The alarming rate of medication errors and related deaths have urged healthcare authorities to make regulations pertaining to patient safety extra stringent. This has driven several retail pharmacists and healthcare institutes to improve their outpatient services, according to a new report on the Pharmacy Repackaging Systems Market from Transparency Market Research.
TMR says these factors have translated into the adoption of advanced technologies, ranging from a tablet counter to a compact dispensing robot, to improve their pharmacy workflow. The rise in the number of outpatient visits has encouraged pharmacists and hospitals to incorporate automated systems to improve their prescription handling capacity.
The trends, says TMR, will result in an expansion in the global pharmacy repackaging systems market—from a value ofUS$997.1 million in 2015—to US$1.8 billion by the end of 2024. From 2016 to 2024, the global market is expected to show a 7.8% Compound Annual Growth Rate, notes TMR.
Pharmacy repackaging systems market
The report provides a detailed qualitative analysis of factors responsible for driving and restraining market growth and future opportunities within a market overview section. This section of the report also lends insights into the key trends of the pharmacy repackaging systems market, such as outsourcing to third-party repackaging companies.
The key market indicators influencing global pharmacy repackaging systems market taken into consideration including cost constraints and regulatory landscape. The report also includes market attractiveness analysis of the major segments that provides a thorough analysis of the overall competitive scenario in the global pharmacy repackaging systems market.
A value chain analysis along with list of major players, hospitals and distributors is also included in the report.
Based on product type, the report segments global pharmacy repackaging systems into blister card/compliance packaging systems, pouch packaging automation systems, bottle filling/ pill counting automation systems, liquid medication packaging systems and others.
Based on end-user, the market has been segmented into retail/community pharmacy, hospital pharmacy, long-term care (ltc) pharmacies and mail order pharmacies. Retail/community pharmacy segment is expected to remain dominant during the forecast period.
Geographically, the global pharmacy repackaging systems market is segmented into five regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. These regions are further segmented into major countries from each region. These include the U.S., Canada, the U.K., Germany, France, Italy, Spain, China, Australia, India, Japan, Brazil and Mexico.