Market Research Report
Pharmacy Automation Market - Growth, Trends, and Forecasts (2020 - 2025)
|Published by||Mordor Intelligence LLP||Product code||708589|
|Published||Content info||114 Pages
Delivery time: 2-3 business days
|Pharmacy Automation Market - Growth, Trends, and Forecasts (2020 - 2025)|
|Published: June 1, 2020||Content info: 114 Pages||
The pharmacy automation market is primarily driven by the digitalization healthcare industry and rising adoption of pharmacy automation systems worldwide. Globally, there is an increase in the number of geriatrics. This is leading to a rising incidence of chronic and life-threatening diseases, along with increasing dispensation of medications. According to a study funded by UK Department of Health Policy Research Programm in 2018, has revealed an estimated 237 million medication errors occur in the NHS in England every year and avoidable adverse drug reactions (ADRs) cause hundreds of deaths. To serve the increasing demand, hospitals and pharmacies are adopting new pharmacy automation technologies, in order to reduce the operating costs, while improving patient safety.
Also Increased artificial intelligence and machine learning facilities, combined with the lower cost of automated systems, have put automation within reach for even smaller pharmacies. However, there has been slight redundancy in the adoption of automation in pharmacies in underdeveloped and developing regions which are likely to impede the market growth over the forecast period.
The Automated Medication Dispensing Systems Segment is Gaining Prominence in the Pharmacy Automation Market
The North American Region holds the Significant Share in the Pharmacy Automation Market
North America pharmacy automation projected to have a significant share. According to a study by Johns Hopkins, in the United States, every year, more than 250,000 deaths are due to medication errors. Thus, it is considered as 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. ARxIUM, from the United States, provides automated solutions for dispensing, packaging, inventory management, vial filling, etc. Omnicell provides pharmacy automation (medication packing, narcotics management, and robotic pharmacy systems), automated medication dispensing, etc.
According to the 2017 American Society of Health-System Pharmacists' national survey of pharmacy practices in hospital settings, it is estimated that 89% of the participants used automated dispensing systems, 11% used robots, and 18% used carousels. Around 34% of hospitals use machine-readable coding for verification before dispensing.
The pharmacy automation market is moderately fragmented. Market players are focusing on continuous product development, while offering products at competitive prices, especially in developing countries. For instance, in March 2018, Centrus Health and Cerner collaborated to deliver value-based and innovative population healthcare in Kansas City.
The major players operating in the market include Arxium Inc., Capsa Healthcare, Omnicell, Inc., Parata Systems LLC and Scriptpro LLC among others