Pharmacy Automation Market to See 8.6% Annual Growth Through 2024
Industry Boosted by Aging Population and Improved Drug Therapy
WELLESLEY, Mass., October 15, 2019 (Newswire.com) - Aging population, improved drug therapy and increasing disease incidence are several factors driving growth in the global pharmacy automation market, according to a report by BCC Research, “Pharmacy Automation: Technologies and Global Markets.”
The market expects to see a compound annual growth rate (CAGR) of 8.6% through 2024, when it could be worth $7.8 billion.
Major players in the market include: Baxter International Inc., Becton, Dickinson & Co., Omnicell Inc. and Scriptpro LLC.
- For 2019, the market share for automated dispensing systems is expected to increase slightly from 49% in 2018 to about 50.1%
- The inpatient pharmacy automation market should grow from $3.8 billion in 2019 to reach $5.7 billion by 2024 at a CAGR of 8.5% through 2024.
- The outpatient pharmacy automation market should grow from $1.4 billion in 2019 to reach $2.1 billion by 2024 at a CAGR of 8.8% through 2019-2024.
“All market segments of the automation market are expected to show steady, moderate growth ranging between 7% and 15% annually,” writes analyst Melissa Elder. “Sales for all-in-one systems will be a contributor to growth for the market—combining narcotics management with non-narcotics dispensing. Capital equipment purchases increased in the inpatient segment during 2017 and 2018 and are expected to continue to show steady demand.”
The Need for Safer Systems
There is a recognized need in the medical community, the report adds, for an integrated medication management system capable of running multiple safety checks during the filling of medication and its delivery to patients. These types of systems ensure that the exact medication ordered is delivered to the patient in the correct dosage, administered at the correct time and based on the most up-to-date doctor’s orders.
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Source: BCC Research
Categories: Pharmaceuticals and Biotech