Transparency Market Research delivers key insights on the medication dispensing & packaging systems market in its published report, which includes global industry analysis, size, share, growth, trends, and forecasts for 2019–2027. In terms of revenue, the global medication dispensing & packaging systems market is estimated to expand at a CAGR of ~7% during the forecast period, owing to various factors, about which, TMR offers thorough insights and forecasts in this report.
Medication Dispensing & Packaging Systems Market: Overview
Medication dispensing & packaging systems are key pharmacy innovations developed by market players to tackle several issues related to the skilled workforce and medication errors. The medication dispensing & packaging systems market is highly concentrated in the North America region, and is expected to show rapid growth in the Asia Pacific region.
Efforts of key players to reduce initial set-up costs, training of pharmacists to adopt various technologies, and partnering with new suppliers are anticipated to push the demand for medication dispensing & packaging systems in developing countries. Manufacturers are engaging in the development of high-end systems with maximum packaging speed and canister capacity. The fixation of hospital pharmacies of achieving efficient and accurate solutions is expected to be the key driver for the growth of the medication dispensing & packaging systems market.
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North America to Remain Prominent Medication Dispensing & Packaging Systems Market
The pharmacy automation industry is expanding rapidly due to the high focus of healthcare automation companies on product development. North America is estimated to be a significant market for medication dispensing & packaging systems, as a result of the high demand from well-established hospitals and retail pharmacies.
The shrinking number of skilled personnel in pharmacy & medication adherence is creating the requirement of automation in pharmacies. By value, around half of the revenue in 2019 is estimated to come from the North American market. Europe is expected to be the second-largest market for medication dispensing & packaging systems, owing to initiatives taken by governments and hospitals to opt for automation. Germany, France, the United Kingdom, and Italy are estimated to hold half of the medication dispensing & packaging systems market in Europe, in 2019.
Asia Pacific to Offer Lucrative Growth Opportunities
The medication dispensing & packaging systems market in Asia Pacific is projected to expand at a fast-paced growth during the forecast period. The reformation of the pharmacy industry by developing countries is expected to boost market growth for pharmacy automation systems. East Asian countries such as China, Japan, and South Korea are anticipated to drive medication dispensing & packaging systems market growth in the region. The East Asia region is estimated to hold ~60% of the Asia Pacific medication dispensing & packaging systems market share in 2019.
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Medication Dispensing & Packaging Systems Market: Recent Developments