According to the new market research report “Pharmacy Automation Market by Product (Medication Dispensing System (Robot, Carousel), Packaging & Labeling System (Unit Dose, Multi Dose), Tabletop Counter, Storage System), End User (Inpatient, Outpatient, Retail Pharmacy) – Global Forecast to 2022“, published by MarketsandMarkets™, The pharmacy automation market witnessed healthy growth rate during the last decade and is expected to grow at a CAGR of 8.2% between 2017 and 2022 to reach USD 5.38 Billion by 2022. The growth in this market is mainly attributed to factors such as growing need to minimize medication errors, rapid decentralization of pharmacies, rising geriatric population, and rising labor cost.
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The overall pharmacy automation market is estimated to grow at a CAGR of 8.2% from 2017 to 2022 to reach USD 5.38 Billion by 2022. Market growth can be attributed to the growing need to minimize medication errors, rapid decentralization of pharmacies, rising geriatric population and rising labor cost. On the other hand, reluctance among the healthcare organizations to adopt pharmacy automation systems is expected to restrain the overall market growth to a certain extent during the forecast period. The base year considered for the study is 2017, and the forecast has been provided for the period between 2018 and 2023.
Market Dynamics
Drivers
- Growing Need to Minimize Medication Errors
- Rapid Decentralization of Pharmacies
- Rising Geriatric Population
- Rising Labor Costs
Restraints
- Reluctance to Adopt Pharmacy Automation Systems
Opportunities
- Increasing Awareness Among Pharmacists
- Emerging Markets
- Healthcare Cost-reduction Measures
Challenges
- Stringent Regulatory Procedures
Growing need to minimize medication errors drives the pharmacy automation market
Medication errors and dispensing errors are recognized as leading causes of hospital readmissions across the globe. A medication error can occur due to a variety of factors such as poor order communication between the physician and pharmacist, dangerous storage practices in pharmacies, and confusion arising out of the use of similar labels. Automated systems are considered to be one of the most efficient solutions to minimize these errors. In the past, the successful implementation of automated dispensing cabinets (ADCs) and automated dispensing machines (ADMs) in hospitals has led to a significant reduction in the number of dispensing and medication errors in hospitals. Thus, to minimize medication and dispensing errors, governments in several countries are promoting the use of automated dispensing and medication tools in pharmacies and hospitals. This is leading to the greater adoption of pharmacy automation systems.
The following are the major objectives of the study.
- To define, describe, and forecast the pharmacy automation market on the basis of product, end user, and region
- To provide detailed information about factors influencing market growth (drivers, restraints, opportunities, and industry-specific challenges)
- To strategically analyze micromarkets with respect to the individual growth trends, prospects, and contributions to the overall market
- To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players
- To forecast the size of the market segments in North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa
- To profile key players and comprehensively analyze their market shares and core competencies in the global pharmacy automation market
- To track and analyze competitive developments such as partnerships, agreements, & collaborations; mergers & acquisitions; product developments; and geographical expansions in the global pharmacy automation market
Browse and in-depth TOC on “Pharmacy Automation Market”
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Some of the prominent players in the global pharmacy automation market include Becton, Dickinson, and Company (U.S.), Omnicell, Inc. (U.S.), Cerner Corporation (U.S.), Capsa Healthcare (U.S.), Parata Systems LLC (U.S), Baxter International, Inc. (U.S.), ScriptPro LLC (U.S.), KUKA AG (Germany), TCGRx Pharmacy Workflow Solutions (U.S.), RxSafe, LLC (U.S.), ARxIUM Inc. (U.S.) and Talyst Systems, LLC (U.S.).
Major Market Developments
- In 2016, BD launched a software for Pyxis ES System. This product ensures patient safety and workflow benefits for health systems’ medication management.
- In 2015, BD acquired CareFusion Corporation, a global medical technology company with a comprehensive portfolio of products in the areas of medication management, infection prevention, operating room & procedural effectiveness, and respiratory care.
- In 2017, Omnicell launched Omnicell VBM 200F. It fills and checks SureMed multiple medication blister cards.
- In 2016, Omnicell launched Omnicell XT Automated Dispensing Cabinets, designed with modern hardware technology and features that bring improvements in workflow efficiency, medication accountability, and patient safety.
- In 2016, Omicell launched SureMed by Omnicell Guided Packing software. This software is designed to increase pharmacists’ accuracy in filling SureMed multiple medication blister cards and help pharmacists strengthen their patient-facing solutions.
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