Global pharmacy automation market experiencing tremendous growth in Europe

The global pharmacy automation market has been forecast to increase at a compound annual growth rate (CAGR) of 8% over the next five years, growing from a market value of $2.6 billion in 2012, to be worth $3.9 billion by 2017.

Pharmacy automation is the automation of tasks performed in pharmacy or other health care settings. Any pharmacy task can be involved, including counting small objects (e.g., tablets,capsules); measuring and mixing powders and liquids for compounding; tracking and updating customer information in databases (e.g., personally identifiable information (PII), medical history,drug interaction risk detection); and inventory management.

Although pharmacy automation dates back to the 1970s with the introduction of pill-counting machines, the pharmacy automation market continues to advance and deliver impressive technology and improve efficiency.

The increasing demand for accuracy, safety, industry standards, and competency in the pharmacy environment by regulatory authorities, manufacturers, healthcare professionals, and consumers has forced the growth of this market.

The pharmacy automation market in Europe is experiencing a tremendous growth spurt. Until recently, most pharmacies have been either without automation or have employed very basic automation systems.

In response, the adoption rate of automation systems across Europe has been progressing from basic prescription management systems to advanced medication pick-up and drug dispensing automation systems.

The European market earned revenues of $151.4 million in 2009 and has been estimated to reach $360.2 million by 2016.

The global pharmacy automation market can be split into two sectors which are the impatient sector and the outpatient sector.

The inpatient segment is expected to have a value of nearly $2 billion in 2012 and more than $2.8 billion in 2017, a CAGR of 7.3%. The outpatient segment should total $636 million in 2012 and $1 billion in 2017, a CAGR of 10.1%.

For more information on the global pharmacy automation market, see the latest research: Global Pharmacy Automation Market Report

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