Press release
Pharmacy Automation Systems Market Trends: Development is Changing Business Needs
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The global pharmacy automation systems market is expected to grow at a healthy CAGR of 6.3% in terms of value during the forecast period, up from the previous CAGR of 6.7%, due to factors such as the widespread adoption of automatic dispensing cabinets and other product types, on which FMI provides detailed insights in this report.
Segmental Forecast
The market has been divided into product types, applications, end users, and regions. The market is divided into medication dispensing cabinets or automated dispensing cabinets, packaging and labelling systems, IV pharmacy (automated drug compounding), robotic dispensing systems, carousal storage systems, and tablet splitters based on product type. Because of the increased use of these systems in decentralised pharmacies and point-of-care settings, automated dispensing cabinets are expected to grow at the fastest CAGR.
During the forecast period, the segment is expected to grow at a CAGR of 7.4%. However, the high costs of implementing pharmacy automation systems are expected to dampen demand for these systems in the near future.
The market for pharmacy automation systems has been segmented based on the application of these systems, such as drug dispensing and packaging, drug storage, and inventory management, to provide a deeper understanding of the pattern of demand. Due to increased demand for these systems to track and maintain inventory levels in pharmacies, the inventory management application segment is expected to grow at the fastest CAGR of 7.6% during the forecast period.
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The market for pharmacy automation systems has been segmented further based on end users such as hospital pharmacies, clinic pharmacies, retail pharmacies, mail order pharmacies, and pharmaceutical SMEs. Pharmaceutical SMEs are expected to have the highest demand for pharmacy automation systems during the forecast period, with a CAGR of 7.8%, owing to a gradual increase in the number of SMEs or companies with centralised pharmacies.
The increasing use of RFID-enabled automated dispensing cabinets is a key trend in the pharmacy automation systems market. Furthermore, key players in this market are increasingly focused on big data and analytics solutions in order to provide useful and valuable insights to their clients.
This report evaluates the trends driving growth in each segment at the global and regional levels, and provides potential takeaways that could be extremely beneficial to pharmacy automation systems companies looking to enter the global market. It also provides insights into various vendor selection criteria that may be useful for businesses making strategic decisions about their marketing plans. In 2016, North America dominated the pharmacy automation systems market with the highest value share. In terms of value, North America and Western Europe accounted for more than 80% of the total pharmacy automation systems market share in 2016. Among emerging markets, Asia Pacific excluding Japan is estimated to exhibit the highest CAGR of 7.8% over the forecast period, due to increase in the need for automation solutions to better manage crowds in hospitals and retail pharmacies.
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Key Players
Some key players in the global pharmacy automation systems market identified in the report include Baxter International Inc., Swisslog Holdings AG, Care Fusion Corporation, Cerner Corporation, Kirby Lester LLC, Omnicell Inc. etc.
We have discussed individual strategies of these companies in terms of enhancing the product portfolio, distribution partnerships, market consolidation and advanced R&D initiatives. In addition to this the report also provides company share and a competitive dashboard for players already present in the market.
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Future Market Insights, Inc. Christiana Corporate, 200 Continental Drive, Suite 401, Newark, Delaware
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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