Pharmacy Repackaging Systems Market Scenario
Market Research Future (MRFR) speculates that the global pharmacy repackaging systems market is slated to register a CAGR of 7% during the forecast period (2018-2023). A growing number of outpatient’s visits encourages the hospitals and pharmacists to implement automated systems, which is highly favoring the market growth. Pharmacy repackaging is referred to as an act of removing pharmaceutical dosage from the primary container of the manufacturers and replacing it into another container, which comes in a smaller size. With a reduction in cost, improving drug inventory management, and reduced errors are propelling the market growth across the globe.
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Pharmacy Repackaging Systems Market Competitive Dashboard
The prominent players operating in the pharmacy repackaging systems market are Kirby Lester, Parata Systems, Medical Packaging Inc, Tcgrx, Yuyama Co. Ltd, Proficient Rx, Pearson Medical Technologies, Arxium, Takazono Corp, Swisslog Holding Ltd, Becton Dickinson & Company (Carefusion Corporation), and Omnicell Inc.
Pharmacy Repackaging Systems Market Potential and Pitfalls
The pharmacy repackaging systems market is stealing the limelight at a rapid pace owing to the augmenting awareness for automated systems especially in the developed economies. The improper administration of drugs and medicines has resulted in an increased case of erroneous deaths, which is estimated to favor the market growth to a great extent. In order to strengthen the position in the global market, major companies are launching new products in order to strengthen their position, thereby influencing the market growth.
With the increasing need for automation in order to curb the medication errors is anticipated to add an impetus to the growth of the market. As efforts to minimize the rate of medication errors remain persistent, the market continues to expand. The rising awareness regarding the benefits of automated systems among the pharmacists and healthcare providers is likely to boost the market. Implementing packaging operations within the long-term facilities, hospitals, and retail pharmacies in order to reduce the cost associated with the wasted medications and also to improve the drug inventory management are likely to propel the market.
On the contrary, the dearth of awareness regarding the advantages of such computerized systems can impede the market growth across the globe. Moreover, the absence of trained medical professionals is anticipated to curb the market growth in the coming years.
Global Pharmacy Repackaging Systems Market: Segmental Analysis
The global pharmacy repackaging systems market has been segmented on the basis of dosage type, product type, and end user.
By mode of product type, the global pharmacy repackaging systems market has been segmented into liquid medication packaging systems, solid medication packaging systems, bottle filling/ pill counting automation systems, and others.
By mode of dosage type, the global pharmacy repackaging systems market has been segmented into multiple unit packaging and unit dose packaging.
By mode of end-users, the global pharmacy repackaging systems market has been segmented into hospital pharmacy, retail/community pharmacy, Long-term Care (LTC) pharmacies, and others.
Pharmacy Repackaging Systems Market Regional Insights
Geographically, the pharmacy repackaging systems market span across regions namely, Europe, America, Asia-Pacific, and the Middle East & Africa.
Considering the global scenario, the pharmacy repackaging systems market is dominated by the North American region. The growth is credited to the accelerating number of outpatient visits which further encourages the hospitals and the pharmacists to implement automated systems to improve their prescription-handling capacity.
The European region is considered to occupy the second-largest share in the global market due to the rising healthcare infrastructure in this region. Several initiatives undertaken by the private and public sectors are further estimated to contribute to the growth of the market in this region.
The Asia Pacific region, is likely to experience the fastest growth rate. The growth is credited to the technological advancements in this region which have resulted in the development of cost-effective pharmacy repackaging systems. This has led to the high adoption rate of such devices in this region.
Meanwhile, the Middle East & Africa is estimated to occupy the least share in the global market owing to the fewer initiatives undertaken by the government coupled with the presence of economically diverse countries.
Pharmacy Repackaging Systems Industry Updates
July 06, 2018: Lucile Packard Children’s Hospital Stanford has recently automated their medication management in order to limit the adverse drug events. A 66% reduction in the wasted doses, a 21% decrease in the missed doses and zero reportable adverse events have been noticed in the past 11 months.
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