WELLESLEY, MA--- The pharmacy automation market continues to deliver impressive technology that improves efficiency. BCC Research reveals in its new report that increasing demands for accuracy, safety, industry standards and competency are keying market growth.
The pharmacy automation industry comprises developers, manufacturers, and suppliers of inpatient- and outpatient-specific pharmacy automation equipment. The total global market for pharmacy automation should reach almost $3.8 billion and $5.5 billion in 2016 and 2021, respectively, reflecting a five-year compound annual growth rate (CAGR) of 7.9%.
New opportunities in various settings will continue to surface-from small, private, family-owned pharmacies to large hospital and mail-order service facilities. Many small, private pharmacies still conduct their operations using manual and semi-manual methods, especially in regions outside of the United States. The opportunities to fully automate these pharmacies increases each year, and with a growing compliance with bar-coding standards and new tracking capabilities with radio-frequency identification (RFID) technology, this rapidly growing trend will continue.
Several factors are driving growth for all markets, including an aging population, improved drug therapy, access to medicines in rural and underdeveloped regions and increasing disease incidence/prevalence. Overall, the market will continue to experience the growing trend of consolidation among pharmacy automation vendors. In recent years, the industry has experienced partnerships and acquisitions that have shaped the industry and produced major competitors in the industry.
"A large portion of inpatient facilities are already highly automated. But these pharmacies will continue to seek out the most efficient system to upgrade," says BCC Research Melissa Elder." In 2015, approximately 15% of hospitals in the system were using electronic prescribing; the country has many that need to make changes but the advancements are being approved to reduce errors.
Pharmacy Automation: Technologies and Global Markets (IAS026E) analyzes both inpatient and outpatient pharmacy automation technologies in acute-care and long-term settings, fast-track clinical settings, hospital retail settings, pharmacy benefit management services, and retail pharmacy chains. Global market drivers and trends, with data from 2015, 2016, and projections of CAGRs through 2021 also are provided.