Rockville, Dec. 21, 2022 (GLOBE NEWSWIRE) -- The global pharmacy repackaging systems market is set to touch US$ 3.3 billion by 2033, advancing at 7.5% CAGR from 2023 to 2033, as per this latest industry analysis by Fact.MR, a market research and competitive intelligence provider.
Pharmaceutical repackaging is the method of taking a finished drug product from its original container and putting it into individual packages. The need to reduce medication errors and increase overall patient safety is driving the global pharmacy repackaging systems market. As the healthcare industry works to improve overall patient safety, there is a rising focus on automation in pharmaceutical packaging. The need to save costs and waste is also driving the demand for pharmacy repackaging systems.
Moreover, there are considerable potential opportunities to improve operational efficiency with new technology, such as barcodes utilized in repackaging processes providing improved visibility and traceability of medications throughout the supply chain. Furthermore, the market is also benefiting from a growing emphasis on efficient drug inventory management and a significant decrease in dispensing errors and expenses.
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Increasing number of deaths caused by inappropriate medicine administration, and hence the increasing need to improve patient safety, is putting a spotlight on making changes in outpatient services. This bodes well for the global pharmacy repackaging systems market. In addition, rising emphasis of pharmacies on optimizing workflow, lowering costs, and preventing inventory waste is driving demand for a variety of technologies, including pharmacy repackaging systems.
Key Takeaways from Market Study
- The global pharmacy repackaging systems market is valued at US$ 1.6 billion in 2023.
- Demand for pharmacy repackaging systems is projected to advance at a CAGR of 7.5% from 2023 to 2033.
- The global market is anticipated to reach US$ 3.3 billion by 2033.
- North America held 38% share of the global pharmacy repackaging systems market in 2022.
- The bottle filling/ pill counting automation systems segment is expected to develop at a CAGR of 6.1% during the study period.
“Increased frequency of medication errors and the growing need to enhance patient safety are driving market expansion. Moreover, the market is expected to rise at a breakneck pace as healthcare providers and pharmacists become more aware of the advantages of automated systems,” says a Fact.MR analyst
Segmentation of Pharmacy Repackaging Systems Industry Research
- By Product Type :
- Blister Card/Compliance Packaging Systems
- Pouch Packaging Automation Systems
- Bottle Filling/ Pill Counting Automation Systems
- Liquid Medication Packaging Systems
- By End Use :
- Retail/Community Pharmacies
- Hospital Pharmacies
- Long-term Care (LTC) Pharmacies
- Mail Order Pharmacies
- By Region :
- North America
- Latin America
- Europe
- APAC
- MEA
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Regional Analysis
North America is expected to dominate the global pharmacy repackaging systems market. The United States is the largest market in North America in terms of revenue due to factors such as increased awareness about the advantages of automated systems in hospital pharmacies, strict regulations resulting in accurate dosage, technological advancements, and a higher demand for unit dose packs.
Competitive Landscape
Key players in the pharmacy repackaging systems market are implementing strategies such as new product launches and increased R&D investments. These firms are likewise working on expanding their consumer base through mergers, acquisitions, partnerships, and collaborative initiatives.
- Origin Pharma Packaging opened a new warehouse center in North Lincolnshire, UK, in July 2021. It contains four loading bays, 4,900 fully barcoded pallet spaces, and a holding area of 20,000 square feet. This expansion will enable the company to improve stock management, efficiency, and pick accuracy, as well as meet client requests in the UK and around the world.
- Amcor introduced the AmSky blister system, a thermoform blister packaging built on recyclable polyethylene, in April 2021 to meet the strict standards of pharmaceutical packaging. This innovative product will eliminate the usage of PVC from packaging, resulting in a 70% reduction in the company's carbon footprint.
- In February 2021, SteriPack absorbed Morristown-based HS Design Inc., a registered company that specializes in healthcare design production. SteriPack and HSD are collaborating to offer contract manufacturing solutions, flexible medical packaging design, development, and complete product lifecycle management services.
Key Companies Profiled
- ARxIUM, Inc
- Parata Systems
- Becton, Omnicell, Inc
- Dickinson and Company
- Proficient Rx
- Kirby Lester, LLC
- Medical Packaging Inc
- Takazono Corporation
- Pearson Medical Technologies LLC
- Swisslog Healthcare AG
- YUYAMA Co., Ltd
- McKesson Canada
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global pharmacy repackaging systems market, presenting historical demand data (2018-2022) and forecast statistics for the period of 2023-2033.
The study divulges essential insights on the market on the basis of product type (blister card/compliance packaging systems, pouch packaging automation systems, bottle filling/ pill counting automation systems, liquid medication packaging systems) and end use (retail/community pharmacies, hospital pharmacies, long-term care (LTC) pharmacies, mail order pharmacies), across five major regions (North America, Europe, Asia Pacific, Latin America, and MEA).
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