Global Pharmacy Automation Systems Market Projected to Register a Healthy CAGR of 6.7% over the Forecast Period
Future Market Insights delivers key insights on the global pharmacy automation systems market in its upcoming report titled, “Pharmacy Automation Systems Market: Global Industry Analysis and Opportunity Assessment, 2016–2026”. In terms of revenue, the global pharmacy automation systems market is projected to register a healthy CAGR of 6.7% over the forecast period owing to various factors, on which Future Market Insights offers detailed insights and forecasts.
A key trend in the global pharmacy automation systems market is the increasing usage of RFID enabled cabinets of automated dispensing. Also the players in this market are increasingly working on big data and analytics solutions to provide useful and valuable insights to their clients.
The market of global pharmacy automation systems is estimated to reach US$ 3,344.7 Mn by 2016 end expanding at a CAGR of 6.7% during 2016-2026. Among product types, the revenue from medication dispensing cabinet segment is projected to increase at a CAGR of 7.9% over 2016–2026.
Among applications, drug dispensing and packaging segment is estimated to account for 46.7% market share in the global pharmacy automation systems market by the end 2016. North America is estimated to account for 62.3% market share in the global pharmacy automation systems market by 2016 end.
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Pharmacy automation systems global demand is increasing as a result of rapid adoption of new technologies and increasing need to streamline the procedure in pharmacies. The primary factor fuelling demand for pharmacy automation systems is increasing hospital admissions, and increasing need for error free compounding of medications.
Other factors driving demand for pharmacy automation systems tests are increasing inclination of pharmacists to opt for automation solutions for streamlining the process in their pharmacies along with providing quality care to the patients. Whereas increasing number of distribution and collaboration agreements along with the entry of regional players also drives the global pharmacy automation systems market during 2016 – 2026.
However, a primary factor hampering development of the pharmacy automation systems market is cost of installation and implementation along with the time required to automate the process in pharmacies.
- On basis of product type, the medication dispensing cabinets segment will lead the market of global pharmacy automation systems in terms of revenue
- On basis of application type, packaging and drug dispensing segment is estimated to dominate the global pharmacy automation systems market by revenue by 2016 end and is projected to remain dominant throughout the projected period. It is expected to be the most attractive application segment during the studied period
- On basis of end-user type, hospital pharmacies segment is projected to dominate the global pharmacy automation systems market by value
This report assesses trends driving growth of each segment on the global as well as regional levels, and offers potential takeaways that could prove substantially useful to pharmacy automation systems companies looking to enter the market. It also provides insights into different factors for vendor selection criteria that might be useful for the companies to make strategic decisions about their marketing plans.
The region of North America is projected to lead the pharmacy automation systems market with maximum market share in 2016. North America and Western Europe have been collectively expected to account for more than 80% of the total pharmacy automation systems market share in value terms in 2016.
Among emerging markets, Asia Pacific excluding Japan is estimated to exhibit the highest CAGR of 8.2% during the assessed period, due to increase in the need for solutions in automation to better manage the crowd in hospitals and retail pharmacies.
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Some companies of the global pharmacy automation systems market identified in the report include Swisslog Holdings AG, Kirby Lester LLC, Cerner Corporation, Omnicell Inc., Talyst, LLC., Baxter International Inc., Care Fusion Corporation,.
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