Strong Need to Reduce Medication Errors to Increase Usage of Pharmacy Repackaging Systems: Fact.MR Report

December 21, 2022

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. Download a Free Sample Copy of this Report - 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 SystemsPouch Packaging Automation SystemsBottle Filling/ Pill Counting Automation SystemsLiquid Medication Packaging Systems By End Use : Retail/Community PharmaciesHospital PharmaciesLong-term Care (LTC) PharmaciesMail Order Pharmacies By Region : North AmericaLatin AmericaEuropeAPACMEA Get Customization on this Report for Specific Research Solutions - 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, IncParata SystemsBecton, Omnicell, IncDickinson and CompanyProficient RxKirby Lester, LLCMedical Packaging IncTakazono CorporationPearson Medical Technologies LLCSwisslog Healthcare AGYUYAMA Co., LtdMcKesson Canada Explore Our Safe & Secure Payment Options for Quick Buy – 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). Check out more related studies published by Fact.MR Research:  Packaging Automation Solution Market- The global packaging automation solution market is estimated to progress at a high-value CAGR of 7.5% over the next ten years, growing from its current market valuation of US$ 75 billion to US$ 155 billion by the end of 2033. Point of Purchase Packaging Market - The global point of purchase packaging market is projected to expand at a CAGR of 6.6% through 2033. As such, worldwide demand for point-of-purchase packaging solutions is anticipated to reach a market value of US$ 31.5 billion by the end of 2033, up from US$ 16.6 billion in 2023. Retail Ready Packaging Market - The global retail ready packaging market is estimated at USD 66.4 Billion in 2022 and is forecast to surpass USD 121.5 Billion by 2032, growing at a CAGR of 6.2% during 2022-2032. The global retail ready packaging market accounted for ~7% of global packaging industry market valuation in 2021 Pharma Blisters Packaging Market - The pharma blister packaging market is estimated to reach US$ 10.5 Bn in 2022 and is projected to reach US$ 19 Bn by 2032, at a 6% CAGR from 2022-2032. Fact.MR - a market research and competitive intelligence provider, envision a moderate growth in demand of pharma blisters packaging market. Drone Pharmacy Delivery Market - The global drone pharmacy delivery market is expected to reach a valuation of US$ 64.3 million in 2023 and is further expected to grow at a CAGR of 21.4% over the next 10 years. The market will achieve a market value of US$ 447.4 million by the end of 2033. About Us: We are a trusted research partner of 80% of fortune 1000 companies across the globe. We are consistently growing in the field of market research with more than 1000 reports published every year. The dedicated team of 400-plus analysts and consultants is committed to achieving the utmost level of our client’s satisfaction. Specialties: Competition Tracking, Customized Research, Syndicated Research, Investment Research, Social Media Research, Business Intelligence, Industry Analysis, Thought Leadership. Contact:US Sales Office:11140 Rockville PikeSuite 400Rockville, MD 20852United StatesEmail: Tel: +1 (628) 251-1583

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