Global Pharmacy Automation Market Is Expecting To Make 11,826.42 Million USD by 2025 With Players Like BD., Cerner, AmerisourceBergen, Kuka Aktiengesellschaft, Omnicell, Inc., Capsa, RxSafe, LLC, ARxIUM, Talyst and Many More

Global Pharmacy Automation Market is expected to reach USD 11,826.42 million by 2025 from USD 6,631.58 million in 2017, at a healthy CAGR in the forecast period 2018 to 2025. The new market report contains data for historic years 2016, the base year of calculation is 2017 and the forecast period is 2018 to 2025.

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Segmentation: Global Pharmacy Automation Market

Global Pharmacy Automation Market By Product (Automated Medication Dispensing Systems, Automated Packaging and Labeling Systems, Automated Storage and Retrieval Systems, Automated Table-Top Counters), End-User (Retail Pharmacies, Inpatient Pharmacies, Outpatient Pharmacies, Pharmacy Benefit Management Organizations and Mail-Order Pharmacies), Geography (North America, Europe, Asia-Pacific, South America, Middle East and Africa)

Drivers: Global Pharmacy Automation Market

The major factors contributing to the growth of the market includes factors such as increased need of minimizing medication errors and introduction of decentralization of pharmacies

INCREASED DEMAND OF MINIMIZING MEDICATION ERRORS

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.

According to the article published by San Diego Union-Tribune newspaper, in U.S medical error is the third leading cause of death, around 6, 11,000 patients’ have been died due to medical error in cardiovascular disease whereas 5, 85,000 patients were died because of medical error in cancer treatment in 2013.

According to NCBI journal, in 2014, a survey was conducted at the hospital in Brasilia Federal district, Brazil it has been found that the relation between occurrence of errors and risk factors was over 484 doses out of which 69.5% errors accounted during drug administration, 69.6% during the preparation stage of drugs, 48.6% were timing errors while 1.7% occurred due to dose-related errors.

According to World Health Organization 58.0% prescription based error occurred in Mexico in 2016. In Mexico it was found that increased rate of medication error was 33.0% as a result 77.0% people have suffered from medial error.

Automated medication dispensing is widely used in public and private hospital to reduce all types of medication errors with increased patient safety. Many automated dispensing systems are based on barcode technology which enables appropriate drug dosage form to patient. Automated drug dispensing systems have great impact on pharmacy automation market. These are drug cabinets or storage devices which electronically dispense medication in a controlled process and track medication use.

Therefore, there is a huge demand for solving medication errors such as missing patient information, missing drug information, prescription error, dispensing the formulation, monitoring therapy, wrong label information and instructions are some of the most common types of errors which have propelled the market for pharmacy automation.

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ADVENT OF DECENTRALIZATION OF PHARMACIES

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.

According to an article published by NCBI, in 2015 more than 44.0%–46.0%of hospitals in Canada have preferred decentralized pharmacies while only 7.0% have used centralized pharmacy practice model.

Most of the hospitals prefer decentralization pharmacies for health care in Brazil as it reduces the inequality in the distribution of publicly financed health care. Therefore, helps in improving basic health care issue at reduced cost.

Decentralized distribution model is highly flexible and preferred in health care. Higher satisfaction along with efficient nursing workflows has been observed among nurses. Decentralization medication distribution system allows them to prefer over 80.0% of inpatient medication from automated dispensing cabinets while in centralized distribution station it affects only 50.0% of a clinician’s time. As a result it’s negatively impacting the patient’s experience.

In decentralized approach, the medications are kept in the medication room will only dispensed after doctor’s order. This model also provides multiple tower dispensers along with medication rooms housing multiple dispensers. Whereas, centralized distribution system the pharmacies sends medications to the patients. They can store only few drugs and half-size refrigerator as compared to the decentralized approach.

Moreover, as per analysis of University of Wisconsin Hospital and Clinics (UWHC), there has been a shift from centralized to decentralized medication dispensing systems. In this analysis it has been identified that decentralized process is more cost effective and t efficient. Furthermore pharmacy department employs a decentralized medication providing 89.0% of all doses dispensed from unit-based.

As per an article published by Pharmacy Purchasing & Products Magazine, in distribution model decentralization model accounted for42.0%, centralized accounted for 30.0% whereas hybrid accounted for 28.0% in health care.
Hence, rising demand for decentralization of pharmacy due to various reasons such as providing medication rooms, housing multiple dispensers, cost effectiveness is driving the market for decentralized pharmacies
Major Players: Global Pharmacy Automation Market
Some of the major players operating in this market are BD., Cerner Corporation, AmerisourceBergen Corporation, Kuka Aktiengesellschaft, Omnicell, Inc., Capsa Healthcare, RxSafe, LLC, ARxIUM, Talyst, LLC., among others.

Table Of Content

1 Introduction
1.1 Objectives Of The Study
1.2 Market Definition
1.3 Overview Of Global Pharmacy Automation Market
1.4 Currency And Pricing
1.5 Limitation
1.6 Markets Covered

2 Market Segmentation
2.1 Markets Covered
2.2 Geographic Scope
2.3 Years Considered For The Study
2.4 Currency And Pricing
2.5 Research Methodology
2.6 Primary Interviews With Key Opinion Leaders
2.7 Secondary Sources
2.8 Assumptions

3 Market Overview
3.1 Drivers
3.1.1 Increased Demand Of Minimizing Medication Errors
Continue…

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