The global medication pouch inspection systems market is set to enjoy a valuation of US$ 37 Mn in 2022, and is predicted to surge ahead at a CAGR of 7.6% to attain a net worth of US$ 59.3 Mn by the end of the year 2029.
Future Market Insights (FMI) delivers key insights on the global medical pouch inspection systems market in its published report titled "Global Medical Pouch Inspection Systems Market Forecast, Global Industry Analysis 2014-2021 and Opportunity Assessment 2022-2029."
In terms of revenue, the global medical pouch inspection systems market is estimated to expand at an approximate CAGR of 7.6% during the forecast period, owing to numerous factors, which FMI highlights in this research report.
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Incorporation of Medication Pouch Inspection Systems Reduces the Requirement of Workforce at a Pharmacy
Growth of the medical pouch inspection systems market is highly proportional to the growth of the pharmaceutical industry. As per FMI analysis, at a global level, the medical pouch inspection systems market is expected to remain at a strong position. Medical pouch inspection systems inspect medicines packaged in the medication pouch, dispensed by medication dispensing machines. However, the high cost of medication pouch dispensing systems restrains the growth of the medical pouch inspection systems market.
Around 5% of the patients in the world need to get medical attention due to wrong intake of medication. This has increased the importance of pharmacy automation technologies such as medication dispensing systems and medication pouch inspection systems, to minimize the probability of error in medication received by the patient. Most of the medical pouch inspection systems are capable of performing inspection with around 98% accuracy, which means that only around 2 out of 100 pouches need to be inspected by pharmacists. Therefore, medical pouch inspection systems not only reduce the probability of error in medication dispensing but also reduce the requirement of workforce by increasing the pace and productivity at a pharmacy.
Increased Consumer Convenience, with Adherence to Flexible Packaging of Drugs, Makes Medical Pouch Inspection Systems a Compelling Option
Machines dispensing medication in pouches are highly preferred by consumers as medical pouches provide vital information about the drug such as prescription, expiry date of the medicine, name of the patient, time & date of intake of medicines, and some other details. As the pouch already contains all the information, the patient does not need to remember the medicine he/she has to take at a particular time. Therefore, the medical pouch inspection systems have enhanced consumer experience.
Medical Pouch Inspection Systems Manufacturers Prioritizing New Launches & Joint Ventures
Most of the medical pouch inspection systems detect tablets on four general parameters such as color, shape, size, and number of tablets. The global market leader, TCGRx, has developed medical pouch inspection systems that inspect tablets in medication pouches on 12 parameters, which include surface of the tablet, distance to center, length, width, contour, roundness, standard color deviation, sequence, and others. The accuracy in the inspection of medication is thus highly increased with the increase in the number of parameters and probability of error in medication dispensing is greatly reduced. Medical pouch inspection systems provided by JVM Co., Ltd. are integrated with medication registering systems, which store the data about the medication pouches inspected by the machine.
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Manufacturers in the medical pouch inspection systems market are adopting collaboration strategies to expand their global reach. Leading players are offering wide range of options for pharmaceutical end users such as medical pouch inspection systems with capacities including up to 50 ppm, 50-75 ppm, and above 75 ppm for enhanced efficiency.
- Collaborations & Joint Ventures
- TCGRx announced the acquisition of ARxIUM's Fastpak Exp and Fastpak 71, medical pouch inspection systems business to enhance the existing pharmacy technology product portfolio of the company.
- Parata Systems, Inc. has entered group purchasing agreement with American Associated Pharmacies consisting of more than 2,200 independent pharmacies.
- Product Launches
- Ziuz Holding B.V launched Ziuz Iris medical pouch inspection systems with low footprint and economic prices, targeting the requirement of small pharmacies.
JVM Co., Ltd., TCGRx, Arxium Inc., Ziuz Holding B.V., Parata Systems, Inc., and Global Electronics B.V. are some of the key companies actively operating in the global medication pouch inspection systems market landscape.
COVID-19 Pandemic Analysis
The COVID-19 pandemic of 2020 largely influenced the healthcare and medication industries, which saw a huge surge in demand in the wake of a highly contagious virus. The pandemic completely changed the way medication and healthcare were perceived and approached by the world.
The pandemic pushed the sales of some medication and medical supplies, while it also negatively impacted the sales of some other medical supplies due to disruptions in the supply chain the manufacturing of these supplies. Lockdown restrictions largely affected the manufacturing of major supplies and commodities, and hence caused a rift between demand and supply chains.
The pandemic made people more aware of their health and hygiene, and has positively supported the consumption of medications to a certain extent, which is expected to drive demand for medication pouch inspection systems.
Medication pouch inspection system demand in the post-pandemic era is anticipated to be high as manufacturing activity returns to normal and demand for medical supplies stays high owing to increased health awareness across the world.
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Key Segments of Medication Pouch Inspection Systems Industry Survey
Medication Pouch Inspection Systems Market by Machine Type:
* Automatic Medication Pouch Inspection Systems
* Table-top Medication Pouch Inspection Systems
Medication Pouch Inspection Systems Market by Maximum Operating Speed:
* Up to 50 ppm Medication Pouch Inspection Systems
* 50 to 75 ppm Medication Pouch Inspection Systems
* Above 75 ppm Medication Pouch Inspection Systems
Medication Pouch Inspection Systems Market by End User:
* Retail Pharmacies
* Hospital Pharmacies
* Long-term Care Pharmacies
* Mail Order Pharmacies
Medication Pouch Inspection Systems Market by Region:
* North America Medication Pouch Inspection Systems Market
* Latin America Medication Pouch Inspection Systems Market
* Europe Medication Pouch Inspection Systems Market
* East Asia Medication Pouch Inspection Systems Market
* South Asia & Pacific Medication Pouch Inspection Systems Market
* Middle East & Africa (MEA) Medication Pouch Inspection Systems Market
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 5-years.
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