Report Predicts Growth in Pharmacy Automation Market
APRIL 18, 2013
The pharmacy automation systems market is expected to grow to $7.8 billion by 2018, having been valued at 4.7 billion globally in 2011, according to a market report published March 20, 2013, by Transparency Market Research.
The report is designed to analyze the dynamics and potential within the global pharmacy automation market. It investigates recent developments, drivers, restraints, current trends, and outlook for use of automation technology. Report topics include types of technology, automated dispensing systems, automated packaging and labeling, storage and retrieval systems, automated compounding systems, table-top counters, end users, hospital pharmacies, retail pharmacies, geography, and use with global regions.
Automated medication dispensing systems held the largest share of the global automation system market at 48.9% and was valued at $2.3 billion, a release from Transparency Market Research stated. Transparency’s research anticipates that segment reaching $3.6 billion by 2018, at a compound annual growth rate of 6.7% from 2012 to 2018.
The shift from centralized hospital pharmacies to decentralized or hybrid models is driving the demand for automated medication dispensing systems, particularly in larger hospitals aiming to improve medication distribution and patient safety.
Although most of the revenue with the automated medication dispensing systems market is held by hospitals with more than 400 beds, small and mid-size hospitals are increasing their investment in tablet counters and compounding machines. Typically, the high price of automated technologies and budget restraints associated with smaller hospitals prohibit their purchase.
According to the release, key players within the market include Care- Fusion Corp, which led the global pharmacy automation systems market, and Kirby Lester, which is the most prominent provider of automated tablet counter systems. Other key players include OmniCell Inc, Amerisource Bergen Corp, McKesson Corp, ScriptPro, Health-Robotics SRL, and Swisslog Holding Ltd.
The market should also see growth in the retail sector, due to growth in retail pharmacies and drugstore chains in emerging countries, the release added.
Despite the growth in emerging countries, North America accounts for more than half of the automated systems market share, due to stringent regulations in its hospitals and pharmacies. The region classified as “Rest of the World” is expected to grow at the fastest rate because of increased awareness in automated technologies and greater investment in health care infrastructure.