Pharmacy Automation Systems Market by product type (Medication Dispensing Systems, Packaging and Labeling Systems, Table-top Counters) & by End-user (Inpatient Pharmacy Automation, Outpatient Pharmacy Automation) - Global Forecasts & Trends to 2019
Dallas, TX -- (SBWIRE) -- 11/04/2014 -- According to the new research report “Pharmacy Automation Systems Market by product type (Medication Dispensing Systems, Packaging and Labeling Systems, Table-top Counters) & by End-user (Inpatient Pharmacy Automation, Outpatient Pharmacy Automation) - Global Forecasts & Trends to 2019” published by MarketsandMarkets, the pharmacy automation market is expected to reach $4,566.2 million by 2019 from $3,165.9 million in 2014, growing at a CAGR of 7.6% during the forecast period.
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The need for cost reduction, lowering of medication errors, increasing efficiency of work within the pharmacies, system integration, productivity, and provision of additional time to clinicians and pharmacists for patient care are the major drivers for the pharmacy automation systems market. However, stringent regulatory guidelines and high costs of implementation of automation systems are some of the key factors restraining the growth of the global market. However, increase in awareness regarding the benefits of pharmacy automation systems offer new growth opportunities to the market players.
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Based on products, the global market includes automated medication dispensing systems, automated packaging and labeling systems, automated medication compounding systems, storage and retrieval systems, Table-top counters, and other systems. On the basis of end user, the market is classified into inpatient pharmacy units, outpatient pharmacy units, retail pharmacies, and pharmacy benefit management organizations and other mail-order settings. The inpatient market is further classified as acute care setting and long-term care setting; while the outpatient pharmacy automation market is segmented into fast-track clinics and hospital pharmacies.
The North American region was at the forefront of the global pharmacy automation systems market, followed by Europe, Asia-Pacific, and RoW. Factors such as the need for reduction of medication errors, healthcare cost containment, and the increasing demand for technologically advanced products are driving the market in North America. Whereas, the rising aging population coupled with the increase in demand for technologically advanced products by the healthcare organizations in the developing countries are expected to fuel the market in the Asian region.
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Some of the major players in the pharmacy automation market are Baxter International Inc. (U.S.), CareFusion Corporation (U.S.), Cerner Corporation (U.S.), Kirby Lester LLC (U.S.), McKesson Corporation (U.S.), Omnicell Inc. (U.S.), ScriptPro LLC (U.S.), Swisslog Holdings AG (Switzerland), and Talyst Inc. (U.S.).
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