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Pharmacy Automation Market Competitive Landscape, Growth Factors and Forecast 2019 to 2028

09-28-2022 12:12 PM CET | Health & Medicine

Press release from: Axiom Market Research & Consulting

Pharmacy Automation Market Competitive Landscape, Growth

In the modern healthcare system, the automation in the pharmacy sector plays an important role, as it minimizes the errors during the manual processes including, missing drug information, missing patient information, formulation dispensing, prescription errors, and monitoring therapies. The wrong label instruction and information are major mistakes. As per the National Coordinating council for medication error reporting and prevention (NCC MERP), in U.S. approximately 100 million people die annually from the medical mistakes of the hospital. It is very essential to reduce the medication errors in the way to improve the healthcare infrastructure and to save the lives of peoples that dies due to the medication errors. That's why it is very important to automate the pharmacy in the way to decrease the errors associated with the storage, medication, and use and dispensing.

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Market Dynamics - Global Pharmacy Automation Market

The global market of pharmacy automation is seeing the tremendous growth from the past few decades. The factors that influencing the market are development of automated systems with improved features, advantages of pharmacy automation systems over manual methods, growing need for minimizing the medication errors, decentralizing of the pharmacies, growing awareness and popularity regarding pharmacy automation and the deeper penetration of the automated pharmacy products in the developing markets. However, the market could get restrained by the high initial investments for pharmacy automation systems, stringent governmental regulations for the approval of pharmacy automation systems, poor communication between the physician and the pharmacists, improper storage practises in pharmacies, misunderstanding arising out of the use of similar labels

Covid-19 Impact on the Global Pharmacy Automation Market

The exclusive COVID-19 impact analysis report by axiom MRC provides a 3600 analysis of micro and macro-economic factors on the pharmacy automation market. In addition, complete analysis of changes on pharmacy automation expenditure, economic and international policies on supply and demand side. The report also studies the impact of pandemic on global economies, international trade, business investments, GDP and marketing strategies of key players present in the market. The market could not get hampered by the COVID-19 global pandemic as it comes under the essential services. Due to covid-19 global pandemic the market has the positive impact as it reduced the contact of the healthcare workers and the patients.

Pharmacy Automation Market Segmental Overview

The global pharmacy automation market is segmented as per the product type, end users and geography.

Pharmacy Automation Market by Product Type

The global pharmacy automation market covers various products such as automated medication dispensing systems, automated storage & retrieval systems, automated packaging & labelling systems, tabletop tablets, and automated compounding devices. The automated medication dispensing is sub segmented into centralised and the decentralised. The automated packaging and labelling systems is also subcategorised into the automated unit dose and multi dose systems. The most of the market share is accounted by the automated medication dispensing systems as they provide the features like centralised and the decentralised due to that they can dispense at many patients accurately to the same time. For instance, in the year of 2017, the Omnicell launched the Omnicell VBM 200F. It is used for filling and checking of multiple medications blisters cards. Due to that they are in the high demand in the market.

Pharmacy Automation Market by End Users

The global pharmacy automation market is comprised of the end users like inpatient pharmacies, outpatients' pharmacies, retail pharmacies and other. The retail pharmacy segment is accounted for the major market share. Increase in the retail pharmacy application like filling, cutting costs and mistakes, inventory tracking and streamline operations is major growth factors behind pharmacy automation market in the retail pharmacies segment.

Pharmacy Automation Market by Geography

Geographically, the study is comprised of the key countries of North America, Europe, Asia-Pacific and rest of the world. The North America has dominated the global pharmacy automation market owing to the technological advancements in the field of pharmacy automation and use of the automated techniques like automated filling, packaging and sealing systems. Also, the region include developed nations like the US which has the great health care sectors. For instance, Duke University Hospital in the U.S. has applied the Omnicell's XT arrangement robotized administering framework in five of their medical clinics. The Asia- pacific is the fastest growing region in pharmacy automation market as the region includes developing economies such as India, Japan, China, Taiwan and many others.

Key Players of Pharmacy Automation Market

The major key players of the Pharmacy automation are Accu-Chart Plus Healthcare System, Inc., Alixarx,Arxium Inc, Avery Weigh-Tronix,Baxter International,Becton, Dickinson And Company,Capsa Healthcare, Cerner Corporation, Kuka Aktiengesellschaft, Mckesson Corporation, Newicon,Omnicell Inc., Parata Systems, Pearson Medical Technologies, Rxmedic Systems, Inc., Rxsafe Llc,Scriptpro Llc,S wisslog Holding Ag, Talyst Llc., Tcgrx Pharmacy Workflow Solutions, Teleflex Incorporated, and Yuyama Co. Ltd among others.

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