Pharmacy Repackaging Systems Market is Expected to Expand at a CAGR of 7.8% from 2016 to 2024

The marginal product differentiation makes the global pharmacy repackaging systems market highly competitive, as noted by a recent research report by Transparency Market Research (TMR). Despite tough grounds, top players such as Swisslog Holding AG and Omnicell Inc. held a share of almost 34% in the overall market in 2015. Companies are focused on expanding their geographical presence by serving the specific needs of regional and local markets.

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According to the market study, the global pharmacy repackaging systems market is expected to reach a valuation of US$1.8 bn by 2024 increasing from US$997.1 mn in 2015 at a CAGR of 7.8% therein.

Well-established Infrastructure Positions North America as Frontrunner in Global Market

Geography-wise, North America is currently the leading regional market for pharmacy repackaging systems and is expected to stay dominant in the coming years as well. The dominance of the region is due to the mounting demand for pharmacy repackaging systems from pharmacies and hospitals; the region is expected to account for a share of 35.5% in the global market by 2024.

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Moreover, favorable reimbursement programs is expected to increase the demand for these technologies in the region in the coming years. Countries in North America are expeditiously advancing towards technology-driven medication management systems. This, in turn, is expected to fuel the demand for repackaging systems to serve the basic requirement of customized dosage across a host of end users.

The end users of the global pharmacy repackaging systems market are retail/community, hospital pharmacy, pharmacy, mail order pharmacies, and long-term care pharmacies. The blister card/compliance packaging systems product segment is expected to dominate the global market over the forecast period. This is due to the ability of this packaging to reduce dosage wastage as it enables pharmacies to repack medicines based on the needs of patients. Blister card/compliance packaging systems also safeguard compliance to dosage owing to utmost precision maintained during packaging.

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Mounting Pressure to Adopt Patient Safety Measures Boost Global Pharmacy Repackaging Systems Market

The persistent efforts to reduce medication errors is the top most factor driving the global pharmacy repackaging systems market. Stringent regulations in place demand hospitals, pharmacies, and healthcare institutions to reduce medication errors that not only is cost-intensive but can be fatal as well.

Rising pressure for adequate patient safety measures has stirred the demand for technology-driven patient care to minimize errors at various stages of treatment. The rising awareness regarding efficient inventory management employing automated technologies is also expected to favor the market's growth in the coming years.

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However, high cost involved in replacing conventional drug dispensing systems with technological solutions is a key factor restraining the market's growth. Furthermore, lack of awareness, especially in developing countries, how automated systems can benefit in terms of patient safety is restraining the market's growth. In developing regions, low budgets of healthcare institutes and lack of knowledge refrain them from making investments that are beneficial in the long run.

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