- The global inpatient and outpatient pharmacy automation market has grown to nearly $3.8 billion in 2016 from $3.5 billion in 2015. The market is expected to grow at a five-year compound annual growth rate (CAGR) of 7.9% from 2016 to 2021, increasing to $5.5 billion in 2021.
- The inpatient pharmacy automation market is the largest sector of the market. This market is expected to grow from $2.9 billion in 2016 to nearly $4.2 billion in 2021 at a CAGR of 7.3% for the period 2016-2021.
- The outpatient pharmacy automation market is expected to grow from $839 million in 2016 to more than $1.3 billion in 2021 at a CAGR of 9.8% for the period 2016-2021.
STUDY GOALS AND OBJECTIVES
This BCC Research report, Pharmacy Automation: Technologies and Global Markets (IAS026E), provides a comprehensive analysis of the pharmacy automation market's current operations and equipment, current trends and detailed patent analysis. The study includes information regarding statistics for medication errors, costs associated with pharmacy activities, the pharmacist shortage and many other issues affecting the pharmacy automation market. Major pharmacy automation product segments include in-depth market and competitive analyses.
REASONS FOR DOING THE STUDY
Although pharmacy automation dates back to the 1970s with the introduction of pill-counting machines, the pharmacy automation market continues to advance and deliver impressive technology and improve efficiency. The increasing demand for accuracy, safety, industry standards and competency in the pharmacy environment by regulatory authorities, manufacturers, healthcare professionals and consumers has forced the growth of this market.
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 are still conducting operations through manual and semi-manual methods, particularly in regions outside of the United States. The opportunity to fully automate these pharmacies surfaces more often each year, and with a growing compliance with bar-coding standards and new tracking capabilities with radio-frequency identification (RFID) technology, this trend will continue to increase at a rapid rate. 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.
SCOPE AND FORMAT
This market research report is designed to be a helpful business tool that will provide a thorough evaluation of the global pharmacy automation market. The geographical scope is global with special emphasis on the United States and developed Europe, with supplemental data covering other geographical markets and trends. The report identifies pharmacy automation markets by inpatient and outpatient pharmacy settings, and by product type.
Within the global pharmacy automation market, there are two general pharmacy settings, each having other subsettings:
- Inpatient pharmacy automation.
- Acute-care settings.
- Long-term care settings.
- Outpatient pharmacy automation.
- Outpatient/fast-track clinical settings.
- Hospital retail settings.
- Pharmacy benefit management services and other mail-order settings.
- Retail pharmacy chains.
Each segment is further reviewed to provide detailed information of current and emerging products, current market estimates and market forecasts, and competitive analyses.
METHODOLOGY AND INFORMATION SOURCES
The information for this BCC Research report was obtained through primary and secondary data-collection methods. Primary methods included interviews with approximately 100 key executives, product managers, clinical specialists and purchasing agents involved in the pharmacy a included published literature in the area of pharmacy technology and services, investment reports, company literature, and various pharmacy-related business journals.
All market data pertain to the global market at the manufacturers' level. Data are expressed in current U.S. dollars. The base year of the report is 2016, with historical data provided for 2014 and 2015, and forecast data provided for 2021. Historical base year and forecast data are provided for each market segment of the report. Competitor market share estimates are provided for each market segment for the 2016 base year. Although this study provides information on a variety of pharmacy automation equipment, it does not include a comprehensive list of products available.
Many companies offer products to a variety of industry types, including, but not limited to, the following industries:
- Appliance industry.
- Aircraft industry.
- Automotive industry.
- Electrical and electronics industry.
- Communications industry.
- Food production industry.
Some systems not covered in this study include those that are primarily used in other industry types but are, however, designed to accommodate other settings, including the medical and pharmacy industries.
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