According to a new technical market research report, Pharmacy Automation: Technologies and Global Markets (IAS026A)
from BCC Research
, the global market for pharmacy automation was worth $2.3 billion in 2007. This is expected to increase to over $3.6 billion by 2012, a compound annual growth rate (CAGR) of 9.4%.
The market is broken down into applications of inpatient pharmacy automation and outpatient pharmacy automation. Of these, inpatient pharmacy automation has the largest share of the market. The segment has experienced double-digit growth for the past several years, with revenues of $1.5 billion in 2005 and $1.6 billion in 2006. Worth $1.8 billion in 2007, this segment is expected to be worth nearly $2.9 billion in 2012, for a CAGR of 9.8%.
The outpatient pharmacy automation market is estimated at $514 million in 2007. The segment has experienced revenue growth of between 8% and 9% over the past several years. By 2012, the outpatient pharmacy automation market is expected to reach $748 million, for a CAGR of 7.8%.
Pharmacy automation dates back to the 1970s with the introduction of pill counting machines, but the pharmacy automation market will make generous strides in technology and efficiency in the coming years. The continually increasing demand for accuracy, safety, industry standards, and competency in the pharmacy environment by regulatory authorities, manufacturers, healthcare professionals, and consumers has driven the market\'s growth.
New opportunities will continue to surface in venues from small, private, family-owned pharmacies to large hospital and mail order service facilities such as Medco Health Solutions, Inc. Many small, private pharmacies are still conducting operations through manual and semi-manual methods, particularly in regions outside the United States. Further opportunities to fully automate these pharmacies arise each year, and with a growing compliance with bar coding standards, this trend will continue to increase at a rapid rate.
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