Pharmacy Repackaging Systems Market to Surge at a CAGR of 7.8% by 2026

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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Rising awareness about the benefits of pharmacy automation technologies, such as automated repackaging, has prompted small and midsized health care institutes and pharmacists to replace their traditional pharmacy operation methods with these technologies. According to the Johns Hopkins University, on an average, 250,000 people in the U.S die due to medical errors. Health care providers and pharmacists are focusing on improving outpatient medication to improve operational efficiency, in terms of staff productivity and patient safety.

Transparency Market Research (TMR) has published a new report titled, "Pharmacy Repackaging Systems Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026". According to the report, the global Pharmacy Repackaging systems market was valued at US $ 1146.8 Mn in 2017. It is projected to expand at a CAGR of 7.8% from 2018 to 2026. Factors such as increasing number of medication errors that fuel the need to improve patient safety and rising focus on reducing cost and wastage of inventory are driving the global market. North America is projected to dominate the global pharmacy repackaging systems market, owing to stringent healthcare regulations to improve patient safety in the region. Asia Pacific and Latin America are highly lucrative markets. The pharmacy repackaging systems market in Asia Pacific is projected to expand at a CAGR of 8.3% during the forecast period. Rapid expansion of healthcare industry in major countries and aging population are key factors that drive the pharmacy repackaging systems market in the region.

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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.

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