It is not always possible for pharmacies, especially the ones dedicatedly serving a hospital, to purchase all medications in ready-to-use formats. As such, repackaging of these medications is an integral activity across a number of hospital pharmacies so as to effectively manage the continuously fluctuating stores of a variety of medications in bar coded unit dose. There has also been a vast rise in adoption of medication repackaging practices across retail pharmacies and the area has come under the radar of several regulatory bodies in the past few years. Resultantly, a number of regulations have been put in place to ensure that repackaging of medications does not involve manipulation of the drug in any form, including reconstitution, mixing or combination with other ingredient, or dilution.
The market has witnessed the introduction of a vast number of automated systems to ensure proper and error-less repackaging in the past few years. Advanced technology solutions such as compact dispensing robots to tablet counters are witnessing increased demand from pharmacies across the globe reckoning to improve their operational workflow.
Transparency Market Research (TMR) estimates that the global market for pharmacy repackaging systems will exhibit a promising CAGR of 7.8% from 2016 to 2024, rising from a valuation of US$997.1 mn in 2015 to US$1.8 bn by 2024.
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In this Press Release, TMR analysts highlight some of the key trends presently influencing the course of development of the market:
What factors are chiefly boosting adoption of pharmacy repackaging systems?
The rising concern regarding patient deaths due to erroneous or improper management of medication dosages is one of the key factors bringing focus on the numerous medication repackaging systems and solutions available in the global market. Stringent regulations across a number of countries demanding hospitals and pharmacies to implement measures to reduce such deaths is also another key factor boosting the increased adoption of medication repackaging solutions in pharmacies across the globe. Increased awareness regarding the potential of innovative pharmacy repackaging systems in efficiently managing inventory is also expected to provide sufficient impetus to the overall growth of the market in the next few years.
Which regional market holds the most promise for pharmacy repackaging systems?
North America is presently the most promising regional market for pharmacy repackaging systems. The region commands dominance on the world market owing to the presence of several leading companies in the pharmacy repackaging systems sector and the highly technologically advanced healthcare infrastructure. The region is expected to remain the key contributor of innovative products and revenue to the global pharmacy repackaging systems market in the next few years as well. By 2024, the region will have accounted a massive 35.5% of the overall market.
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Is the vendor landscape conducive to new vendors?
The vendor landscape presently features an intense level of competition owing to no or very little product differentiation. The market is relatively consolidated with the top two vendors, namely Swisslog Holding AG and Omnicell Inc. collectively holding a nearly 34% of the market in 2015. The market does not have very tough entry barriers for new vendors and new companies could establish their grounds with innovative products. Small vendors in high growth potential regional markets could also benefit from the rising trend of mergers and acquisitions by leading vendors to expand their operations across promising regional markets.