Major Improvement of Pharmacy Automation Systems will fuel the market at a CAGR of 6.7% by 2026

Tuesday, April 25, 2017 Drug News
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NEW YORK, April 24, 2017 /PRNewswire/ -- Highlights-Western Europe is expected

to exhibit a healthy CAGR due to increasing inclination of pharmacists to opt for automated technologies 

-The global pharmacy automation systems market recorded a market value of approximately US$3175.2 Million

in 2015.

·         Within the forecasted period 2016 to 2026,

·         The market is expected to expand at a CAGR of 6.7%.

-Pharmacy automation system is segmented into seven regional Market that are key in generating sales revenue:

·         North America

·         Latin America

·          Eastern Europe

·         Western Europe

·         Asia Pacific Excluding Japan (APEJ).

·         Japan and Middle East & Africa (MEA).

 

-Each region has exhibited strong revenue turnover with North America being projected to be the major player to watch in dominating global pharmacy automation systems market in 2016.

·         With a compound annual growth rate of 6.6% from 2016 to 2026.

 

-In terms of revenue, APEJ and Japan are predicted to highly productive due to fast market growth that is exhibited there.

 

-Western Europe is emerging to show signs of healthy CAGR because of improved pharmacy automation systems than what was there initially such as introduction of automated technologies in the system.

-The regional is gaining market stability and it is opted to register a CAGR of 7.2% within the next ten years.Read the full report: http://www.reportlinker.com/p04598113/Pharmacy-Automation-Systems-Market-North-America-Projected-to-Dominate-the-Global-Market-Through-Global-Industry-Analysis-and-Opportunity-Assessment.htmlPharmacy automation systems are the systems used for inpatient patient and outpatient pharmacies to automate the routine task of a pharmacist thus these systems automates the entire mechanical processes of handling and distributing medications. However these systems also helps 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 – 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 thus automated dispensing cabinets or medication dispensing cabinets, tablet splitters and IV pharmacy systems has been 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 has been estimated to be valued at US$ 3175.2 Mn in 2015 and is expected to expand at 6.7% CAGR over the forecast period 2016–2026. Rising adoption and growing demand for automated solutions in pharmacies drive the growth of the global pharmacy automation systems market 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 growing ageing population. There is an increasing inclination of pharmacists for automation systems as it automates time-consuming and routine tasks such as medication compounding, packaging, dispensing, storage and retrieval, etc. Also, these automation solutions streamline pharmacy workflow and also reduce risk of errors, which enables physicians to focus on direct patient-care activities. Other prominent growth drivers are product innovations and increasing rates of hospitalisations. Through pharmacy automation systems, hospitals can manage and track drugs, supplies and health information related to patients, thus replenishing only the items that are needed. This increasing demand for effective and transparent tracking systems is expected to drive the revenue for pharmacy automation systems as it accurately record medication expiry dates and physical quantities. However, cost of implementation and installation of pharmacy automation systems is a major factor restraining growth of the market over the forecast period. Medication dispensing cabinets segment is projected to dominate the global pharmacy automation systems market 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 2015 and is expected to continue to dominate throughout the forecast period. Based on application of pharmacy automation systems, the market has been segmented into drug dispensing and packaging, drug storage and inventory management. In terms of revenue share, drug dispensing and packaging dominated the global pharmacy automation systems market in 2015 and is expected to do so throughout the forecast period. Whereas inventory management application segment is anticipated to expand with the fastest CAGR over the forecast period.

The global pharmacy automation systems market is consolidated with key players occupying a large market share The pharmacy automation systems market is largely consolidated, with top few players accounting for the major share in 2015. Recently there have been several acquisitions leading to consolidation of the market. Established players are focussing on strategic moves such as product launch, increasing their distribution channel for automation solutions, and getting into partnerships and agreements to increase the brand awareness of their product. Leading market players dominating the global pharmacy automation systems market Read the full report: http://www.reportlinker.com/p04598113/Pharmacy-Automation-Systems-Market-North-America-Projected-to-Dominate-the-Global-Market-Through-Global-Industry-Analysis-and-Opportunity-Assessment.htmlAbout Reportlinker ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.http://www.reportlinker.com__________________________Contact Clare: [email protected]US: (339)-368-6001Intl: +1 339-368-6001

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/major-improvement-of-pharmacy-automation-systems-will-fuel-the-market-at-a-cagr-of-67-by-2026-300444769.html

SOURCE Reportlinker



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