Pharmacy Repackaging Systems Market - Positive long-term growth outlook 2016 - 2024
According to the research report, the global pharmacy repackaging systems market is expected to be worth US$1.8 bn by the end of 2024 from US$997.1 mn in 2015. Between the forecast years of 2016 and 2024, the global market is estimated to progress at a CAGR of 7.8%.
In terms of geography, the global market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Of these regions, the North America pharmacy repackaging systems market is expected to lead the global market in the coming years. This dominance is a result of soaring demand for pharmacy repackaging systems from hospitals and pharmacies. By the end of 2024, the North America market will account for a share of 35.5% in the overall market.
The end users in the global pharmacy repackaging systems market are retail/community pharmacy, hospital pharmacy, long-term care (LTC) pharmacies, and mail order pharmacies. Analysts anticipate that the blister card/compliance packaging systems segment is projected to lead the global market in the coming years. This segment is anticipated to acquire a share of 40.8% by the end of 2024 as this technique allows pharmacies to pack medications to suit customer’s requirements, which, in turn, reduces wastage of medicine dosage.
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The rising incidence of erroneous deaths due to improper medications is expected to drive the growth of the global pharmacy repackaging systems market. The market is also benefiting from the stringent regulations governing various hospitals and health care institutes and pharmacies that demand reduction of such errors, costs, and fatalities due to poor management of dosages. Growing pressure on patient safety has augmented the demand for advanced technologies that have been designed and developed to avoid medication errors. The growing awareness pertaining to the efficient management of inventory with automated technologies is also expected to give the global market a shot in the arm in the coming years.
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However, the high cost of implementation of pharmacy repackaging system is expected to be a key factor responsible for restraining the growth of the global market between 2016 and 2024. Furthermore, lack of awareness about the potential benefits these automated systems can offer in several regional markets has also been an important inhibitor in the global market. This restraining factor has been predominant in developing countries of the world, where health care institutes are cost-sensitive and lack knowledge about one-time investments that can be reap benefits for a long time.
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Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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