Healthcare
Pharmacy Automation Devices Market to Witness 7.4% CAGR till 2020
The pharmacy automation devices market is anticipated to expand at a CAGR nearly 7.4% during the forecast period (2014 to 2020). Revenues may surpass USD 8 billion by 2020. Mechanical processes that are used in the handling and distribution of medications are known as pharmacy automation. Pharmacies employ automation in order to enhance cash flows and bring down medication inventories. Devices that facilitate these tasks are known as pharmacy automation devices. High incidence of medical error deaths is one of the key drivers of this industry.
Computerized physician order entry, EHR (electronic health record), and clinical decision support system are some of the commonly used devices. These help monitor patients on a regular basis so that their health conditions are better understood. High investments in research & development and growing popularity of medical automation may augment industry growth over the forecast period. Other market drivers are need for minimal medical errors, greater consciousness about advanced pharmacy, and high population growth. Furthermore, demand for minimally invasive surgical procedures with integrated medical automation could propel the industry in the forthcoming years.
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Applications, end-use, and regions are the three parameters based on which the global pharmacy automation devices market is categorized. Based on applications, the segments are automated medication dispensing systems, automated medication & compounding systems, automated storage & retrieval systems, table top tablet counters, and automated packaging & labeling systems. Packaging & labeling instruments mainly include deblistering machines, sealers, printing solutions, and fillers & sealers.
Automated medication dispensing systems enable computer controlled storage, tracking, dispensation, and the efficient recording of medical works. This segment held the highest market share in 2013. Unlike small sized hospitals that face budgetary constraints, highly established & large hospitals mainly adopt automated medication dispensing systems. Dispensing cabinets help healthcare practitioners to provide medications in a systematic manner and keep a record of the same in the overall system.
Retail pharmacy and hospital pharmacy are the two main end-users in the overall industry. Owing to robust investments, the hospital pharmacy segment may witness remarkable growth till 2020. It is sub-segmented into central pharmacy automation solutions, pharmacy robots, barcode medication dispensing, and point-of-care automation solutions among others.
Geographically, the worldwide pharmacy automation devices industry is divided into Asia Pacific, North America, Europe, and Rest of the World. In revenue terms, North America dominated the overall industry in 2013. Regional drivers are technological developments, the need for minimal medical errors, and a rapidly growing aging population. Asia Pacific is projected to be the fastest growing region in the forecast period. Factors that could positively impact the region are high income levels and greater awareness about the benefits of medical automation.
Prominent players in the global Pharmacy Automation Devices Market are Innovation PharmaAssist Robotics, Pyxis Pharmacy Automation Systems, McKesson Corporation, CareFusion Corporation, Accu Chart Healthcare, and Swisslog Holding Ltd. TCGRx, a Wisconsin based company dealing in pharmacy automation declared the development of PillBot™ in November 2016. PillBot™ is a pharmacy automation device that enables the filling of multi-dose and unit-dose cards in addition to pouch packaging. It can efficiently package medicines in blister formats as well as in pouch formats. The product will soon be launched this year.
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Hearing Aids Market Size, Share, Growth, Trends, Competitive Scenario And Forecasts, 2012 To 2020
Industry insight
As per the statistics of WHO, approximately 33% of the geriatric population suffer from some degree of hearing loss. The hearing aids market thus has gone through a sharp hike owing to the expanding geriatric population base globally. Rising prevalence of hearing loss such as congenital hearing problem and nerve deafness coupled with the full or partial reimbursement for these by the governments of various countries has contributed to the spurred demand of these worldwide.
Rapid technological advancements are taking place in this market. The most recent innovations being the incorporation of Bluetooth and the introduction of aesthetically appealing, 100% undetectable, waterproof hearing aids. All these advancements have been optimistic for the growth of the market as the new enhanced, cost-effective product features are augmenting a number of users of these devices.
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The key players in the global hearing aids market are William Demant Holding A/S, Sonova Holding AG, Siemens AG, Widex A/S, and GN Resound. The companies in this market have to face stringent regulatory compliances and also have to indulge themselves in new product development as a significant amount of consolidation in the manufacturing capabilities has taken place. Companies are thus entering into mergers & acquisitions, and joint ventures to enhance their product features and quality.
Product Insights
Key products analyzed in the hearing aids market include Canal Hearing Aids: Completely-In-Canal (CIC), Invisible-In-Canal (IIC), and In-The-Canal (ITC) and In-The-Ear Aids (ITE), Completely-In-Canal (CIC), Behind-The-Ear Aids (BTE) Receiver-In-The-Ear Aids (RITE). The ITE and BTE hearing aids are more popular owing to connectivity, ease to use, the high comfort they provide to patients and their efficiency for hearing impairment or deafness. BTE dominated the overall hearing aids market in terms of share at more than 55.0% in 2013.
These are used for treating the profound hearing loss and are more preferred for the treatment of hearing the loss in children. The canal hearing aids are expected to rise at the highest CAGR during the forecast period. Rising demand for aesthetically appealing and invisible hearing aids owing to the changing lifestyle patterns of people is affecting the growth of this segment positively. Increasing R&D initiatives to improve the performance of these hearing aids are also accounting for the lucrative CAGR.
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Technology Insights
Analog and digital are major technologies in the hearing aids market. Digital hearing aid technology accounted for the largest revenue share in 2013. Higher relative efficiency and the use of upgraded technology such as Bluetooth and wireless, are the affecting this segment positively. The advantages such as digital speech enhancement and digital noise reduction that digital hearing aids provide over the traditional analog hearing aids have also led to spurred use of them.
Regional Insights
Europe emerged as the largest regional market in 2013 holding over 42% of revenue share. Increasing prevalence of hearing impairment and deafness and high purchasing power of patients in the developed countries of Western Europe accounted for the growth of this market. Effective reimbursement policy in each European nation is also the major driver for Europe’s market. The Asia Pacific market during the forecast period is expected to grow at the highest CAGR of over 4.0%.
Improvement in the distribution network of global market players coupled with increasing prevalence of age-associated hearing problems in the geriatric population are the major drivers for the hearing aids market. Constantly improving healthcare infrastructure, rising patient disposable incomes and increasing awareness levels of patients, increasing adoption of technologically advanced hearing aids in emerging countries such as China and India and growing health care expenditures is a high growth rendering driver for this market.
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