Pharmacy Repackaging Systems Market to be Worth US$1.8 Billion by 2024

Errors in Medications Prompt Uptake of Sophisticated Systems, Observes TMR

ALBANY, New York, February 21, 2017 /PRNewswire/ --

With little or no product differentiation, players in the Global Pharmacy Repackaging Systems Market are facing tough competition. Despite tough grounds, the players such as Omnicell Inc. and Swisslog Holding AG are leading with a share of about 34% in the global market in 2015. Companies are expected to focus on expanding to different regions by meeting the specific needs of patients and health care institutes.

According to the research report, the global pharmacy repackaging systems market is expected to be worth US$1.8 bn by the end of 2024 from US$997.1 mn in 2015. Between the forecast years of 2016 and 2024, the global market is estimated to progress at a CAGR of 7.8%.

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Demand for Efficient Packaging Makes North America Frontrunner in Global Market 

In terms of geography, the global market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Of these regions, the North America pharmacy repackaging systems market is expected to lead the global market in the coming years. This dominance is a result of soaring demand for pharmacy repackaging systems from hospitals and pharmacies. By the end of 2024, the North America market will account for a share of 35.5% in the overall market.

The end users in the global pharmacy repackaging systems market are retail/community pharmacy, hospital pharmacy, long-term care (LTC) pharmacies, and mail order pharmacies. Analysts anticipate that the blister card/compliance packaging systems segment is projected to lead the global market in the coming years. This segment is anticipated to acquire a share of 40.8% by the end of 2024 as this technique allows pharmacies to pack medications to suit customer's requirements, which, in turn, reduces wastage of medicine dosage.

Growing Pressure to Ensure Patient Safety Boosts Global Pharmacy Repackaging Systems Market 

The rising incidence of erroneous deaths due to improper medications is expected to drive the growth of the global pharmacy repackaging systems market. The market is also benefiting from the stringent regulations governing various hospitals and health care institutes and pharmacies that demand reduction of such errors, costs, and fatalities due to poor management of dosages. Growing pressure on patient safety has augmented the demand for advanced technologies that have been designed and developed to avoid medication errors. The growing awareness pertaining to the efficient management of inventory with automated technologies is also expected to give the global market a shot in the arm in the coming years.