Pharmacy Automation Devices Market, Size, Share, Analysis, Trends, Market Outlook, Segment and Forecast to 2020

The global market for pharmacy automation devices is expected to reach USD 8,996.8 million by 2020, growing at an estimated CAGR of 7.3% from 2014 to 2020, according to a new study by Grand View Research, Inc. Pharmacy automation devices such as medication dispensing system, packaging and labeling systems, storage and retrieval systems, compounding systems and table-top counters are used to increase efficiency of work within pharmacies. These devices are used to enhance productivity, system integration, lowering of medication errors, and provide additional time to pharmacists and clinicians for patient care. Rise in demand for pharmaceutical products, technological advancement, and precise robotic tools to carry out pharmacy operations are some of the key drivers contributing towards the growth of this market. In addition, presence of untapped growth opportunities in emerging markets such as India, Brazil and China and increasing need for automation in pharmacy and healthcare operations are expected to serve this market as future growth opportunities.

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Further key findings from the study suggest:

• Automated medication dispensing systems dominated the pharmacy automation devices market in terms of share at 47.8% in 2013, due to increasing demand for accurate medication dispensing systems. The ability of these devices to significantly reduce error rates is expected to boost product demand.
• Automated compounding systems are expected to grow at the fastest CAGR of 8.4% during the forecast period owing to increasing demand for accurate mixing of medication and significant reduction in overall time taken to complete a dose.
• North America was the largest regional market in 2013, accounting for 54.8% of the revenue. Presence of high market penetration rates of healthcare IT systems in pharmacies and healthcare establishments, high healthcare...