According to the new research report "Pharmacy Automation Systems Market by product type (Medication Dispensing Systems, Packaging and Labeling Systems, Table-top Counters) & by End-user (Inpatient Pharmacy Automation, Outpatient Pharmacy Automation) - Global Forecasts & Trends to 2019" published by MarketsandMarkets, the Pharmacy Automation Systems Market is expected to reach $4,566.2 Million by 2019 from $3,165.9 Million in 2014, growing at a CAGR of 7.6% during the forecast period.
This report studies the global Pharmacy Automation Systems Market, with forecast to 2019. The pharmacy automation market comprises of automated medication dispensing systems, automated packaging and labeling systems, automated medication compounding systems, storage and retrieval systems, table-top counters, and other systems. The major end users of this market include inpatient pharmacy automation, outpatient pharmacy automation, retail pharmacy chains, and pharmacy benefit management organizations and other mail-order settings. The global Pharmacy Automation Systems Market has witnessed substantial growth over the past few years and is further expected to grow in the near future.
Factors such as the increasing number of drug prescriptions with the rising aging population and the shift from centralized to decentralized pharmacies driver the growth of this market. Moreover, the need for cost reduction due to the increasing healthcare costs, reduction of medication errors with improved work efficiency within the pharmacies, and awareness regarding the provision of additional time to clinicians and pharmacists for patient care is further expected to boost the demand for pharmacy automation systems. However, stringent regulatory guidelines that delay the product launches, high costs of implementation, and limited budgets of the healthcare organizations that restrict the investment in automation are some of the key factors that inhibit the growth of the global pharmacy automation market.
The North American region will continue to dominate the Pharmacy Automation Systems Market, followed by Europe, Asia-Pacific, and RoW. The Asian region is anticipated to grow at a faster pace due to the increasing awareness and adoption of technologies that boost the demand for pharmacy automation systems in this region.
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