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Pharmacy Automation Systems Market is Anticipated to be Worth US$ 7.8 Billion by 2018

01-02-2018 09:04 AM CET | Health & Medicine

Press release from: Transparency Market Research

Pharmacy Automation Systems Market is Anticipated to be Worth

Pharmacy automation systems are majorly used for applications such as automated packaging and labeling, automated medication dispensing, automated compounding devices, automated storage and retrieval systems, and table-top tablet counter. In 2011, the automated medication dispensing systems segment accounted for 48% of the overall market and generated revenue worth US$2.3 bn. “The pressing need to prevent medical prescription errors has stoked the demand for automated medication dispensing systems,” states the TMR analyst. During the period between 2012 and 2018, this segment is anticipated to expand at a CAGR of 6.7% and reach a valuation of US$3.6 bn by 2020.

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In 2011, the global pharmacy automation systems market stood at a valuation of US$4.7 bn. Expanding at a CAGR of 7.3% during the period between 2012 and 2018, this market is anticipated to be worth US$7.8 bn by 2018.

In recent years, the role of IT applications in pharmacy automation has extended to e-prescribing, clinical decision support system (CDSS), electronic health record (EHR), computerized physician order entry (CPOE), and interactive voice response (IVR). The rise in deaths associated with medical prescription errors is one of the primary reasons driving the growth of the global pharmacy automation systems market. Increase in drug prices, coupled with reduced reimbursement has propelled the demand for drug dispensing systems to control the pharmacy cost. The rise in per capita healthcare expenditure and growing awareness about the various advantages offered by pharmacy automation systems will also support the growth of the market during the forecast period.

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“Dispensing the right dosage of medicine and reviewing the inventory at a specified location help to increase the efficiency of a pharmacy while keeping the costs low,” notes a TMR analyst, pointing out the benefits of pharmacy automation systems. However, the high cost of implementation of pharmacy automation systems is expected to play spoilsport in the market’s growth.

The vendor landscape of the global pharmacy automation systems market is highly fragmented with the presence of a large number of players across various segments. Some of the major players in this market are McKesson Corporation, AmerisourceBergen Corporation, Health Robotics SRL, CareFusion Corporation, Cerner Corporation, Omnicell Inc, Kirby Lester, Baxter International Inc., ScriptPro LLC, Yuyama Co., Ltd, Swisslog Holding Ltd, and Talyst Inc.

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The demand for pharmacy automation systems has been particularly high across Europe and North America. The growing trend of e-prescribing has further aided the growth of the market across these regions. However, the market players are focusing on the developing regions across the Middle East and Asia Pacific where the expansion of the healthcare sector has led to the healthy demand for pharmacy automation systems.

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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.

Each TMR syndicated research report covers a different sector - such as pharmaceuticals, chemicals, energy, food & beverages, semiconductors, med-devices, consumer goods and technology. These reports provide in-depth analysis and deep segmentation to possible micro levels. With wider scope and stratified research methodology, TMR’s syndicated reports strive to provide clients to serve their overall research requirement.

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