Compounding Systems Market Analysis (COVID-19 Analysis) – Industry Insights, Drivers, Top Trends, Global Analysis, Forecast and Opportunities to 2031
According to the latest research by Future Market Insights, the Compounding Systems Market will undergo a steady growth during 2021-2031. Automated compound system is a container that is used in transferring medicines.
A gradual increase due to constant research studies being conducted and new verticals of disease treatment being opening can be seen over the mentioned forecast period. The growth is attributed because of the increase in the various techniques in chemotherapy.
What is driving Demand for Compounding Systems Market Forecast?
The demand for compounding systems market has seen at a higher rate at a global level as there has been increase in the number of chronic diseases growing at a different level. The rising ageing population and sedentary lifestyle owes for the demand for the market. Furthermore, the adoption in different mechanisms in chemotherapy treatment is high.
The urge in being efficient and accurate is yet driving the demand for the market growth. The growing demand in personalized medications in treating malignant diseases i.e. high thus making the market grow steadily. Government organizations are highly involving themselves into alternatives to avoid medications errors, making the manufactures and researchers to boost themselves. Pharmacies are moving forward in the process of decentralization with the growing demand for compounding systems.
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Alternating therapeutics market is exploring themselves globally. The rise in malignant cases has lead the automated compound system to take a hike into hospital settings to avoid medication errors. Hospitals are facing multiple medication errors which to avoid compounding systems works significantly in order to deliver proper treatment.
For example, National Coordinating Council for Medication Error Reporting and Prevention (NCC MERP) has been working on increasing awareness in the healthcare sector so as to prevent medication errors and ways to deliver safe treatment. As NCC MERP reports, approximately 0. 1 million people admitted in a hospital die because of the medication errors. Moreover, the death rate is not only in the hospital settings but in every way possible where people are undergoing treatments, hence to avoid minimal errors government is encouraging the compounding system for a better health.
U.S. Compounding Systems Market Outlook
U.S. is said to be the most dominating market due to its well-developed health infrastructure, in terms of disease treatment rate. Hospital acquired infections is the major reason to boost the compounding systems market. The leading geriatric population in the US, the rising disease conditions like cancer demanding chemotherapy has made the compounding system to grow in the US.
According to a report by CDC, there were nearly 722,000 HAIs in the U.S. According to the US National Institute for Occupational Safety and Health (NIOSH), in the US 8 million healthcare workers are at risks as they’re more prone to hazardous drugs in a hospital settings. The WHO and International Agency for Research on Cancer (IARC) forecasted that by 2025, every year, rise in cancer cases will number into 19 million . The United States accounts for the majority of the automated compounding devices (Oncology) market share in 2021.
Europe Demand Outlook for Compounding Systems Market
In 2019, the gravimetric automated compounding systems has occupied the largest market share in the Europe region. To avoid medication errors government has been indulging into the compounding market leading the market to grow. Advancement in technology is seen to grow in the given forecast period.
R&D are expanding themselves in developing new drug every now and then, leading in enormous demand in the market. European Commission estimates that some 20 million European healthcare workers are at similar risk. The growing cancer prevalence rate leading to increase in demand in chemotherapy may grow lead the market too boost in this region.
Who are the Key Manufacturers and Suppliers of Compounding Systems Market?
- Baxter International Inc.
- Braun Melsungen AG
- ICU MEDICAL INC.
- Grifols, S.A.
- OMNICELL INC.
- Weibond Technology
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