Pharmacy Repackaging Systems Market to Reach an Opportunity of US $ 2244.9 Mn by the End of 2026

Pharmacy Repackaging Systems Market - Snapshot

Increase in number of medication error-related deaths and stringent health care regulations have driven health care providers and retail pharmacists to focus on improving their outpatient services. Pharmacists are constantly looking for advanced technology solutions, ranging from a tablet counter to a compact dispensing robot, in order to improve their pharmacy workflow. Rise in number of outpatient visits encourages pharmacists and hospitals to incorporate automated systems in order to improve their prescription-handling capacity.

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The global pharmacy repackaging systems market continues to expand at a high growth rate. This expansion is driven by the increasing number of medication errors and rising need to improve patient safety. The global pharmacy repackaging systems market is projected to expand at a significant growth rate in the next few years due to rising awareness about benefits of automated systems among health care providers and pharmacists. Incorporating packaging operations within the facility helped hospitals (and also long-term care and retail pharmacies) decrease the costs associated with wasted medication and improve their drug inventory management. Costs are curbed by packaging bulk medication, instead of purchasing pre-packed unit doses from the manufacturer. 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. High cost of implementation and lack of awareness about benefits of pharmacy repackaging technologies are key factors that are likely to restrain the market.

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Globally, the pharmacy repackaging systems market has been segmented based on product type, end-user, and region. In terms of product type, the market has been classified into blister card/compliance packaging systems, pouch packaging automation systems, bottle filling/ pill counting automation systems, liquid medication packaging systems, and others. In terms of end-user, the market has been segregated into retail/community pharmacy, hospital pharmacy, long-term care (ltc) pharmacies, and mail order pharmacies. Based on region, the market has been split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

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Increasing incidence of medication error-related deaths and government regulations are putting pressure on health care institutes and pharmacists to deploy advanced technologies to reduce medication errors. Medication errors affect one in 10 patients, globally, and lead to death or mental illness. Medication errors increase the medical cost for both health care providers and pharmacists. According to a survey conducted by the Society of Actuaries, measurable medication errors cost US$ 20 Bn to the U.S economy, while majority of these errors are easily avoidable. Hence, the U.S. Government is taking considerable initiatives to reduce these medication errors. According to the U.S. FDA, on average, one person dies daily as a result of pharmacy mistakes. Increasing pressure for patient safety requirements and government regulations are expected to prompt health care providers to deploy advanced technologies to avoid medication errors in the near future. This is likely to boost the U.S. pharmacy repackaging systems market. Hospitals and pharmacists are facing significant challenges when it comes to maintaining an inventory. Traditional and manual methods used in hospitals and pharmacies make it difficult to track their inventory. Automated packaging systems, such as automatic tablet packager, automated vial filling pump, and compliance packaging systems along with automated dispensing systems, provide pharmacists and health care providers real-time access to their stock, which in turn, helps them to maintain adequate level of inventory. The global pharmacy repackaging systems market is expected to expand at a considerable pace in the near future due to several factors including technological advancements, such as barcoding, and the rising need for healthcare providers and pharmacists to get more time for patient care.

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