According to the research report, the global pharmacy repackaging
systems market is expected to be worth US$1.8 bn by the end of 2024
from US$997.1 mn in 2015. Between the forecast years of 2016 and
2024, the global market is estimated to progress at a CAGR of 7.8%.
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The rising incidence of erroneous deaths due to improper medications
is expected to drive the growth of the global pharmacy repackaging
systems market. The market is also benefiting from the stringent
regulations governing various hospitals and health care institutes
and pharmacies that demand reduction of such errors, costs, and
fatalities due to poor management of dosages. Growing pressure on
patient safety has augmented the demand for advanced technologies
that have been designed and developed to avoid medication errors. The
growing awareness pertaining to the efficient management of inventory
with automated technologies is also expected to give the global
market a shot in the arm in the coming years.
In terms of geography, the global market is segmented into North
America, Europe, Asia Pacific, Latin America, and the Middle East and
Africa. Of these regions, the North America pharmacy repackaging
systems market is expected to lead the global market in the coming
years. This dominance is a result of soaring demand for pharmacy
repackaging systems from hospitals and pharmacies. By the end of
2024, the North America market will account for a share of 35.5% in
the overall market.
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The end users in the global pharmacy repackaging systems market are
retail/community pharmacy, hospital pharmacy, long-term care (LTC)
pharmacies, and mail order pharmacies. Analysts anticipate that the
blister card/compliance packaging systems segment is projected to
lead the global market in the coming years. This segment is
anticipated to acquire a share of 40.8% by the end of 2024 as this
technique allows pharmacies to pack medications to suit customer’s
requirements, which, in turn, reduces wastage of medicine dosage.
However, the high cost of implementation of pharmacy repackaging
system is expected to be a key factor responsible for restraining the
growth of the global market between 2016 and 2024. Furthermore, lack
of awareness about the potential benefits these automated systems can
offer in several regional markets has also been an important
inhibitor in the global market. This restraining factor has been
predominant in developing countries of the world, where health care
institutes are cost-sensitive and lack knowledge about one-time
investments that can be reap benefits for a long time.
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With little or no product differentiation, players in the global
pharmacy repackaging systems market are facing tough competition.
Despite tough grounds, the players such as Omnicell Inc., and
Swisslog Holding AG are leading with a share of about 34% in the
global market in 2015. Companies are expected to focus on expanding
to different regions by meeting the specific needs of patients and
health care institutes.
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