Global Pharmacy Automation Market Size, Status And Outlook 2021-2026
The Pharmacy Automation Market report is a collection of useful information, quantitative and qualitative estimation by industry experts, the contribution from industry connoisseurs and industry accomplices across the value chain. Furthermore, the report also provides the qualitative results of diverse market factors on its geographies and segments. This report on Pharmacy Automation market gives historical, current, and future market sizes (US$ Mn) of product types, applications,route of administration, distribution channels, and geographic regions.
The global pharmacy automation devices market size was valued at USD 4.8 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 8.3% from 2021 to 2026.
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Prominent Key Manufacturers: BD, BaxterInternational, TOSHO, Takazono, Omnicell, YUYAMA, Swisslog, WillachGroup, Innovation, Parata, TCGRx, ScriptPro, Talyst, Cerner, KirbyLester
Overview: Pharmacy automation devices provide advantages such as reduced vulnerability to the shortage of medications, decreased medication waste, reduced medication cost per dose, and enhanced patient safety. The introduction of RFID, barcode scanning technology, smart dashboard, and data security in pharmacies for seamless workflow is expected to further enhance their overall efficiency.
According to the US FDA 2019, every year, more than 100,000 cases of suspected medication errors continue to be reported in the United States. Additionally, as per a study by Johns Hopkins, in the United States, more than 250,000 deaths occur due to medication errors annually. Thus, it is considered one of the leading causes of death in the country. Most medication errors occur during prescription and dispensation. In North America, the use of automated medication dispensing systems and cabinets is increasing, as they reduce dispensing errors while improving inventory stock management, drug traceability, and dispensing speed.
Key Market Trends
Automated Medication Dispensing Systems Segment is Gaining Prominence in the Pharmacy Automation Market
The automated medication dispensing systems segment has been estimated to account for the largest market share. This can be attributed to the systems’ ability to eliminate medication errors, decreased procedural time, and enhanced patient safety concerns. These systems are found to track narcotics and other controlled drugs, monitor drug usage patterns, and eliminate the manual end-of-shift narcotic counts, especially in inpatient care units.
Automated dispensing systems also deliver a balance between security, user-friendliness, inventory management, and control of medications, all acknowledged as imperative features of a safe medication distribution system. All these features drive the demand for automated dispensing systems. These systems save nursing time by reducing the need for manual end-of-shift counts in the patient care division. Moreover, there is a growing demand for automated systems that help stock management and inventory management.
North America Region Holds the Significant Market Share in the Pharmacy Automation Market
The North American pharmacy automation market holds a significant share due to an increase in the prevalence of various chronic disorders and the growing number of patients across the North American region. During the current COVID-19 outbreak, there has been an increased demand for medication and drugs to be dispensed without cross-contamination and errors. Hence all these factors have helped in boosting these systems’ demand.
The market study on the world Pharmacy Automation market can comprehensis the complete system of the business, covering five major regions particularly North America, Europe, Asia Pacific, and geographical regions and also the major countries falling underneath those regions. The study can feature estimates in terms of sales revenue and consumption from 2020 to 2026, at the world level and across the main regions mentioned. The study has been created due to a distinctive analysis methodology specifically designed for this market.
Global Pharmacy Automation Market Split By Product Type And Applications:
This report segments on the basis of Types are:
This report segments on the basis of Application are:
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Market Segment by Regions, regional analysis covers
North America (United States, Canada and Mexico)
Europe (Germany, France, UK, Russia and Italy)
Asia-Pacific (China, Japan, Korea, India and Southeast Asia)
South America (Brazil, Argentina, Colombia etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
Global Pharmacy Automation Market Impressive Report Offerings:
Analyze and research the Pharmacy Automation Market status and future forecast, involving capacity, value, consumption, growth rate, historical, Present and forecast.
Analysis of the geographically regions market potential and advantage, opportunity and challenge, restraints and risks.
Present the key players, capability, production, growth, market share, and recent development.
Identify significant trends, drivers, and influence factors in regions.
Analyze company developments such as expansions, agreements, new product launches
Analyze the key trends and part of allocating the market growth
Analysis of stakeholder’s opportunities by recognizing the fastest and highest growth segments.
Major competitor analysis such as launches of new products, agreements, expansions, merger, and acquisitions in the market
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How we have factored the effect of Covid-19 in our report:
All the reports that we list have been tracking the impact of COVID-19. Both upstream and downstream of the entire supply chain has been accounted for while doing this. Also, where possible, we will provide an additional COVID-19 update supplement/report to the report in Q3, please check for with the sales team.
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