Reports of several deaths occurring as a result of errors in medical prescriptions have prompted pharmacies worldwide to consider investing in pharmacy automation systems. This have provided a boost to the global pharmacy automation systems market, leading the market to account for a projected US$7.8 bn by 2018, says a report by Transparency Market Research. The report, titled, 'Pharmacy Automation Systems Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 - 2018,' states that the market for pharmacy automation systems worldwide stood at US$4.7 bn in 2011. Between 2012 and 2018, the market is predicted to have a compounded annual growth rate (OTCPK:CAGR) 7.3%.
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Several operations in industries are now partially or fully automated, and pharmacies are no exception. The integration of several different technologies for automating pharmacy operations is a defining trend in the pharmacy automation systems market. In recent years, processes and operations that have been automated include: compound preparation, tablet counting, dispensing and inventory management, medical packaging, and prescription management. Many different machines are used for this purpose. Some of the advantages of pharmacy automation systems include the ability to stock the right quantity of medication at the specified location, dispensing the right dosage of medicine, and to increase the overall efficiency of a pharmacy while keeping costs low.
The trend of e-prescribing is aiding the growth of the global pharmacy automation systems market. TMR's report segments the market into smaller sections based on various criteria to offer insight into the micro and macro factors at play.
By application, the report segments the pharmacy automation systems market into automated medication dispensing, automated storage and retrieval systems, automated packaging and labeling, tablet-top tablet counter, and automated compounding devices. The automated medication dispensing systems segment represented about 48% of the worldwide market in 2011 owing to the pressing need to prevent medical prescription errors. The segment accounted for US$2.3 bn in revenue in 2011. TMR analysts predict that the automated medication dispensing systems segment will generate revenue to the tune of US$3.6 bn by 2018, reporting a compounded annual growth rate of 6.7% from 2012 to 2018.
The report also segments the pharmacy automation systems market by end-user into retail pharmacy and hospital pharmacy. Likewise, the report also segments the global pharmacy automation systems market into North America, Asia Pacific, Europe, and Rest of the World. The demand for pharmacy automation systems has been high in regions such as North America and Europe, where pharmacies are more willing and able to invest in technology. However, developing regions such as Asia Pacific and some countries in the Middle East are also exhibiting healthy demand for pharmacy automation systems as their healthcare sector expands and mandates become tighter. The market for pharmacy automation systems in emerging nations in Asia Pacific and Rest of the World still has much ground to cover because awareness levels are not as high among pharmacy owners.
The recent developments reported by major companies in the global pharmacy automation systems market are analyzed in the report. Companies that have been profiled include: CareFusion Corporation, McKesson Corporation, AmerisourceBergen Corporation, Cerner Corporation, Omnicell Inc, Health Robotics SRL, Yuyama Co., Ltd, and others. These players operate in a fragmented market and the degree of competition varies from one sector to another.
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