LOS ANGELES, Feb. 12, 2019 (GLOBE NEWSWIRE) -- QY Research’s experienced market analysts have come up with a highly detailed and accurate report on the global pharmacy automation market. Titled “Global Pharmacy Automation Industry Research Report, Growth Trends and Competitive Analysis 2018-2025,” the report offers a brilliant study of the global market, taking into consideration critical factors impacting its growth.
According to the research study, the global pharmacy automation market is expected to grow at a healthy CAGR of 10.8% between 2018 and 2025. By the end of 2025, the global market revenue is projected to touch over US$ 20.0 Bn.
Increasing Need to Reduce Medication and Dispensing Errors to Stoke Demand
Significant factors such as increasing labor cost, rising geriatric population, aggressive decentralization of pharmacies, and the growing need to reduce the number of medication errors are foreseen to provide a fillip to the growth of the global pharmacy automation market. A number of governments are encouraging the use of automated tools in hospitals and pharmacies to reduce medication and dispensing errors. This is envisaged to lead to high adoption of pharmacy automation systems.
However, the hesitancy of healthcare companies in the adoption of pharmacy automation systems is predicted to hamper the global sales. On the other hand, stringent regulatory procedures are anticipated to pose a challenge to market players. Nevertheless, the implementation of healthcare cost-reduction measures, certain emerging markets, and rising awareness among pharmacists are prophesied to create rewarding prospects in the global pharmacy automation market.
Global Pharmacy Automation Market: Forecast by Type and Application
On the basis of type of product, the global pharmacy automation market sees a classification into tabletop tablet counters, automated medication compounding systems, automated storage and retrieval systems, automated packaging and labeling systems, and automated medication dispensing systems. By application, the global market is classified into retail pharmacy, outpatient pharmacy, inpatient pharmacy, and others.
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U.S. to Continue to Collect Largest Consumption Share in Future
Geographically, the report focuses on key segments, namely the MEA, Central and South America, Europe, Asia Pacific, and North America to study the consumption in the global pharmacy automation market. With a view to study production, the report concentrates on important regions and countries, viz. Southeast Asia, India, South Korea, Japan, China, Europe, and the U.S.
Europe and the U.S. are observed to mainly offer high-end products in the pharmacy automation market. In terms of consumption, the U.S. secures the first position globally. In Asia, Japan collects a handsome market share on the basis of consumption.
Baxter and BD to Dominate Global Market as Leading Manufacturers
The report includes a broad competitive analysis of the global pharmacy automation market that focuses on leading players such as Willach Group, Swisslog, YUYAMA, Omnicell, Takazono, TOSHO, Baxter International, and BD. Europe and the U.S. witness major distribution of prominent players operating in the global market. Baxter, BD, and other transnational companies are expected to take the lead in the global market. Top 15 players account for a nearly 75% of the global pharmacy automation sales.
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