The global pharmacy repackaging systems market is on a promising and positive trajectory, thanks to growing advancements like 3D printing and consequent advancements like personalized medicine. The pharmacy repackaging systems market depicts a fragmented and competitive landscape, reports Transparency Market Research (TMR). The increased awareness about right proportion of medical dosage, and influx of digital technology are expected to create several new opportunities in the pharmacy repackaging market.
Several new advances like one-capsule for all medical needs have made their way into the market. Additionally, growing knowledge of genetic history, and past conditions are easy to incorporate into systems to manufacture pills and capsules at will. This coupled with 3D printing can also lower costs due to lower storage requirement, and more manufacturing control in the hands of pharmacy repackaging systems.
The global pharmacy repackaging systems market is expected to reach US$1146.8 mn in 2017. It is expected to clock a notable CAGR of 7.8% during 2018-2026. Among various product types, the automated blister card/ compliance packaging systems is expected to dominate growth during 2018-2026. The segment reached a total evaluation of US$145.7 mn in 2017. Region wise, the pharmacy repackaging systems market is expected to register the highest total revenue in North America. The region is home to robust innovation, a positive regulatory framework for innovation, and improving reimbursement policies leading to significant growth.
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Errors and Liabilities Promise Steady Growth of Opportunities
Personalized medicine promises several new opportunities for growth for the pharmacy repackaging systems market. However, the market as a convention, continues to witness steady growth, thanks to growing concerns of liabilities and potential of medical errors. It has been proven that different individuals react differently to different doses, due to various reasons. These include genetic conditions, allergies, preexisting conditions such as high resistance to anti-biotic, etc. Among these genetic conditions and resistance to anti-biotic is well documented and can pose considerable legal challenge for the pharmacy industry in the near future. Additionally, according to published reports, medical errors affects as many as 10% patients. These errors also result in significant impact reaching as far as causing mental illnesses or even death in extreme circumstances. These mistakes cost as much as $20 bn to the pharmaceutical industry and according to the FDA result in 1 death every day, in the US. Hence, pharmacy repackaging systems market faces several opportunities in the near future, equaling a hand-made gift to spur growth.
Digitalization and Automation to Boost Growth
Advancements in digitalization is leading to advances like real-time information on packaging medicines with consideration for medical errors. Additionally, automation is leading to lower packaging costs, as well as vital solutions like automated vial filling pumps, automated tablet packaged, and compliance packaging systems. Moreover, pharmacies are facing issues with inventory management, which are expected to subside significantly, thanks to digitalization and automation. This results in lower costs in labor charges, guaranteed stocks, and higher growth thanks to predictable analysis of consumer behavior.
High costs of automation and digitalization are considerable challenges in the market. However, the pharmacy repackaging systems market features prominent players in major regions like the US such as Walgreens. The major companies in the market are already experimenting with new ways to reach customers such as door-step-delivery. Additionally, costs of many basic pharmaceutical products tend to be a lot lower at pharmacies than at hospitals. Hence, the distribution channel is expected to register robust growth in the near future.
Information provided in this review is obtained from a TMR report, titled, “Pharmacy Repackaging Systems Market (Product Type – Blister Card/Compliance Packaging Systems, Pouch Packaging Automation Systems, Bottle Filling/ Pill Counting Automation Systems, Liquid Medication Packaging Systems; End user – Retail/Community Pharmacy, Hospital Pharmacy, Long-term Care (LTC) Pharmacies, Mail Order Pharmacies) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026”
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The global pharmacy repackaging systems market has been segmented as follows:
- Blister Card/Compliance Packaging Systems
- Multi Dose Blister Card Packaging Systems
- Single Dose Blister Card Packaging Systems
- Heat Sealers
- Deblistering Machines
- Pouch Packaging Automation Systems
- Automatic Tablet Packager
- Pouch Verification System
- Bottle Filling/ Pill Counting Automation Systems
- Automated Bottle Filler
- Pill Counter
- Liquid Medication Packaging Systems
- Oral Liquid Filling Pump
- Automated Vial Filling Pump
- Retail/Community Pharmacy
- Hospital Pharmacy
- Outpatient pharmacy
- Inpatient Pharmacy
- Long-term care (LTC) pharmacies
- Mail order Pharmacies
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- Rest of Middle East & Africa