Pharmacy Automation Market is expected to reach USD 11,826.42 million by 2025 and is projected to register a healthy CAGR in the forecast period 2018 to 2025. This market report is a comprehensive study on how the Pharmaceutical industry is changing because of Pharmacy Automation market
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Pharmacy automation is an automated mechanical process of handling and distributing medications which helps to manage and track inventory, dispense medications accurately and efficiently resulting into additional time for clinical intervention. These automated systems are widely used in hospitals, clinics, and pharmacies. The major factors contributing to the growth of the market includes factors such increased need of minimizing medication errors and introduction of decentralization of pharmacies. Some of the major players operating in pharmacy automation market are
- Omnicell, Inc.
- Becton
- Dickinson and Company
- Baxter
- Cerner Corporation
- KUKA Aktiengesellschaft
- Capsa Healthcare
- Parata Systems LLC
- ScriptPro LLC
- Talyst, LLC
- ARxIUM
- TCGRx
- RxSafe, LLC
- Swisslog
- McKesson Corporation
Others: AMERISOURCEBERGEN CORPORATION, Health Robotics S.r.l., Yuyama Co., Ltd, ForHealth Technologies, Fulcrum Inc, GSE Scale Systems, Pearson Medical Technologies LLC, Innovation PharmaAssist Robotics, Medacist Solutions Group, LLC, and TOUCHPOINT MEDICAL, among others. The pharmacy automation market is highly fragmented and is based on new product launches and clinical results of products. The report includes market shares of pharmacy automation market for global, Europe, North America, Asia Pacific and South America. Hence the major players have used various strategies such as new product launches, clinical trials, market initiatives, high expense on research and development, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market.
Medication errors are caused because of incorrect use of medication or treatment. In other words it is a failed treatment process in administration leading to the harm to patient. There are various causes for the occurrence of medication error such as missing patient information, missing drug information, prescription error, dispensing the formulation, monitoring therapy and others. Wrong label information and instructions are the most common types of errors. Decentralization pharmacies are based on practice models where pharmacist is responsible for both clinical and distribution services. Decentralized pharmacies have advantages over other methods such as increased patient safety, increased efficiency in patient care, cost-effectiveness, and increased job satisfaction for both pharmacists and other health care members.
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Major market drivers and restraints:
- Rising adoption and growing need to minimize medication errors
- Decentralization of pharmacies
- Rising labor cost
- High costs to adopt pharmacy automation systems
Market Segmentation: Global Pharmacy Automation Market
- By Product, the market for pharmacy automation market is segmented into
- Automated medication dispensing systems
- Automated packaging and labeling systems
- Automated table-top counters
- Automated storage and retrieval systems
- The automated medication dispensing systems segment is further sub-segmented into robots, carousels, automated unit-dose pharmacy-based, ward-based. The automated packaging and labeling systems are further sub-segmented into unit-dose and multi-dose.
- By application, the pharmacy automation market is segmented into drug dispensing & packaging, drug storage, and inventory tracking.
- On the basis of end-users, the pharmacy automation market is segmented into inpatient pharmacies, outpatient pharmacies, retail pharmacies, and pharmacy benefit management organizations and mail-order pharmacies.
- On the basis of geography, pharmacy automation market report covers data points for 28 countries across multiple geographies such as North America & South America, Europe, Asia-Pacific, and Middle East & Africa.
- Some of the major countries covered in this report are U.S., Canada, Germany, France, U.K., Netherlands, Switzerland, Turkey, Russia, China, India, South Korea, Japan, Australia, Singapore, Saudi Arabia, South Africa, and Brazil among others. In 2017, North America is expected to dominate the market.
Key focus of the report
- This report provides pin-point pharmacy automation market analysis for changing competitive dynamics
- It provides a forward-looking perspective on different factors driving or restraining market growth
- It provides five-year forecast assessed on the basis of how the market is predicted to grow
- It helps in understanding the pharmacy automation key product segments and their future
- It provides pin point analysis of changing competition dynamics and keeps you ahead of competitors
- It helps in making informed business decisions by having complete insights of market and by making in-depth analysis of pharmacy automation market segments
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