Pharmacy Automation Systems Market to receive overwhelming hike in Revenues by 2026
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However these systems also helps in measuring and compounding medications, tracking and updating patient information in databases, and inventory management.
Pharmacy automation systems considered in the report fall under six major categories – automated dispensing cabinets (medication dispensing cabinets), packaging and labelling systems, IV pharmacy (automated drug compounding), robotic dispensing systems, carousal storage systems and tablet splitters. Medication dispensing cabinet is a drug storage device generally used in hospitals and outpatient pharmacies i.e. generally used in decentralised pharmacies.
In decentralised pharmacy settings the medications are dispensed near the point of care while tracking drug distribution thus automated dispensing cabinets or medication dispensing cabinets, tablet splitters and IV pharmacy systems has been implemented in these settings.
Whereas in centralised pharmacies, packaging and labelling systems, robotic dispensing systems and carousal storage systems are preferred for drug tracking and inventory management. The global pharmacy automation systems market has been estimated to be valued at US$ 3175.2 Mn in 2015 and is expected to expand at 6.7% CAGR over the forecast period 2016–2026.
Rising adoption and growing demand for automated solutions in pharmacies drive the growth of the global pharmacy automation systems market
Growth of the global pharmacy automation systems market is mainly driven by rising adoption and growing demand for automated solutions in pharmacies coupled with socio-economic factors such as increasing disease incidences due to growing ageing population.
There is an increasing inclination of pharmacists for automation systems as it automates time-consuming and routine tasks such as medication compounding, packaging, dispensing, storage and retrieval, etc.
Also, these automation solutions streamline pharmacy workflow and also reduce risk of errors, which enables physicians to focus on direct patient-care activities. Other prominent growth drivers are product innovations and increasing rates of hospitalisations.
Through pharmacy automation systems, hospitals can manage and track drugs, supplies and health information related to patients, thus replenishing only the items that are needed. This increasing demand for effective and transparent tracking systems is expected to drive the revenue for pharmacy automation systems as it accurately record medication expiry dates and physical quantities.
However, cost of implementation and installation of pharmacy automation systems is a major factor restraining growth of the market over the forecast period.
Medication dispensing cabinets segment is projected to dominate the global pharmacy automation systems market
Based on product type, the market is segmented into medication dispensing cabinets, packaging and labelling systems, IV pharmacy (automated drug compounding), robotic dispensing systems, carousal storage systems and tablet splitters. In terms of revenue share, medication dispensing cabinets (ADC) dominated the global pharmacy automation systems market in 2015 and is expected to continue to dominate throughout the forecast period.
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Based on application of pharmacy automation systems, the market has been segmented into drug dispensing and packaging, drug storage and inventory management.
In terms of revenue share, drug dispensing and packaging dominated the global pharmacy automation systems market in 2015 and is expected to do so throughout the forecast period. Whereas inventory management application segment is anticipated to expand with the fastest CAGR over the forecast period.
Western Europe is expected to exhibit a healthy CAGR due to increasing inclination of pharmacists to opt for automated technologies
The global pharmacy automation systems market has been segmented into seven major regions: North America, Latin America, Eastern Europe, Western Europe, Asia Pacific Excluding Japan (APEJ), Japan and Middle East & Africa (MEA).
In terms of value, North America has been estimated to dominate the global pharmacy automation systems market in 2016 and is expected to expand at a CAGR of 6.6% over the forecast period.
APEJ and Japan are estimated to be the fastest growing markets in terms of revenue, while Western Europe is expected to exhibit a healthy CAGR due to increasing inclination of pharmacists in the region to opt for automated technologies in their pharmacies to provide quality care to the patients. In terms of value, Western Europe is expected to register a CAGR of 7.2% over the forecast period.
The global pharmacy automation systems market is consolidated with key players occupying a large market share
The pharmacy automation systems market is largely consolidated, with top few players accounting for the major share in 2015. Recently there have been several acquisitions leading to consolidation of the market.
Established players are focussing on strategic moves such as product launch, increasing their distribution channel for automation solutions, and getting into partnerships and agreements to increase the brand awareness of their product.
Leading market players dominating the global pharmacy automation systems market
Some key players in the global pharmacy automation systems market included in this report are Baxter International Inc., Swisslog Holdings AG, Care Fusion Corporation, Cerner Corporation, Kirby Lester LLC, Talyst, LLC., Omnicell Inc. etc.
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