ID: MRFR/PNT/8133-CR | May 2020 | Region: Global | 116 pages
Global Dispensing Pharmacy Packaging Machine Market is expected to register an approximately 7.5% CAGR during the forecast and reach USD 2.31 Billion by 2025.
Dispensing pharmacy packaging machines are advanced automation models that help reduce medicine dispensing time and serve customers quickly and efficiently. Dispensing pharmacy packaging machines are automated medication distribution systems that enable computer-controlled storage, dispensing, packaging, and tracking of medicines distribution.
The growth of process automation in the healthcare industry has led to the development of various technologically advanced packaging machinery to serve customers quickly and efficiently. The pharmaceutical packaging machine is an advanced automation model that helps in reducing medicine dispensing time. Technological developments in the pharmaceutical industry have been gaining momentum in the last few years.
Global Dispensing Pharmacy Packaging Machine Market has been segmented by Product Type, Speed, Function, and Region. Based on the Product Type, the global market is divided into fully automatic and semi-automatic. The fully automatic segment is expected to dominate the global market during the study period.
Fully automatic dispensing packaging machines are the most preferred sub-contracting machines in dispensing pharmacies due to their advanced features such as inspection & re-packaging, varying packaging sizes, convenient replacement, advanced networking, fast dispensing rate, and automatic canister systems. This type of machine can dispense multiple dosages at a time with smart packaging. However, these machines are costlier than semi-automatic dispensing packaging machines.
Based on the Speed, the global dispensing pharmacy packaging machine market comprises of low-speed, standard speed, and high-speed. The standard speed segment accounted for a significant share of the global market over the projected timeframe. Standard speed packaging machines are widely used in pharmacies for dispensing multi-dosage medication and aiding in quality control. In standard speed dispensing machines, the packaging speed ranges between 30 and 50 packages per minute. The growing demand for standard dispensing packaging machines is mainly witnessed in community pharmacies. Such factors are expected to drive the growth of the standard size segment in the global market during the forecast period.
By Region, the Dispensing Pharmacy Packaging Machine Market is segmented into North America, Asia-Pacific, Europe, the Middle East & Africa, and South America.
Global Dispensing Pharmacy Packaging Market, by Region, 2018
Source: MRFR Analysis
Asia-Pacific was the leading global dispensing pharmacy packaging machine market share in 2018. Asia-Pacific is comprised of the countries of China, Japan, Korea, Taiwan, and the rest of Asia-Pacific. Asia-Pacific has the highest number of populated countries such as China, Japan, and India with an abundance of inexpensive labor. Therefore, to further reduce labor expenses, these countries have started using automated dispensing medicine machines in pharmaceutical stores. Due to the increasing number of medication error-related deaths, several governments in this region are encouraging healthcare institutes and pharmacists to adopt advanced medicine dispensing machines.
The rising growth of biopharma in Asia drives the growth of the dispensing pharmacy packaging machine market by implementing automated dispensing machines. However, frequent changes in environmental and public health & safety pose challenges for drug development and dispensing pharmacy packaging machine market. Moreover, China, India, and South Korea are among the fastest-growing economies in this region. According to a journal by Economist Intelligence Unit Limited, the overall pharmaceutical market rose by 28% during the past five years. Several governments have reformed their medical healthcare rules and regulations to cope up with the growing demand and rising competition. Such regulations include stringent quality norms, medicine innovation initiatives, and a reduction in the number of distribution intermediaries.
Japan has the third-largest pharmaceutical industry in the world after the US and China and accounts for the third position in terms of biomedical R&D spending. The rising adoption of automation in the pharmaceutical industry in Japan is one of the factors driving the market growth. However, high repair and maintenance costs form a challenge to this market. Technological advancements in pharmaceutical automation have led to developments in dispensing machines such as the implementation of centralized and decentralized control operation methods. Therefore, the incorporation of various next-generation technologies in automated dispensing machines is one of the emerging trends in the dispensing pharmacy packaging machine market in Japan. Toshiba, Yuyama Co Ltd, Panasonic Corporation, and Tosho Co Ltd are some of the key players operating in Japan with a strong presence.
Europe is comprised of the UK, Germany, France, Italy, and the rest of Europe. Government initiatives to fuse automated dispensing machines in the healthcare sector along with technological advancements and innovation are expected to drive the Europe dispensing pharmacy packaging machine market. Moreover, the increasing research and development (R&D) expenditure in the European Union is expected to boost the market. For instance, according to the Office for National Statistics, the gross domestic expenditure on R&D was USD 35.2 billion in 2016.
The authorities in Europe are focused on adopting new and advanced technologies in healthcare such as decentralized cabinets and centralized robots that have further created new opportunities for dispensing pharmacy packaging machine market players. Germany accounted for the largest market share in the Europe dispensing pharmacy packaging machine market. This can be attributed to the growing funds from various public and private sources to conduct advanced research and positive reimbursement policies. The rising preference toward de-centralized automated dispensing systems and increasing awareness among pharmacists drive the growth of the Germany dispensing pharmacy packaging machine market.
The Global Dispensing Pharmacy Packaging Machine Market has a large number of players. The manufacturers and suppliers of dispensing pharmacy packaging machines operate at regional and global levels. These players adopt strategies such as mergers & acquisitions, product development, and expansion to improve their position in the global market. High competition, rapid changes in technology, and integrated solutions by industry participants are the key factors that are expected to restrain the market growth. Vendors compete in terms of cost, product quality, and reliability. It is vital for these players to offer cost-effective and superior products and services to succeed in the competitive market environment.
Takazono Corporation, TOSHO Inc., Canon Lifecare Solutions Inc., Nisshin Medical Device Co., Ltd., and Yung chung machinery co., Ltd. are some of the key players in the global dispensing pharmacy packaging machine market. Futain Industry Trading Co. and Heqian industry co., Ltd. are the other leading companies in the global dispensing pharmacy packaging machine market.
Key Questions Addressed by the Report
Frequently Asked Questions (FAQ) :
The global dispensing pharmacy packaging machine market can rise at 7.5% CAGR by 2025.
The market can value can exceed USD 2.31 Billion by 2025.
Fully automatic and Semi-Automatic are dispensing pharmacy packaging machine types.
TOSHO Inc., Takazono Corporation, and Canon Lifecare Solutions Inc., are some renowned names in the dispensing pharmacy packaging machine market.
The rise in need for effective medications in COVID 19 can can drive the market.