Pharmacy automation systems are a type of systems that are used for the out-patient and in-patient pharmacies to automate the regular tasks of a pharmacist. These systems help in automating the entire mechanical procedure of distributing and handling the medicines. However, these systems also aid in compounding and measuring medications as well as updating and tracking patient information in the databases, and management of the inventory.
The overall market space of the global pharmacy automation system market is considered to be a highly consolidated one. The key players in the market accounted for the majority share in the year 2016. The top companies in the market are engaging themselves into strategic business activities such as mergers, acquisitions, and joint ventures to gain an upper hand over their rivals. Back in 2015, Omnicell Inc. took over Aesynt and Becton, while Dickinson and Company took over CareFusion Corporation. However, other key players in the market are concentrating on other business strategies such as launch of new products, strengthening their channels of distribution for automation solutions and entering to agreements and partnerships to raise the overall brand awareness about their product.
The global market for pharmacy automation systems stood at an overall valuation of US$3.344 bn in the 2016. The growth of the market is expected to be achieved with the help of a steady CAGR of 6.3% over the course of the given forecast period of 2017 to 2027.
Increasing Cases of Hospitalizations to Drive Market Growth
The overall development of the global market for pharmacy automation systems market is expected to be chiefly driven by the increasing adoption and rising demand for automated solution in the pharmaceutical sector that are coupled with other socio-economic factors such as growing cases of diseases because of ever-increasing population. Another important factor considered to be driving the overall demand for automated pharmacy systems is the introduction of newer products and rising cases of hospitalizations.
In the global market for pharmacy automation systems, the vendor selection criteria can be defined by the category of the product, modules of software interfacing, and the cost entire solutions and system. Thus, the companies in the market are projected to invest more on the designing of better products, training, easy compatibility of the systems with different software, and the quality to cut down the impact on the safety of patient and improve the efficiency in the pharmacies. These factors are thus expected to drive the overall growth of the global market for pharmacy automation systems over the course of the given forecast period of 2017 to 2027.
However, there are some factors that might negatively affect the growth of the market over the coming years of the given forecast period. One of the key restraining factor for the development of the global market for pharmacy automation systems is the high cost of implementation and installation of these pharmacy automation systems.
North America to Continue its Global Dominance in Market
From a geographical standpoint, the global market for pharmacy automation systems can be segmented into key regions such as North America, Eastern Europe, Western Europe, Latin America, Japan, Middle East and Africa, and Asia pacific except Japan. With respect to the value the North America market for pharmacy automation systems dominated the overall market in the year 2015. The growth of this market is expected to be achieved with the help of a strong CAGR of 6.1% over the course of the given forecast period. The Japan and APEJ market are projected to be the most promising marketing landscapes during the given forecast period.
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