The steep rise in the Automated Compounding Device (Oncology) Market can be ascribed to the emergent need to reduce medicinal errors and a growing preference of cancer patients for personalized medicines and chemotherapy.
LAS VEGAS, July 15, 2021 /PRNewswire/ -- DelveInsight's Automated Compounding Device (Oncology) Market Insights and Forecast report provides the current and forecast Automated Compounding Device (Oncology) market, individual market shares of the devices, upcoming innovation in the devices, challenges, and drivers and comprises market trends and key competitors in the Automated Compounding Device (Oncology) market.
The United States accounts for the majority of the Automated Compounding Devices (Oncology) market size in 2021 in the 7MM.
France accounts for the highest ACD (Oncology) market size in the EU5 countries followed by Germany, the UK, Italy, and Spain.
As per DelveInsight's Automated Compounding Devices (Oncology) market analysis, the majority of the end-users for ACD (Oncology) devices constitute hospitals and chemotherapy centers.
Key companies actively operating in the Automated Compounding Devices (Oncology) market include Comecer, Arxium, Loccioni, ICU Medical, Omnicell, Inc, Baxter Healthcare Corporation, Grifols International, S.A., Equashield, B. Braun Medical Inc., Weibond Technologies, among others.
Key factors expediting the growth of the Automated Compounding Devices (Oncology) market size include an increase in the adoption of chemotherapy and personalized medicine, reduced exposure to cytotoxic compounds, better efficiency, and accuracy proffered by the devices, and a comparatively reduced risk of contamination.
The Automated Compounding Devices (Oncology) market size growth is expected to face backlash owing to the high installation cost of these devices and a lack of skilled resources.
On 6 December 2018, Arxium had launched its cGMP RIVA IV, a fully automated compounding system for hospitals and outsourcing pharmacies.
Fagron acquired JCB Laboratories in the year 2015 to reshape the U.S. Sterile Compounding Industry and it had announced in 2019 about opening one of the largest 503B human drug outsourcing facilities in the U.S.
On 23 January 2018, an array of hospitals had adopted Omnicell's IV compounding technology across North Carolina, for the purpose of enhancing safety, providing improved therapy, reduction in costs, and facilitating compliance in the IV room.
Automated Compounding Device (Oncology) are the devices that help in aseptically transfer one or more sterile component solutions to a sterile final container for patient preparation, thus, minimizing the use of syringes for the same purpose. The devices are known for offering better accuracy of ingredient delivery along with reducing the preparation time as well as limiting the injuries on the patients.
The Automated Compounding Device (Oncology) market is witnessing a lot of shuffling in the market with several ongoing trials investigating the safety and efficacy of the devices, collaborations and deals happening in the space, and a gamut of MedTech players setting their food in the market. As per DelveInsight's ACD (Oncology) market analysis, the market is segmented by technology, product type, and end-user. The devices based on product type are further segmented into Macro, Micro, and Macro/Microdevices. The devices based on technology are divided into Gravimetric and Volumetric devices. The end-user Automated Compounding Device (Oncology) Devices market is majorly dominated by hospitals and chemotherapy centers.
The market of the Automated Compounding Devices (Oncology) is driven due to the reduction of the cost incurred at the hospitals per dose and elimination of contamination which is required during compounding solutions. Also, the growing need required for reducing medicinal errors are factors responsible for the growth of the Automated Compounding Devices (Oncology) market size at a high CAGR during the forecast period.
The Automated Compounding Device (Oncology) Devices market size growth is expected to pick up its pace attributable to factors such as rising adoption rate for accurate dosage units for chemotherapy drugs, an inclination towards personalized medicines, continuous technological advancements, less exposure to cytotoxic compounds to personnel, low errors during dosage preparations, minimal risks, and contamination rate. However, a high installation cost of the device appears to be challenging in the smooth adoption of the devices. Further, the devices are categorized under class II medical devices, which asks the sponsor to comply with the Quality Management System (QMS) that meets FDA Quality System Regulation (QSR) making their regulatory approval quite stringent.
The report provides valuable insight for clients venturing into the Automated Compounding Device (Oncology) market and acts as the source of guidance for taking strategic business decisions in the field of Automated Compounding Device (Oncology) by providing a descriptive overview of Automated Compounding Device (Oncology), various applications of Automated Compounding Device (Oncology) and their types including detailed chapters for marketed products and emerging therapies. Along with this, the report has a detailed review of the market containing historical and forecasted market size in 7MM, by understanding the trends shaping and driving the global Automated Compounding Device (Oncology).
This report has been prepared by DelveInsight's analysts after a thorough secondary and primary research into the Automated Compounding Device (Oncology) market domain. Analysis and estimations are done by taking into consideration the share of topmost companies and industry expert viewpoints of Automated Compounding Device (Oncology) of 7MM countries.
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