The global pharmacy automation systems market was valued at USD 4.7 billion in 2011 and is expected to grow to USD 7.8 billion by 2018, at a CAGR of 7.3% from 2012 to 2018.
Albany, NY -- (SBWIRE) -- 08/16/2016 -- The demand for pharmacy automation systems has been particularly high across Europe and North America. The growing trend of e-prescribing has further aided the growth of the market across these regions. However, the market players are focusing on the developing regions across the Middle East and Asia Pacific where the expansion of the healthcare sector has led to the healthy demand for pharmacy automation systems.
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High Cost of Implementation of Pharmacy Automation Systems is a Major Hiccup in Growth of the Market
In recent years, the role of IT applications in pharmacy automation has extended to e-prescribing, clinical decision support system (CDSS), electronic health record (EHR), computerized physician order entry (CPOE), and interactive voice response (IVR). The rise in deaths associated with medical prescription errors is one of the primary reasons driving the growth of the global pharmacy automation systems market. Increase in drug prices, coupled with reduced reimbursement has propelled the demand for drug dispensing systems to control the pharmacy cost. The rise in per capita healthcare expenditure and growing awareness about the various advantages offered by pharmacy automation systems will also support the growth of the market during the forecast period.
"Dispensing the right dosage of medicine and reviewing the inventory at a specified location help to increase the efficiency of a pharmacy while keeping the costs low," notes a TMR analyst, pointing out the benefits of pharmacy automation systems. However, the high cost of implementation of pharmacy automation systems is expected to play spoilsport in the market's growth.
Growing Need to Prevent Medical Prescription Errors Drives Demand for Automated Medication Dispensing Systems
Pharmacy automation systems are majorly used for applications such as automated packaging and labeling, automated medication dispensing, automated compounding devices, automated storage and retrieval systems, and table-top tablet counter. In 2011, the automated medication dispensing systems segment accounted for 48% of the overall market and generated revenue worth US$2.3 bn. "The pressing need to prevent medical prescription errors has stoked the demand for automated medication dispensing systems," states the TMR analyst. During the period between 2012 and 2018, this segment is anticipated to expand at a CAGR of 6.7% and reach a valuation of US$3.6 bn by 2020.
In 2011, the global pharmacy automation systems market stood at a valuation of US$4.7 bn. Expanding at a CAGR of 7.3% during the period between 2012 and 2018, this market is anticipated to be worth US$7.8 bn by 2018.
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