Global Pharmacy Automation Systems Market to Log 7.3% CAGR from 2012-2018, Driven by Emphasis on Reducing Medical Errors The new research study, titled ‘Pharmacy Automation Systems Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 - 2018’, published by TMR states that the global pharmacy automation systems market stood at US$4.7 bn in 2011 and is expected to grow rapidly and reach a market value of US$7.8 bn by 2018. During the forecast period from 2012 to 2018, the market is expected to display a compound annual growth rate of 7.3% due to several key driving forces acting upon the market. 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.