Pharmacy automation market to hit $7.8B by 2018

ALBANY, N.Y. — New research from Transparency Market Research is taking a look at the market size of the global pharmacy automation systems market, highlighting big growth ahead in the next several years. TMR projects that the market will hit $7.8 billion in 2018, up from the $4.7 billion that the market was valued at in 2011. And a big driver of growth comes from automated dispensing systems. 

 

Based on TMR’s research, about 48% of the overall market and generated revenue — about $2.3 billion — can be attributed to automated medication dispensing systems, and this segment is expected to see a compound annual growth rate (CAGR) of 6.7% by 2020, when it will be worth $3.6 billion. 

 

“The pressing need to prevent medical prescription errors has stoked the demand for automated medication dispensing systems,” a TMR analyst said. "Dispensing the right dosage of medicine and reviewing the inventory at a specified location help to increase the efficiency of a pharmacy while keeping the costs low.” 

 

TMR pointed out that the high cost of implementation has been and will continue to be a barrier to growth, even as the growth of e-prescribing (particularly in Europe and North America has fueled demand). Despite the barrier of upstart cost, though, the analysis projects a CAGR of 7.3% between 2012 and 2018.