Global Pharmacy Repackaging Systems Market: Snapshot
The alarming rate of medication errors and related deaths have urged healthcare authorities to make regulations pertaining to patient safety extra stringent. This has driven several retail pharmacists and healthcare institutes to improve their outpatient services. This move has translated into adoption of advanced technology solutions ranging from a tablet counter to a compact dispensing robot to improve their pharmacy workflow. The rise in the number of outpatient visits has encouraged pharmacists and hospitals to incorporate automated systems to improve their prescription handling capacity. In light of these trends, the global pharmacy repackaging systems market, which was valued at US$997.1 mn in 2015 is expected to reach US$1.8 bn by the end of 2024. During the forecast period of 2016 and 2024, the global market is expected to expand at a CAGR of 7.8%.
Need for Automation to Reduce Medication Errors to Boost Market
The global pharmacy repackaging systems market continues to expand at a high growth rate as efforts to reduce medication errors remain persistent. The global pharmacy repackaging systems market is projected to witness significant growth in the next few years due to rising awareness about benefits of automated systems among healthcare providers and pharmacists. Incorporating packaging operations within hospitals, long-term care facilities, and retail pharmacies to decrease costs associated with wasted medications and improve their drug inventory management is projected to boost the earnings of the overall market. 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.
Globally, the pharmacy repackaging systems market is segmented on the basis of product into blister card/compliance packaging systems, pouch packaging automation systems, bottle filling/ pill counting automation systems, liquid medication packaging systems and others. The report suggests that the blister card/compliance packaging systems segment will dominate the global market in the coming years. The emergence of this product segment will be attributable to the ability of this method to reduce dosage wastage by allowing pharmacies to repack medicines as the requirements of the patients. Blister card/compliance packaging systems also ensure compliance to dosage as packaging is done with utmost precision.
Well-established Infrastructure Drives North America Market Ahead of Others
In terms of geography, the global pharmacy repackaging systems market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The health care infrastructure in the developed regions such as North America and Europe are well-established and has been focusing on developing their medication workflow by shifting toward pharmacy automation systems including repackaging systems. Moreover, promising reimbursement programs in the region is anticipated to increase demand for these technologies during the forecast period, especially in North America. Countries in North America are rapidly advancing the frontiers of technological development as well as setting stringent standards for medication management. This, in turn, is likely to propel demand for repackaging systems in the regional market, which caters to the basic requirement of customized dosage in various end-user domains.
The key players operating in the global pharmacy repackaging systems market are Omnicell, Inc., Becton Dickinson & Company (CareFusion Corporation), Swisslog Holding Ltd., Kirby Lester, Yuyama Co., Ltd., TCGRx, ARxIUM, Takazono Corporation, Pearson Medical Technologies, and Parata Systems.
Pharmacy Repackaging Systems Market: Scope and Methodology
This report on the global pharmacy repackaging systems market analyzes the current and future prospects of the market. The report comprises an elaborate executive summary, including a market snapshot that provides overall information of various segments and sub-segments. The research is a combination of primary and secondary research. Primary research formed the bulk of our research efforts along with information collected from telephonic interviews and interactions via e-mails. Secondary research involved study of company websites, annual reports, press releases, stock analysis presentations, and various international and national databases. The report provides market size in terms of US$ Mn for each segment for the period from 2014 to 2024, considering the macro and micro environmental factors. Growth rates for each segment within the global pharmacy repackaging systems market have been determined after a thorough analysis of past trends, demographics, future trends, technological developments, and regulatory requirements.
A detailed qualitative analysis of factors responsible for driving and restraining market growth and future opportunities has been provided in the market overview section. This section of the report also provide insights into the key trends of the pharmacy repackaging systems market such as outsourcing to third party repackaging companies. The key market indicators influencing global pharmacy repackaging systems market taken into consideration including cost constraints and regulatory landscape. The report also includes market attractiveness analysis of the major segments that provides a thorough analysis of the overall competitive scenario in the global pharmacy repackaging systems market. The report also highlights key events of the global pharmacy repackaging systems industry. A value chain analysis along with list of major players, hospitals and distributors is also included in the report.
Market revenue in terms of US$ Mn for the period between 2014 and 2024 along with the compound annual growth rate (CAGR %) from 2016 to 2024 are provided for all the segments, considering 2015 as the base year. The year on year growth of global pharmacy repackaging systems market for each segment is also reflected. Additionally, market related factors such as increasing preference for product innovation, and cost reduction for hospitals and greater affordability for patients in various geographies and historical year-on-year growth have been taken into consideration while estimating the market size.
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 segmented into retail/community pharmacy, hospital pharmacy, long-term care (ltc) pharmacies and mail order pharmacies. Retail/community pharmacy segment is expected to remain dominant during the forecast period.
Geographically, the global pharmacy repackaging systems market has been segmented into five regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In addition, the regions have been further segmented into major countries from each region. These include the U.S., Canada, the U.K., Germany, France, Italy, Spain, China, Australia, India, Japan, Brazil, and Mexico.
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.
The global pharmacy repackaging systems market has been segmented as follows:
Global Pharmacy repackaging systems Market, by Product type
- Blister Card/Compliance Packaging Systems
- Multi Dose Blister Card Packaging Systems
- Single Dose Blister Card Packaging Systems
- Heat Sealers
- Deblistering Machines
- Pouch Packaging Automation Systems
- Automatic Tablet Packager
- Pouch Verification System
- Bottle Filling/ Pill Counting Automation Systems
- Automated Bottle Filler
- Pill Counter
- Liquid Medication Packaging Systems
- Oral Liquid Filling Pump
- Automated Vial Filling Pump
Global Pharmacy repackaging systems Market, by End-user
- Retail/Community Pharmacy
- Hospital Pharmacy
- Outpatient pharmacy
- Inpatient Pharmacy
- Long-term care (LTC) pharmacies
- Mail order Pharmacies
Global Pharmacy repackaging systems Market, by Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- Rest of Middle East & Africa