Global Market for Pharmacy Automation to Reach Nearly $4.9 Billion
WELLESLEY, Massachusetts, April 9, 2014 /PRNewswire/ --
BCC Research (www.bccresearch.com) reveals in its new report, PHARMACY AUTOMATION: TECHNOLOGIES AND GLOBAL MARKETS, the global pharmacy automation market is expected to grow to nearly $4.9 billion in 2018, with a five-year compound annual growth rate (CAGR) of 8.8%. The outpatient automated services segment is the fastest moving segment with an expected CAGR of 9.5%.
The pharmacy automation market continues to gain momentum after experiencing purchasing holds for equipment from hospitals and other health delivery facilities during 2008 and 2009.
Outpatient pharmacy automation revenues are expected to grow to an estimated $1.3 billion in 2018. This market includes dispensing/storage equipment, packaging and filling equipment, and other equipment such as samples management, counting machines, and vial shredders.
Inpatient pharmacy automation revenues account for the larger share of the market, with sales estimated to reach about $3.6 billion in 2018. This market includes dispensing and storage equipment, packaging equipment, narcotics management equipment, and other products such as bedside bar-code scanning systems, automated medication labeling systems, automated tablet splitters, and compounding systems.
"In order to remain competitive in the pharmaceutical dispensing business, organizations will be highly dependent on efficient automation systems," says BCC Research instrumentation and sensors analyst Melissa Elder. "A large portion of inpatient facilities are already highly automated; however, there are advancements in technology and performance improvements every year, and these pharmacies will continue to seek out the most efficient system to upgrade. In order to remain competitive in the pharmaceutical dispensing business, organizations will be highly dependent on efficient automation systems. Therefore, upgrades are likely to be an ongoing process."
Both segments will continue to recover from economic conditions felt in key markets such as the United States and moderate-high growth is expected through 2018.
PHARMACY AUTOMATION: TECHNOLOGIES AND GLOBAL MARKETS provides a comprehensive analysis of the pharmacy automation market's current operations and equipment, current trends, and detailed patent analysis. It includes information regarding statistics for medication errors, costs associated with pharmacy activities, the pharmacist shortage, and many other issues affecting the pharmacy automation market. It also discusses pharmacy automation product segments, including in-depth market and competitive analyses.
Editors and reporters, who wish to speak with the analyst, should contact Steven Cumming at steven.cumming@bccresearch.com.
About BCC Research
BCC Research publishes market research reports that make organizations worldwide more profitable with intelligence that drives smart business decisions. These reports cover today's major industrial and technology sectors, including emerging markets. For more than 40 years we've helped customers identify new market opportunities with accurate and reliable data and insight. These include market sizing, forecasting, industry overviews, and identification of significant trends and key competitors. We partner with analysts who are experts in specific areas of industry and technology. Their up-to-date knowledge gives our customers unbiased measurements and assessments of these vital markets. Because our reports offer a global focus, our customers include the top companies in industries around the world as well as universities, major business schools, start-ups, consulting firms and investment companies. BCC Research is a unit of Eli Research LLC. Visit our website at www.bccresearch.com or call us at (+1) 781-489-7301.
Data and analysis extracted from this press release must be accompanied by a statement identifying BCC Research LLC, 49-2 Walnut Park, Wellesley, MA 02481, Telephone: (+1) 781-489-7301; Email: editor@bccresearch.com as the source and publisher. Thank you.
Contact: Steven Cumming
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Fax: 781-489-7308
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