Global Pharmacy Automation Systems Market to Record 6.7% Increase in Revenue by 2026
This report by Research Report Insights (RRI) examines the ‘Pharmacy Automation Systems Market: Global Industry Analysis, size, sales and Forecast by 2026’. The primary objective of the report is to offer updates and information related to market opportunities in the global pharmacy automation systems market.
The global pharmacy automation systems market report begins by defining pharmacy automation systems and various types of systems used for automating the entire process in pharmacies. It is followed by an overview of market dynamics of the global pharmacy automation systems market, which includes RRI analysis of key trends, drivers, restraints and opportunities along with factors important for vendor selection criteria that is influencing the growth of the pharmacy automation systems market. It also includes an insight into region wise trends impacting the market growth. Impact analysis of key growth drivers and restraints based on a weighted average model have been included in the global pharmacy automation systems market report after detailed analysis of individual regions to better equip readers with meaningful insights on ongoing technological developments in the pharmacy automation systems market. The market of global pharmacy automation systems is estimated to reach US$ 3,344.7 Mn by 2016 end expanding at a CAGR of 6.7% during 2026
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The primary factor fuelling demand for pharmacy automation systems is increasing hospital admissions, and need for error free compounding of medications. Other factors driving demand for pharmacy automation systems tests are an inclination of pharmacists to opt for automation solutions for streamlining the process in their pharmacies along with providing quality care to the patients. An increasing number of distribution and collaboration agreements along with the entry of regional players also drives the market for pharmacy automation systems over the forecast period. However, a primary factor hampering growth of the pharmacy automation systems market is cost of installation and implementation along with the time required to automate the process in pharmacies.
Based on product type, the market has been segmented into medication dispensing cabinets, packaging and labelling systems, IV pharmacy (automated drug compounding), robotic dispensing systems, carousal storage systems and tablet splitters. A detailed analysis has been provided for these segment in terms of market size, Y-o-Y growth rate, absolute $ opportunity and BPS analysis.
Based on application, the market has been segmented into drug dispensing & packaging, drug storage and inventory management. Our analysis predicts that the revenue for drug dispensing and packaging application segment would increase at a very fast pace over the forecast period, to reduce the risk of errors while dispensing the medications to the patients.
Based on end user, the market is segmented into hospital pharmacies, clinic pharmacies, retail pharmacies, mail order pharmacies and pharmaceutical SMEs. Increasing usage of pharmacy automation systems in hospital pharmacies is expected to increase the revenue generation of these systems from hospitals. This trend is anticipated to be particularly prominent in regions such as North America where there is an increasing trend of adopting automation solutions.
The next section of the report highlights pharmacy automation systems market by region and provides market outlook for 2016–2026. The report also discusses key regional trends contributing to the revenue growth of the pharmacy automation systems worldwide, as well as analyses the impact of drivers and restraints in each region. Key regions assessed in this report include North America, Latin America, Western Europe, Eastern Europe, Asia Pacific Excluding Japan (APEJ), Japan and Middle East & Africa (MEA).
The above sections—by product, application, end user and region—evaluate the present scenario and growth prospects of the pharmacy automation systems market for 2016–2026. We have considered 2015 as the base year and provided data for the forecast period, i.e., 2016–2026.
To ascertain pharmacy automation systems market size, we have also considered revenue generated by companies in pharmacy automation system market space. The forecast presented here assesses the total revenue by value across the pharmacy automation systems market. In order to offer an accurate forecast, we started by sizing up the current market, which forms the basis of how the pharmacy automation systems market is expected to develop in the future. Given the characteristics of the market, we triangulated the outcome of three different types of analysis based on supply side, downstream industry demand, and the economic envelope.
In addition, it is imperative to note that in an ever-fluctuating global economy, we not only conduct forecasts in terms of CAGR, but also analyse it based on key parameters such as year-on-year (Y-o-Y) growth rates to understand the predictability of the market, and to identify the right opportunities across the global pharmacy automation systems market.
The pharmacy automation systems market segments in terms of product, application, end users and region. These segments are analysed in terms of Basis Point Share (BPS) to understand individual segment’s relative contributions to market growth. This detailed level of information is important for identifying various key trends in the pharmacy automation systems market.
Another key feature of this report is the analysis of key segments in terms of absolute dollar opportunity. This is generally overlooked while forecasting the market. However, absolute dollar opportunity is critical for assessing the level of opportunity that a provider can look to achieve, as well as to identify potential resources from a sales and delivery perspective, in the global pharmacy automation systems market.
To understand key growth segments in terms of growth and sales of pharmacy automation systems globally, RRI developed the pharmacy automation systems market ‘Attractiveness Index’. The resulting index is expected to help providers identify real market opportunities in the overall pharmacy automation systems market.