Favorable Government Policies & Surge in Incidences of Mental Illness has Propelled the Growth of the Automated Compounding Device (Oncology) Market in the North America Region!

• Himanshu Patni
• November 18, 2023
• HEALTHCARE, NEWS
• Automated Compounding Device (Oncology) Market, Automated Compounding Device (Oncology) Market Share, Automated Compounding Device (Oncology) Market Size, Automated Compounding Device (Oncology) Market Trends
• 0 Comments

North America held the dominant share of the market and is expected to do so even in the forecast period. Several factors including the growing demand for personalized cancer treatments, the increasing use of automation in healthcare, improved patient outcomes, and growing demand for oncology compounding services. The healthcare industry is increasingly turning to automation to improve efficiency and reduce costs, and automated compounding devices can help to reduce the time and resources required to prepare chemotherapy drugs.

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Further, the North America Automated Compounding Device (Oncology) Market is expected to grow at a strong CAGR of 25% during the forecast period (2023-2030). The US holds a dominant position in the automated compounding device oncology market in North America. An alarming number of over 100,000 suspected drug errors are reported each year in the U.S., as per the U.S. Food and Drug Administration. Additionally, a study conducted by Johns Hopkins University indicates that drug errors result in over 250,000 deaths annually in the U.S. This makes it one of the leading causes of mortality in the country, contributing to the growth of the automated compounding device oncology market in North America. Furthermore, rising investments by pharmaceutical giants are also driving the expansion of the US automated compounding device oncology market. For instance, in February 2022, Capsa Healthcare acquired Humanscale Healthcare, a designer and manufacturer of flexible technology solutions and computing workstations based in New York.  

 FIG. 1      North America Automated Compounding Device (Oncology) Market Revenue (2020-2030)- USD Mn

Based on the technology, the market is bifurcated into gravimetric compounding system and volumetric compounding system. In 2022, gravimetric compounding system held a dominant share of the market. Gravimetric devices provide more accurate and precise measurements, reducing the risk of dosage errors and enhancing patient safety during cancer treatment. The growing demand for personalized cancer treatments is driving the adoption of gravimetric compounding devices in oncology. These treatments often require complex and precise combinations of drugs, which can be challenging to achieve using manual compounding methods. Gravimetric compounding devices offer a more efficient and accurate way to prepare these complex drugs, which is driving their adoption in the oncology market.

By end user, the market is segmented into hospitals, chemotherapy centers, and others. The chemotherapy centers is anticipated to grow with high CAGR during the forthcoming period. Chemotherapy centers are specialized facilities that provide cancer treatment, and they rely on automated compounding devices to ensure that chemotherapy drugs are prepared accurately and safely. Chemotherapy centers typically have a large number of patients receiving chemotherapy treatment, and they require a high volume of chemotherapy drugs to meet patient demand.

For a detailed analysis of the Global Automated Compounding Device (Oncology) Market browse through – https://univdatos.com/report/automated-compounding-device-oncology-market/

Global Automated Compounding Device (Oncology) Market Segmentation

Market Insight, by Technology

·        Gravimetric Compounding System

·        Volumetric Compounding System

Market Insights, by End User

·        Hospitals

·        Chemotherapy Centers

·        Others

Market Insight, by Region

·        North America

o   U.S.

o   Canada

o   Rest of North America

·        Europe

o  Germany

o  U.K.

o  France

o  Spain

o  Italy

o  Rest of Europe

·        North America

o  China

o  Japan

o  India

o  Rest of North America

·        Rest of the World

Top Company Profiles

·        Baxter

·        B. Braun SE

·        COMECER S.p.A.

·        ARxIUM

·        Omnicell

·        Grifols, S.A.

·        Weibond Technology

·        EQUASHIELD

·        ICU Medical, Inc

·        NewIcon