New study gives insight to growth in automated pharmacy industry

A report published today by Grand View Research said the pharmacy automation devices market is projected to continue growing at an estimated compound annual growth rate (CAGR) of 7.3 percent from 2014 to 2020.

Pharmacy automation devices, including medication dispensing systems, packaging and labeling systems, storage and retrieval systems, compounding systems and table-top counters are used to increase work efficiency into pharmacies. This market is growing because of a rise in demand for pharmaceutical products, technological advancement and precise robotic tools to carry out pharmacy operations.

Asia Pacific is expected to be the most attractive regional market, estimated to grow at a CAGR of over 9 percent during the forecast period.

The study showed automated medication dispensing systems dominated the pharmacy automation devices market in terms of share at 47.8 percent in 2013, due to growing demand for accurate medication dispensing systems. It also revealed that automated compounding systems are expected to grow at the fastest CAGR of 8.4 percent during the forecast period due to increasing demand for accurate mixing of medication and significant reduction in overall time taken to complete a dose, and that North America was the largest regional market in 2013, accounting for 54.8 percent of the revenue.

To request a copy or view a summary of this report visit www.grandviewresearch.com/industry-analysis/pharmacy-automation-market.