According to a new study by Grand View Research, Inc., the worldwide pharmacy automation devices market will stand at around USD 8.9 billion in 2020. Adverse economic conditions are leading pharmacies to adopt automated procedures, thereby lowering wages as a component of total costs. Stiff market competition, high demand for pharmaceutical products, and development of high-tech automated systems are some of the factors, fuelling the market.
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Pharmacy automation simplifies time-consuming tasks and minimizes errors. Automated medication dispensing systems were the leading pharmacy automation devices market application in 2013. They accounted for 47% of the total revenues that year. The ability to provide correct and timely medication makes automated medication dispensing systems the most coveted application.
Table-top counters, and automated compounding machines are of great use in small and medium-sized hospitals. Automated compounding systems will experience the fastest growth, at a CAGR of 8.3% from 2014 to 2020. This may be ascribed to boosting demand for the error-free preparation of medicines in the smallest time available. Automated packaging and labeling systems are likely to witness huge demand in the years ahead.
Grand View Research, Inc. splits the end-users of the pharmacy automation devices market into retail pharmacy, and hospital pharmacy. North America emerged as the leader in 2013 with more than 54% of the total revenues. The presence of advanced healthcare IT systems in retail and hospital pharmacies, widespread research and development initiatives with respect to pharmacy automation, and burgeoning geriatric populace are some of the factors that contribute in regional growth.
Asia Pacific is projected to be the most lucrative market in the future. It would witness a CAGR of over 8.9%. The rapidly developing healthcare infrastructure, and penetration of global pharmaceutical manufacturers in China and India would drive this market.
The key players in the pharmacy automation devices market include Fulcrum Inc., CareFusion Corporation, GSE Scale Systems, ForHealth Technologies, Accu Chart Healthcare, Pearson Medical Technologies, and Health Robotics SRL.
McKesson Corporation, Innovation Pharma Assist Robotics, MTS Medication Technologies, Baxter International Inc., Talyst Inc., Rice Lake Weighing Systems, Pyxis Pharmacy Automation Systems, and Omnicell Inc are the other key participants.
Information Source: Grand View Research