The alarming rate of medication errors and related deaths have urged healthcare authorities to make regulations pertaining to patient safety extra stringent. This has driven several retail pharmacists and healthcare institutes to improve their outpatient services. This move has translated into adoption of advanced technology solutions ranging from a tablet counter to a compact dispensing robot to improve their pharmacy workflow.
The rise in the number of outpatient visits has encouraged pharmacists and hospitals to incorporate automated systems to improve their prescription handling capacity. In light of these trends, the global pharmacy repackaging systems market, which was valued at US$997.1 mn in 2015 is expected to reach US$1.8 bn by the end of 2024. During the forecast period of 2016 and 2024, the global market is expected to expand at a CAGR of 7.8%.
Need for Automation to Reduce Medication Errors to Boost Market
The global pharmacy repackaging systems market continues to expand at a high growth rate as efforts to reduce medication errors remain persistent. The global pharmacy repackaging systems market is projected to witness significant growth in the next few years due to rising awareness about benefits of automated systems among healthcare providers and pharmacists. Incorporating packaging operations within hospitals, long-term care facilities, and retail pharmacies to decrease costs associated with wasted medications and improve their drug inventory management is projected to boost the earnings of the overall market. The pharmacy repackaging systems market is also driven by technological features that allow end users to incorporate technologies to strengthen their entire process workflow toward enhancing patient safety.
Globally, the pharmacy repackaging systems market is segmented on the basis of product into blister card/compliance packaging systems, pouch packaging automation systems, bottle filling/ pill counting automation systems, liquid medication packaging systems and others. The report suggests that the blister card/compliance packaging systems segment will dominate the global market in the coming years. The emergence of this product segment will be attributable to the ability of this method to reduce dosage wastage by allowing pharmacies to repack medicines as the requirements of the patients. Blister card/compliance packaging systems also ensure compliance to dosage as packaging is done with utmost precision.
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Well-established Infrastructure Drives North America Market Ahead of Others
In terms of geography, the global pharmacy repackaging systems market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The health care infrastructure in the developed regions such as North America and Europe are well-established and has been focusing on developing their medication workflow by shifting toward pharmacy automation systems including repackaging systems. Moreover, promising reimbursement programs in the region is anticipated to increase demand for these technologies during the forecast period, especially in North America. Countries in North America are rapidly advancing the frontiers of technological development as well as setting stringent standards for medication management. This, in turn, is likely to propel demand for repackaging systems in the regional market, which caters to the basic requirement of customized dosage in various end-user domains.
The key players operating in the global pharmacy repackaging systems market are Omnicell, Inc., Becton Dickinson & Company (CareFusion Corporation), Swisslog Holding Ltd., Kirby Lester, Yuyama Co., Ltd., TCGRx, ARxIUM, Takazono Corporation, Pearson Medical Technologies, and Parata Systems.
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