Pharmacy Automation: Technologies and Global Markets
- The global market for pharmacy automation increased from $2.1 billion in 2006 to $2.3 billion in 2007. It should reach $3.6 billion by 2012, a compound annual growth rate (CAGR) of 9.4%.
- By 2012, the inpatient pharmacy automation market is expected to be worth nearly $2.9 billion, a CAGR of 9.8%.
- The outpatient pharmacy automation segment will continue to experience moderate growth through 2012, with a CAGR of 7.8% over the next 5 years.
Although pharmacy automation dates back to the 1970s with the introduction of pill counting machines, the pharmacy automation market is anticipated to make generous strides in technology and efficiency through the forecast period outlined in this study. The continually increasing demand for accuracy, safety, industry standards, and competency in the pharmacy environment by regulatory authorities, manufacturers, healthcare professionals, and consumers has forced the growth of this market.
New opportunities in various settings will continue to surface-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. The opportunity to fully automate these pharmacies surfaces more often each year, and with a growing compliance with bar coding standards, this trend will continue to increase at a rapid rate. 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 to. 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.
SCOPE OF STUDY
This report contains:
- Descriptions of various pharmacy automation products for inpatient pharmacy automation settings including acute care and long-term care and outpatient pharmacy automation settings including fast-track, hospital retail, mail order and retail pharmacies
- The current global market status for pharmacy automation, with trends and forecasts for growth over the next 5 years
- Analysis of the pharmacy automation industry on a worldwide basis, both from market and application perspectives
- The latest technological advancements along with a thorough patent analysis
- Profiles of leading companies in pharmacy automation including Pyxis Corp, Parata Systems, McKesson and ScriptPro.
The information for this BCC report was obtained through primary and secondary data-collection methods. Primary methods included interviews with approximately 50 key executives, product managers, and clinical specialists involved in the pharmacy automation industry. Secondary methods included published literature in the area of pharmacy technology and services, investment reports, company literature, and various pharmacy-related business journals.
All market data pertains the global market at the manufacturers' level. Data is expressed in current U.S. dollars. The base year of the report is 2007, with historical data provided for 2005 and 2006, and forecast data provided for 2012. Historical base year and forecast data are provided for each market segment of the report. Competitor market share estimates are provided for each market segment for the 2007 base year.
Although this study provides information on a variety of pharmacy automation equipment, it does not include a comprehensive list of products available. Many companies offer products to a variety of industry types, including but not limited to the following industries:
Melissa Elder is an experienced healthcare market analyst specializing in prescription and over-the-counter pharmaceuticals, medical devices, and emerging healthcare technologies. Ms. Elder has more than 13 years experience in the healthcare industry, specializing in market research for the past 10 years. This experience has given her substantial insights into pharmaceutical market analysis. Her work in the medical community, including emergency room medical training and healthcare information system coordination, has enhanced her ability to provide insight into many healthcare markets.
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Some systems not covered in this study include those that are primarily used in other industry types, but are, however, designed to accommodate other settings, including the medical and pharmacy industries.