Report: Pharmacy automation market to grow 8.8 percent annually by 2018
Wellesley-based market research firm BCC Research reported Thursday that it expects the global pharmacy automation market to grow to nearly $4.9 billion in 2018, with a five-year compound annual growth rate (CAGR) of 8.8 percent. The outpatient automated services segment is the fastest moving segment with an expected CAGR of 9.5 percent.
The findings in its Pharmacy Automation: Technologies and Global Markets report further indicated that the pharmacy automation market continues to gain momentum after experiencing purchasing holds for equipment from hospitals and other health delivery facilities during 2008 and 2009.
"In order to remain competitive in the pharmaceutical dispensing business, organizations will be highly dependent on efficient automation systems," said BCC Research instrumentation and sensors analyst Melissa Elder in a statement. "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."
Both outpatient and inpatient segments will continue to recover from economic conditions felt in key markets such as the United States and moderate to high growth is expected through 2018, the company said.
Outpatient pharmacy automation, which includes dispensing/storage equipment, packaging and filling equipment and other equipment such as samples management, counting machines and vial shredders, is expected to see revenues climb to an estimated $1.3 billion in 2018, the company said.
Meanwhile, inpatient pharmacy automation, such as bedside bar-code scanning systems, automated medication labeling systems, automated tablet splitters, and compounding systems will account for the larger share of the market, with sales estimated to reach about $3.6 billion in 2018, according to the report.
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