The Global Pharmacy Automation Devices Market is expected to reach USD 8,996.8 million by 2020, growing at an estimated CAGR of 7.3% from 2014 to 2020, according to a new study by Grand View Research, Inc. Pharmacy automation devices such as medication dispensing system, packaging and labeling systems, storage and retrieval systems, compounding systems and table-top counters are used to increase efficiency of work within pharmacies. These devices are used to enhance productivity, system integration, lowering of medication errors, and provide additional time to pharmacists and clinicians for patient care. Rise in demand for pharmaceutical products, technological advancement, and precise robotic tools to carry out pharmacy operations are some of the key drivers contributing towards the growth of this market. In addition, presence of untapped growth opportunities in emerging markets such as India, Brazil and China and increasing need for automation in pharmacy and healthcare operations are expected to serve this market as future growth opportunities.
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Further key findings from the study suggest:
- Automated medication dispensing systems dominated the pharmacy automation devices market in terms of share at 47.8% in 2013, due to increasing demand for accurate medication dispensing systems. The ability of these devices to significantly reduce error rates is expected to boost product demand.
- Automated compounding systems are expected to grow at the fastest CAGR of 8.4% during the forecast period owing to increasing demand for accurate mixing of medication and significant reduction in overall time taken to complete a dose.
- North America was the largest regional market in 2013, accounting for 54.8% of the revenue. Presence of high market penetration rates of healthcare IT systems in pharmacies and healthcare establishments, high healthcare expenditure and R&D pertaining to pharmacy automation devices are some of the factors accounting for its large market share.
- Asia Pacific is expected to be the most attractive regional market is estimated to grow at a CAGR of over 9.0% during the forecast period, majorly owing to rapidly improving healthcare infrastructure in emerging markets of India and China. Introduction of healthcare reforms in these countries and the consequent entry of multinational pharmaceutical companies and distributors in this region are expected to drive market growth.
- Key industry participants of this market include AmerisourceBergen Corporation, Accu Chart Healthcare, CareFusion Corporation, ForHealth Technologies, Fulcrum Inc, GSE Scale Systems, McKesson Corporation, Pearson Medical Technologies, Innovation PharmaAssist Robotics, Health Robotics SRL, Medacist, Kirby Lester, Pyxis Pharmacy Automation Systems, MedDispence, MTS Medication Technologies, Rice Lake Weighing Systems, Cerner Corporation, Omnicell Inc, Aesynt Inc., Parat Systems Pharmacy Automation, ScriptPro LLC, Baxter International Inc., Swisslog Holding Ltd, ScriptPro LLC, Yuyama Co., Ltd, and Talyst Inc.
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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