Medication Dispensing & Packaging Systems Market - Quest for Optimized Operations to Drive Adoption
Despite being a relatively new landscape, the medication dispensing & packaging systems market is growing at an above-average rate of ~7%, and will continue to advance, as patients and medical personnel demand automated solutions that help eliminate medication errors. These systems will hold high prominence for the manufacturing of single-dose sachets to offer a precise dose of drugs to the geriatric population.
Notwithstanding the steady growth of this landscape, the average healthcare infrastructure in developing countries could take some time before unlocking a mine of consolidation opportunities for players in the medication dispensing & packaging systems market. However, in the future, these systems will remain central to optimize marginal growth for the automation-seeking pharmaceutical industry, by achieving improved production capacity and reduced overhead cost.
Request a sample to get extensive insights into the Medication Dispensing & Packaging Systems Market
Space Limitations and Budget Constraints to Undermine Sales Potential
Considering sales in the medication dispensing & packaging systems market in 2018, which were tantamount to ~220 units, equaling to a value of ~US$ 205 Mn, the per-unit price of these systems is estimated to be in the range of US$ 900 thousand to US$ 1 Mn. This steep price narrows down the clientele base to only the large-sized and a few mid-sized pharmacies, while sales opportunities from the small-scale pharmacies’ space have to wait till the prowess of medication dispensing & packaging systems is well-established by the practical use cases of these systems and their RoI potential.
To understand how our report can bring difference to your business strategy, Ask for a brochure
Also, operating in a confined area, local pharmacies could see these systems as space-obstructing equipment. To add to the one-time investment in these systems, additional cost requirements to skill-train employees and purchase raw materials in bulk quantities to meet the high-speed production could add up to the extravagance.
Assessing Underlying Opportunities Present in Medication Dispensing & Packaging Systems Market
Since the gravity of cost concerns can be gauged by an average deployment rate of these systems, as mid- and small-sized pharmacies see them as an investment with a long time to gain payback, players in the medication dispensing & packaging systems market can squeeze their profit margins to a level that makes these systems somewhat affordable.
Yet another effective strategy to resolve both, space and cost issues, can be devised through smart-sizing of medication dispensing & packaging systems. Smaller electronic components with increased efficiency can help in enhancing the 'portability' quo, and, in turn, be easy on the pockets of pharmacies of all scales.
Need for Speed to Increase Preference for Systems Operating at Above 40 ppm
As per the TMR study, in 2019, medication dispensing & packaging systems operating at a speed of over 40 packages/minute will account for ~63% of the sales, as the appetite for productivity increases among pharmacies. High uptake in drugs coming in from hospital pharmacies is likely to channelize the adoption of high-speed package producing systems to cater to a wide base of patients. In addition, the traditional hold of long-term care pharmacies on patients is likely to catalyze high investments in these systems. However, systems with a capacity to produce packages between the range of 20 units/minute to 40 units/ minute are projected to remain popular among pharmacies catering to a comparatively smaller pool of patients.
Stuck in a neck-to-neck competition with other brands? Request a custom report on Medication Dispensing & Packaging Systems Market
Authors of the report foresee a promising future for the progress of the medication dispensing & packaging systems market, and opine that, sustained demand for accurate dosage holds a profound impact to upstream sales. Opportunities are expected to remain high in North America, given its status of being a leading healthcare market; however, improvements in healthcare quality in Asia Pacific are encouraging stakeholders in the healthcare industry to leverage technology to achieve process efficiency.
In the future, as automation replaces drudgery, the adoption of medication dispensing & packaging systems is projected to become imperative for end users, which will lead to the maturity of the medication dispensing & packaging systems market space.
Medication Dispensing & Packaging Systems Market: Overview
- According to Transparency Market Research’s latest market report on the medication dispensing & packaging systems market for the historical period of 2014-2018 and forecast period of 2019-2027, the need for efficient and errorless mediation adherence systems is projected to drive market growth.
- Globally, revenue generated by the medication dispensing & packaging systems market has been estimated to be valued at ~US$ 220 Mn in 2019, and is expected to clock at a CAGR of ~7% in terms of value during the forecast period.
Need to Lessen Unfavorable Incidents of Medication Errors
- The medicine supply chain in hospitals and large pharmacies goes through various steps, which makes it challenging to maintain errorless dispensing and packaging. Manual medication dispensing involves adverse incidents that damage the packaged medicine. Automation of dispensing and packaging processes in pharmacies can provide a more efficient and secured supply chain. In addition, key players adopt medication dispensing & packaging systems to minimize errors and the required workforce.
- The auditing and proper adherence of medicines is also driving market growth for pharmacy automation systems. The expedition of medication dispensing with minimal or zero error is the key factor that creates the need for advanced automated systems, thereby propelling the growth of the medication dispensing & packaging systems market. Positive results in the reduction of medication errors after installing pharmacy automation systems are attracting many hospitals.
Development of Pharmacies to Focus on Quality Care and Time Dedication
- With the rise in problems related to the geriatric population, one of the challenges is multiple medication management with variable dosing plans. This is increasing the need for accurate and automated medication dispensing & packaging systems and pharmacy services.
- Pharmacies are evolving and working for the development of offerings to serve patients with quality care and dedicated time. The adoption of automation by pharmacies is a key move to enhance the current process with accuracy and deduction in dispensing time. Pharmacy automation providers work on requirement fulfillment and consulting to boost automation in existing pharmacy businesses. Medication dispensing & packaging systems with more canisters and device connectivity are playing a key role in standardizing pharmacy automation.
High Concentration Medication Dispensing & Packaging Systems Market in North America
- Companies are continuously working to improve the efficiency of medication dispensing & packaging systems, and speed up medication adherence. Increasing demand for high-speed medication dispensing & packaging systems from North America and Europe is expected to be a key driver for the growth of the 40 ppm medication dispensing & packaging systems segment during the forecast period.
- Above 300 canisters medication dispensing & packaging systems are expected to witness fast-paced growth during the forecast period, due to the adoption by long-term care pharmacies and hospitals in the United States and European countries. Medication dispensing & packaging systems with maximum canisters require more space and high investments, which creates high reluctance from retail and mail-order pharmacies.
Research and Development a Significant Move by Manufacturers to Stand Out in the Competition
- Manufacturers and suppliers in the medication dispensing & packaging systems market are highly concentrated on research and development activities. New product launches and development are anticipated to be key actions to be taken up by pharmacy automation industry leaders to stand out in the competition.
- Significant players in pharmacy automation are making high efforts to attract pharmacies and adopt medication dispensing & packaging systems. In the last decade, the acquisition of healthcare device companies and collaboration with software service providers by industry leaders are attributed to illustrate a new era of automation systems in pharmacies.
Medication Dispensing & Packaging Systems Market: Growth of Sales Channels in Developing Countries
- Emerging countries such as China, Brazil, Mexico, South Korea, India, Turkey, and Russia are investing more on healthcare infrastructure. Rising healthcare expenditure and awareness to enhance pharmacy solutions are expected to be beneficial factors for the development of the pharmacy automation market in emerging countries.
- Manufacturers of medication dispensing & packaging systems have the opportunity to establish manufacturing or service centers in emerging markets to gain the trust of customers in buying products. Manufacturers can also develop a relationship with local distributors or similar operation businesses in the target market.
Medication Dispensing & Packaging Systems Market – Competition Landscape
- Some of the key players operating in the global medication dispensing & packaging systems market are Swisslog Holding AG, JVM Co., Ltd., Omnicell, Inc., YUYAMA Co., Ltd., ARxIUM Inc., and Global Factories B.V.
- Swisslog Holding AG, JVM Co., Ltd. and Omnicell, Inc. have been identified as tier 1 players operating in the global medication dispensing & packaging systems market. YUYAMA Co., Ltd., ARxIUM Inc. and Global Factories B.V. are tier 2 players with 8-10% share of the global medication dispensing & packaging systems market.
- The bargaining power of medication dispensing & packaging system suppliers is relatively moderate. There are only six manufacturers of medication dispensing & packaging systems across the globe.
Medication Dispensing & Packaging Systems Market: Scope of the Study
Transparency Market Research (TMR) executed a new study on the global medication dispensing & packaging systems market, providing forecasts for the period of 2019-2027. In this market study, lucrative opportunities are seen for medication dispensing & packaging systems. The report enumerates valuable insights to enable readers in making winning business decisions for the future growth of their businesses. The report sheds light on the significant factors that are constantly shaping the growth of the medication dispensing & packaging systems market, untapped opportunities for manufacturers, trends and developments, and other insights across various key segments. Macroeconomic factors that are directly or indirectly affecting the growth of the medication dispensing & packaging systems market are also incorporated in the report.
Key Questions Answered
- What will be the medication dispensing & packaging systems market size in 2027?
- Which region will remain the most lucrative for the medication dispensing & packaging systems market?
- Which end user is most preferred for medication dispensing & packaging systems? What was its market size in 2019?
- Who are the major customers for medication dispensing & packaging systems?
- What is the market share comparison between different sources in the medication dispensing & packaging systems market?
- What will be the growth rate of medication dispensing & packaging systems in 2021?
Key indicators associated with the medication dispensing & packaging systems market have been evaluated thoroughly in the report. The study highlights vital market dynamics such as key drivers, challenges, and trends, along with opportunities in the global medication dispensing & packaging systems market. A comprehensive study on the supply chain of the global medication dispensing & packaging systems market has also been encompassed in the report.
Other key aspects laid down in the medication dispensing & packaging systems market include pricing strategy of leading market players. Furthermore, forecast factors and the forecast scenario of the medication dispensing & packaging systems market have been encompassed in the report to understand the future prospects of the market.
Y-o-Y growth comparison, volume and revenue comparison, and market share comparison of various market segments have been delivered in the report. The medication dispensing & packaging systems market has been analyzed at both, regional and country levels.
The report provides an exhaustive evaluation on the structure of the medication dispensing & packaging systems market, in tandem with a dashboard view of all the leading companies profiled in the report. A company share analysis on medication dispensing & packaging systems market players has also been presented in the report, apart from the footprint matrix on the profiled market players. The report depicts the presence of manufacturers by leveraging an intensity map. The report also highlights key end users for medication dispensing & packaging systems.
A realistic methodology along with a holistic approach makes the base for incisive insights provided in the medication dispensing & packaging systems market study for the evaluation period. The TMR report comprises detailed information on the growth prospects of the medication dispensing & packaging systems industry, along with riveting insights into the forecast assessment of the market.
Extensive primary and secondary research has been employed to garner incisive insights into the forecast study of the medication dispensing & packaging systems market. The report has further gone through cross-validation by in-house professionals to make the medication dispensing & packaging systems market report one-of-its-kind, with the highest credibility.
Medication Dispensing & Packaging Systems Market: Segmentation
The global medication dispensing & packaging systems market has been bifurcated on the basis of canister capacity, packaging speed, end user, and region. Each of these segments are analyzed to provide readers a holistic view of the industry.