Pharmacy Repackaging Systems Market Opportunity will Rise to US $ 2244.9 Mn by 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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Market value in terms of US$ Mn for the period between 2016 and 2026 along with the compound annual growth rate (CAGR %) from 2018 to 2026 are provided for all the segments, considering 2017 as the base year. The year-on-year growth of the global pharmacy repackaging systems market for each segment is also reflected. Additionally, market related factors such as increasing preference for product innovation, cost reduction for hospitals, greater affordability for patients in various geographies, and historical year-on-year growth have been taken into consideration while estimating the market size.
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Pharmacy Repackaging Systems Market: Segmentation
Based on product type, the global pharmacy repackaging systems market has been segmented into blister card/compliance packaging systems, pouch packaging automation systems, bottle filling/ pill counting automation systems, liquid medication packaging systems, and others. Based on end-user, the market has been classified into retail/community pharmacy, hospital pharmacy, long-term care (ltc) pharmacies, and mail order pharmacies. The retail/community pharmacy segment is expected to dominate the market during the forecast period.
Pharmacy Repackaging Systems Market: Competitive Landscape
The report also profiles major players in the pharmacy repackaging systems market based on various attributes such as company overview, financial overview, SWOT analysis, key business strategies, product portfolio, and recent developments. A thorough market share analysis of major companies operating in the pharmacy repackaging systems market is provided in the report. The report also includes a competition matrix that provides insights into recent developments and activities done by the major market players. Key companies profiled in the report include Omnicell, Inc., Becton Dickinson & Company (CareFusion Corporation), Kirby Lester, Swisslog Holding Ltd., Yuyama Co., Ltd., TCGRx, ARxIUM, Takazono Corporation, Parata Systems, and Pearson Medical Technologies.
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