There exists stiff competition among the players of pharmacy repackaging systems market on account of the little to no product differentiation possibility in the industry, states a new report by Transparency Market Research (TMR). The shares held by the top two companies in the market, viz Omnicell Inc. and Swisslog Holding AG was 34% in 2015. Companies are striving to expand their geographical bases and meet the needs of patients and medical institutes. Some of the other players in the market are Parata Systems, Kirby Lester, TCGRx, ARxIUM, Pearson Medical Technologies, Takazono Corporation, and Yuyama Co., Ltd.
According to the TMR report, the global pharmacy repackaging systems market is anticipated to rise from US$997.1 mn in 2015 to US$1.8 bn by the end of 2024. The market is anticipated to exhibit a CAGR of 7.8% from 2016 to 2024. In terms of geography, North America is likely to account for 35.5% of the market by 2024. The surge in the demand for pharmacy repackaging systems from hospitals and pharmacies is behind the growth of the market in North America. By end users, the blister card/compliance packaging systems segment is expected to lead and account for 40.8% of the market by 2024. This technique enables pharmacies to pack medications as per customer needs. This reduces wastage of medicine dosage and thus gaining popularity. The packaging for blister card/compliance packaging systems is done with utmost precision to ensure compliance to dosage, and as a result being increasingly preferred.
Reduction in Costs Achieved by Hospitals due to Use of Pharmacy Repackaging Systems to Drive Demand
The growing awareness among pharmacists and healthcare providers about the benefits of automated systems is one of the key drivers for the global pharmacy repackaging systems market. Significant cost reductions are being achieved by hospitals, long-term care facilities, and pharmacies by making use of packaging operations as they reduce the wastage of medications. Moreover, drug inventory management is improved by the implementation of packaging operations, thus boosting the earnings of the pharmacy repackaging systems market. In addition to this, technological features being introduced to enable end users to make use of technologies to enhance patient care by improving the entire process workflow is boosting this market.
Some of the other factors likely to drive the market are: growing incidences of erroneous deaths on account of improper medications, fatalities in hospitals due to improper management of dosages, reduction in cost and errors, and stringent regulations that govern hospitals and other medical care centers.
High Cost of Implementation to Deter Adoption of Pharmacy Repackaging Systems
Some of the factors inhibiting the growth of this market include high cost of implementation and a lack of awareness among several regional markets about the benefits of using pharmacy repackaging systems. “The lack of awareness about the benefits of incorporating these systems is a problem in many developing nations,” said a TMR analyst. Developing nations are also cost sensitive and find it difficult to afford high expenses involved with the implementation of pharmacy repackaging systems.
This review is based on Transparency Market Research’s report, titled “Pharmacy Repackaging Systems Market (Product - Blister Card/Compliance Packaging Systems (Multi Dose Blister Card Packaging Systems, Single Dose Blister Card Packaging Systems, Heat Sealers, and Deblisters Machines), Pouch Packaging Automation Systems (Automatic Tablet Packager and Pouch Verification System), Bottle Filling/ Pill Counting Automation Systems (Automated Bottle Filler and Pill Counter), and Liquid Medication Packaging Systems (Oral Liquid Filling Syrup and Automated Vial Filling Pump) ; End User - Retail/Community Pharmacy, Hospital Pharmacy, Long-term Care (LTC) Pharmacies, and Mail Order Pharmacies) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”
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
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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