19 pandemic has accelerated the need for automated compounding systems in retail and ambulatory care settings, aligning with the growing trend towards virtual and telemedicine consultations.

Latest Trends/Developments:

Advanced technologies such as artificial intelligence and machine learning have been incorporated into smart ACDs. These systems can alert users to potential errors, enhance patient safety, and automatically identify medications. The integration of ACDs with electronic health records streamlines the compounding process, enabling real-time data exchange and reducing the need for manual data entry, ensuring accurate patient medication records.

Real-time tracking of device performance and proactive identification of potential issues before they impact patient care have been integrated into ACDs. Remote monitoring facilitates the proactive scheduling of maintenance activities, minimizing disruptions to medication compounding services.

Closed system ACDs create a sterile environment for compounding, reducing the risk of contamination and improving patient safety, particularly for drugs requiring aseptic conditions.

Key Players:

• Baxter
• COMECER
• ICU Medical
• Omnicell
• Grifols
• Equashield
• B. Braun Holding
• ARxIUM
• Weibond Technology
• Newlcon