Pharmacy Automation Market Size 2021 – Industry Growth, Latest Trends, Technology Updates, Development Analysis, Production Cost, Top Players
Future Market Insights delivers key insights and presents a revised forecast of the global pharmacy automation systems market for a 10 year period from 2017 to 2027 in the report titled “Pharmacy Automation Systems Market: Global Industry Analysis 2012-2016 and Opportunity Assessment 2017-2027.” The revision in the market size and forecasts have been carried out taking into account the impact of various macroeconomic indicators and other industry-based demand-driving factors, as well as the recent developments of key market participants. The global pharmacy automation systems market is projected to expand at a healthy CAGR of 6.3% in terms of value during the forecast period, revised from the previous CAGR of 6.7%, due to factors such as adoption of automatic dispensing cabinets and other product types across the globe, regarding which FMI offers useful insights in detail in this report.
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The market has been segmented based on product type, application, end user and regions. Based on product type, the market is segmented into medication dispensing cabinets or automated dispensing cabinets, packaging and labelling systems, IV pharmacy (automated drug compounding), robotic dispensing systems, carousal storage systems and tablet splitters. Automated dispensing cabinets are expected to grow at the fastest CAGR due to increase in the usage of these systems for decentralised pharmacies and point of care settings. The segment is expected to register a CAGR of 7.4% during the forecast period. However exorbitant costs for the implementation of pharmacy automation systems are expected to adversely affect demand for these systems in the near future.
To provide deeper insight into the pattern of demand for pharmacy automation systems, the market has been segmented based on the application of these systems such as drug dispensing & packaging, drug storage and inventory management. The inventory management application segment is expected to expand at the highest CAGR of 7.6% over the forecast period due to increasing demand for these systems to track and maintain inventory levels in pharmacies.
To analyse the sales of pharmacy automation systems further, the market has been segmented based on end users such as hospital pharmacies, clinic pharmacies, retail pharmacies, mail order pharmacies and pharmaceutical SMEs. Pharmaceutical SMEs is expected to present the highest demand for pharmacy automation systems over the forecast period, registering a CAGR of 7.8% and this is attributed to gradual increase in the number of SMEs or companies maintaining centralised pharmacies.
A key trend in the pharmacy automation systems market is the increasing usage of RFID enabled automated dispensing cabinets. Also, key players in this market are increasingly working on big data and analytics solutions to provide useful and valuable insights to their clients.
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This report assesses the trends driving growth of each segment at 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 global market. It also provides insights into different factors for vendor selection criteria that might be useful for companies to make strategic decisions regarding their marketing plans. North America dominated the pharmacy automation systems market with maximum value share in 2016. North America and Western Europe collectively accounted for more than 80% of the total pharmacy automation systems market share in terms of value in 2016. Among emerging markets, Asia Pacific excluding Japan is estimated to exhibit the highest CAGR of 7.8% over the forecast period; due to increase in the need for automation solutions to better manage crowds in hospitals and retail pharmacies.
Some key players in the global pharmacy automation systems market identified in the report include Baxter International Inc., Swisslog Holdings AG, Care Fusion Corporation, Cerner Corporation, Kirby Lester LLC, Omnicell Inc. etc. We have discussed individual strategies of these companies in terms of enhancing the product portfolio, distribution partnerships, market consolidation and advanced R&D initiatives. In addition to this the report also provides company share and a competitive dashboard for players already present in the market
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