Global Pharmacy Automation Systems Market Anticipated to Surge at a CAGR of 6.3% Through 2027

New research report offers a comprehensive analysis of the “Pharmacy Automation Systems Market: Inventory Management Expected to be the Second Most Lucrative Application Segment: Global Industry Analysis 2012 - 2016 and Opportunity Assessment 2017 - 2027” The main objective of this report is to deliver insightful information and clear-cut facts pertaining to the growth trajectories of the market.

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Pharmacy automation systems are systems used for inpatient and outpatient pharmacies to automate the routine task of a pharmacist. These systems automate the entire mechanical process of handling and distributing medications. However these systems also help 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 such as 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 – automated dispensing cabinets or medication dispensing cabinets, tablet splitters and IV pharmacy systems are 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 was valued at US$ 3,344.7 Mn in 2016 and is expected to expand at a CAGR of 6.3% over the forecast period (2017–2027).

Market Dynamics

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 a growing ageing population. Other prominent growth drivers include product innovations and increasing rates of hospitalisations. However, cost of implementation and installation of pharmacy automation systems is a major factor restraining growth of the market over the forecast period.

Product category, software interfacing modules, cost of entire system and solutions is set to define the vendor selection criteria for companies in the pharmacy automation systems market. Thus players in the industry are expected to invest more on product design, training, compatibility of the system with different software and quality to minimise the impact on patient safety and maximise the efficiency in pharmacies.

Market Segmentation by Product

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 2016 and is expected to retain its dominance throughout the forecast period.

Market Segmentation by Application

Based on application, the market is segmented into drug dispensing & packaging, drug storage and inventory management. In terms of revenue share, drug dispensing and packaging dominated the global pharmacy automation systems market in 2016 and is expected to do so throughout the forecast period. The inventory management application segment is anticipated to expand at the fastest CAGR over the forecast period.

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Market Segmentation by End User

Based on end user, the market is segmented into hospital pharmacies, clinic pharmacies, retail pharmacies, mail order pharmacies and pharmaceutical SMEs.  Hospital pharmacies currently account for the highest revenue in the pharmacy automation systems market due to increasing usage of pharmacy automation systems in hospitals in developed countries.

Key Regions

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 dominated the global pharmacy automation systems market in 2016 and is expected to expand at a CAGR of 6.1% over the forecast period. APEJ and Japan are predicted 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 patients. In terms of value, Western Europe is expected to register a CAGR of 6.8% over the forecast period.

Global pharmacy automation systems market is consolidated with key players occupying a major share of the market

The pharmacy automation systems market is largely consolidated, with the top players accounting for a major market share in 2016. Recently there have been several acquisitions leading to a consolidation of the global market. Acquisitions such as in 2015, Omnicell Inc. acquired Aesynt and Becton, Dickinson and Company acquired CareFusion Corporation. However other established players are focussed on strategic moves such as new product launches, increasing their distribution channel for automation solutions and entering into partnerships and agreements to increase the brand awareness of their product.

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