The market is estimated to grow with a CAGR of 6. 6% from 2020 to 2027. The automated compounding systemsmarket is growing primarily due to the growing adoption of chemotherapy and personalized medication and rising need to minimize medication errors in the Europe region.
New York, July 28, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Europe Automated Compounding Systems Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Product Type ; End User, and Country" - https://www.reportlinker.com/p05934791/?utm_source=GNW
Restraining factors, such as high cost and reluctance to adopt automated compounding systems and COVID-19 pandemic are likely to damage the growth of the market in the coming years.
Additionally, increasing awareness in pharmacistsand introduction of novel robotic technology automation in compounding systemsare 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.
Medication and dispensing errors are the major issues for hospital read missions across the world.Medication errors can happen by both medical and paramedical personnel at numerous levels of patient care.
Hence, multilevel monitoring is compulsory.Automated compounding systems are deliberated to be one of the most qualified solutions to diminish these errors.
There are several data on errors in medication committed by nurses. Even in intensive care units (ICUs), where the medical and paramedical personnel are much more expert, the frequency of medication errors is reported to be more than 52.5%.
Various government organizations are working on the measures to avoid medication errors and developing methods and systems to overcome these errors in order to provide proper medication to the patients.The successful implementation of automated dispensing cabinets (ADCs) and automated dispensing machines (ADMs) in hospitals in the past has led to a significant reduction in the number of dispensing and medication errors in hospitals.
Thus, governments in several countries encourage the use of ADMs and ADCs in pharmacies and hospitals to eliminate prescription and distribution errors. This leads to greater acceptance of automation systems for pharmacies.
Thus, to minimize medication and compounding errors, governments in several nations are encouraging the use of automated compounding and medication tools in pharmacies and hospitals. This is considered to be a major factor propelling the growth of automated compounding systems market.
Europe has been massively hit by COVID-19 outbreak affecting many of its countries on a large scale.Italy, Germany, Spain, UK and France along with other European countries are continually witnessing rise in number of COVID-19 cases every day.
In March 2020, European Medicines Agency has formed an executive committee to deal with impact of COVID-19 on supply chain of medicines.Moreover, the process of shutting down is expected to have severe impact on new product launches and distributions.
For instance, Comecer is headquartered in Italy with its factories in Italy and the Netherlands due to the lockdown and severe spread of COVID-19 and complete lockdown in the country will affect the manufacturing process of automated compounding systems.
In 2019, the gravimetric automated compounding systems segment accounted for the largest market share in the Europe automated compounding systemsmarket.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 report are the European Medicines Agency (EMA), Food and Drug Administration (FDA), World Health Organization (WHO), European Association of Hospital Pharmacists (EAHP), and others.
Read the full report: https://www.reportlinker.com/p05934791/?utm_source=GNW
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