The Asia Pacific automated compounding systems market is expected to reach US$ 123.70 million by 2027 from US$ 70.25 million in 2019. The market is estimated to grow with a CAGR of 7.5% from 2020 to 2027.
The automated compounding systems marketis growing primarily due to the growing adoption of automated compounding systems in the pharmacies and hospitals and increasing need to reduce medication errorsin the Asia Pacific region. Restraining factors, such as high cost and reluctance to adopt automated compounding systems and COVID-19 pandemicare likely to damage the growth of the market in the coming years. Additionally, growing government support in developing countries and introduction of novel robotic technology automation in compounding systems are likely to increase the growth of the automated compounding systems market during the forecast period.
Automated compounding system is a device that combines one or more drug solutions to final container for patient administration. Automated compounding system helps avoid medication error that occurs due to variety of factors such as poor management communication between the physician and pharmacist, critical storage practices in pharmacies, and confusion that was arising out of the use of similar labels. However, with the automated compounding systems, the accuracy as well as efficiency of dispensing compounded products have improved, and it has further reduced the exposure of healthcare professionals to toxic agents.
The increasing adoption and growing demand of automated solution in the pharmacies coupled with other socio-economic factor such as rising incidence of diseases and growing ageing population. The growing inclination of pharmacists for automation systems is mainly due to automated time consuming and routine tasks like medication compounding, storage, packaging, dispensing, and retrieval, etc., These systems can store and manage more than 200-300 medications and patients’ information, in an effective and secure manner. Rise in adoption of automated systems is expected to ensure notable productivity and increase the number of prescriptions served by the pharmacy by reducing long-term operating cost.
For instance, General Icon, the joint venture of the two companies, started in spring 2018, and has now delivered automation systems to two hospitals operating in Shandong province in eastern China. A fully automated dispensing system has also been in demand - the first system was installed in a hospital in Beijing. The joint venture of the two health technology companies is committed to purchasing hundreds of NewIcon’s pharmacy automation systems from 2018 to 2022. Potential customers include 1,300 suitable hospitals in China and Hong Kong. Thus, rising demand of automation system will drive the growth of this market in the review period.
Considering the geographic and economic operations between Asian countries and China, the countries are expected to witness challenge of COVID-19. Domestic start-ups backed by international funding have already started witnessing back out from investors putting the development of the products in jeopardy. Moreover, sluggish economy and affected supply chains are making it harder for the small companies to survive in the current crisis. These restrictive measures will definitely be anticipated to impact on medical device supply chain and availability of the devices in remote regions. Though the demand for medical devices such as fitness bands and health trackers are increasing due to effectiveness in health tracking, other domains are likely to get hampered due to shut downs.
In 2019, the gravimetric automated compounding systems segment accounted for the largest market share in the Asia Pacific automated compounding systems market. The growth of the gravimetric automated compounding systems is attributed toaccuracy provided by the systems, preference by the pharmacies and hospitals for the gravimetric systems, enormous commercial use of these systems in the market. Moreover, the gravimetric automated compounding systems segment is anticipated to drive the growth of this market during the forecast period.
Some of the significant secondary sources for Automated Compounding Systems market included in the