Valley Cottage, NY, Nov. 27, 2017 (GLOBE NEWSWIRE) -- A recently added report by Future Market Insights (FMI), titled, “Pharmacy Automation Systems Market: Inventory Management Expected to be the Second Most Lucrative Application Segment: Global Industry Analysis and Opportunity Assessment 2017 – 2027,” throws light on important aspects of the market. It offers information on the various growth drivers and restraints molding the growth path of the market, its size, and prospects going forward. It carefully examines the competitive dynamics in the market by leveraging different popular analytical tools.
The FMI report uncovers that the pharmacy automation systems market will likely expand at a CAGR of 6.3% from 2017 to 2027. The market was valued at US$3.34 mn in 2016. As far as the competitive landscape is concerned, it is mainly consolidated at present on account of several acquisitions by key players in order to bolster positions. Other strategies adopted by key companies to advance in the market are product launches, bolstering of distribution channels for automation solutions, and partnerships and agreements to enhance awareness about a brand.
The market for pharmacy automation systems is being boosted by increasing uptake of automated solutions in pharmacies coupled with a burgeoning geriatric population highly susceptible to diseases. Product innovation too is positively impacting the market. Posing a challenge to the market, on the other hand, is the steep cost of implementation and installation of pharmacy automation systems.
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The different types of products purveyed in the pharmacy automation systems market are medication dispensing cabinets, packaging and labelling systems, carousal storage systems, IV pharmacy (automated drug compounding), robotic dispensing systems, and tablet splitters. Among them, the medication dispensing cabinets (ADC) grossed maximum revenue in 2016 and is expected to continue its dominance throughout the forecast period.
Application-wise, the main segments of the global pharmacy automation systems market are drug dispensing and packaging, drug storage and inventory management. Of them, drug dispensing and packaging pulled in most of the revenue in 2016 and in the foreseeable future too is predicted to rake in maximum revenue. The segment of inventory management application, on the other hand, is forecasted to outshine all other segments in terms of growth rate.
Based on end user, the market is segmented into clinic pharmacies, hospital pharmacies, mail order pharmacies, retail pharmacies, and pharmaceutical SMEs. Hospital pharmacies currently account for the highest revenue in the pharmacy automation systems market due to increasing usage of pharmacy automation systems in hospitals in developed economies.
Geographically, the key segments of the pharmacy automation systems market are Latin America, North America, Western Europe, Eastern Europe, Asia Pacific Excluding Japan (APEJ), Japan, and the Middle East and Africa (MEA). Of them, North America leads market in terms of revenue share and in the years ahead is expected to clock a 6.1% CAGR from 2017 to 2017. Asia Pacific excluding Japan and Japan, on the other hand, are expected to outshine all other regions vis-à-vis growth rate. Western Europe too is predicted to expand at a healthy clip because of the rising inclination of pharmacists in the region to opt for automated technologies in their pharmacies to provide quality care to patients. In terms of value, Western Europe is expected to register a CAGR of 6.8% over the forecast period.
Some of the key players operating in the pharmacy automation systems market are Baxter International Inc., Swisslog (Kuka AG), CareFusion Corporation (Becton, Dickinson and Company), Cerner Corporation,. Kirby Lester (Capsa Solutions, LLC), Omnicell Inc., and ScriptPro LLC.
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