Albany, NY -- (SBWIRE) -- 03/08/2017 -- With little or no product differentiation, players in the global pharmacy repackaging systems market are facing tough competition. Despite tough grounds, the players such as Omnicell Inc., and Swisslog Holding AG are leading with a share of about 34% in the global market in 2015. Companies are expected to focus on expanding to different regions by meeting the specific needs of patients and health care institutes.
According to the research report, the global pharmacy repackaging systems market is expected to be worth US$1.8 bn by the end of 2024 from US$997.1 mn in 2015. Between the forecast years of 2016 and 2024, the global market is estimated to progress at a CAGR of 7.8%.
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Demand for Efficient Packaging Makes North America Frontrunner in Global Market
In terms of geography, the global market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Of these regions, the North America pharmacy repackaging systems market is expected to lead the global market in the coming years. This dominance is a result of soaring demand for pharmacy repackaging systems from hospitals and pharmacies. By the end of 2024, the North America market will account for a share of 35.5% in the overall market.
The end users in the global pharmacy repackaging systems market are retail/community pharmacy, hospital pharmacy, long-term care (LTC) pharmacies, and mail order pharmacies. Analysts anticipate that the blister card/compliance packaging systems segment is projected to lead the global market in the coming years. This segment is anticipated to acquire a share of 40.8% by the end of 2024 as this technique allows pharmacies to pack medications to suit customer's requirements, which, in turn, reduces wastage of medicine dosage.
Growing Pressure to Ensure Patient Safety Boosts Global Pharmacy Repackaging Systems Market
The rising incidence of erroneous deaths due to improper medications is expected to drive the growth of the global pharmacy repackaging systems market. The market is also benefiting from the stringent regulations governing various hospitals and health care institutes and pharmacies that demand reduction of such errors, costs, and fatalities due to poor management of dosages. Growing pressure on patient safety has augmented the demand for advanced technologies that have been designed and developed to avoid medication errors. The growing awareness pertaining to the efficient management of inventory with automated technologies is also expected to give the global market a shot in the arm in the coming years.
Lack of Awareness about Benefits of Automated Systems to Dissuade Users
However, the high cost of implementation of pharmacy repackaging system is expected to be a key factor responsible for restraining the growth of the global market between 2016 and 2024. Furthermore, lack of awareness about the potential benefits these automated systems can offer in several regional markets has also been an important inhibitor in the global market. This restraining factor has been predominant in developing countries of the world, where health care institutes are cost-sensitive and lack knowledge about one-time investments that can be reap benefits for a long time.
This review is based on Transparency Market Research's report, titled "Pharmacy Repackaging Systems Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024."
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The global pharmacy repackaging systems market has been segmented as follows:
Global Pharmacy repackaging systems Market, by Product type
Blister Card/Compliance Packaging Systems
Multi Dose Blister Card Packaging Systems
Single Dose Blister Card Packaging Systems
Pouch Packaging Automation Systems
Automatic Tablet Packager
Pouch Verification System
Bottle Filling/ Pill Counting Automation Systems
Automated Bottle Filler
Liquid Medication Packaging Systems
Oral Liquid Filling Pump
Automated Vial Filling Pump
Global Pharmacy repackaging systems Market, by End-user
Long-term care (LTC) pharmacies
Mail order Pharmacies
Global Pharmacy repackaging systems Market, by Geography
Rest of Europe
Rest of Asia Pacific
Rest of Latin America
Middle East & Africa
Rest of Middle East & Africa