Albany, NY -- (SBWIRE) -- 10/07/2014 -- According to a new market report published by Transparency Market Research "Pharmacy Automation Systems Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 - 2018," the pharmacy automation systems market was valued at USD 4.7 billion in 2011 globally and is expected to grow to USD 7.8 billion by 2018, at a CAGR of 7.3% from 2012 to 2018.
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Automated technologies in pharmacy operations result in fewer medication errors, reduced medication cost, faster delivery time and enhanced control over pharmacy inventory. These benefits are expected to drive growth throughout the forecast period. In addition, market growth is expected to accelerate due to increasing cost pressure on healthcare providers from mounting regulatory guidelines, rising number of dosage prescriptions and reducing medical reimbursements.
In 2011, the automated medication dispensing systems segment held the largest share in the global pharmacy automation systems market accounting for 48.3% and valued at USD 2.3 billion. The segment is expected to reach USD 3.6 billion by 2018 at a CAGR of 6.7% from 2012 to 2018. Shifting trend from centralized to decentralized or hybrid hospital pharmacy in large sized hospitals to improve the medication distribution process and patient safety is accelerating the demand for these systems. However, reluctance to accept these systems is seen in emerging markets due to its high deployment cost.
The majority of revenue is generated through hospital pharmacies particularly from large sized hospitals with more than 400 beds. Low budget restrains the expenditure of small and mid-sized hospitals to invest in expensive systems. Nevertheless, increasing investment is seen from these hospitals and pharmacists in affordable technologies such as tablet counters and compounding machines. The market is foreseeing considerable expansion due to growth in retail pharmacies and drug store chains in emerging countries with the introduction of FDI in these regions.
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