Market Research Report
Global Pharmacy Automation Market - Segmented by Product, End-User, and Geography - Growth, Trends, and Forecast (2018 - 2023)
|Published by||Mordor Intelligence LLP||Product code||708589|
|Published||Content info||120 Pages
Delivery time: 2-3 business days
|Global Pharmacy Automation Market - Segmented by Product, End-User, and Geography - Growth, Trends, and Forecast (2018 - 2023)|
|Published: September 1, 2018||Content info: 120 Pages||
The Global Pharmacy Automation Market is expected to register a CAGR of nearly 8% during 2018-2023 (the forecast period). Pharmacy Automation includes Centralized or Decentralized automated dispensing, packing, labeling and other systems that help to reduce dispensing errors and improve workflow efficiency of hospital nursing staff and pharmacies.
As per the data from World Population Prospects: the 2017 Revision, the number of older people, those aged 60 years or over, is expected to increase more than double by the year 2050 and to become more than triple by 2100, rising from 962 million globally in 2017 to 2.1 billion in 2050 and 3.1 billion in 2100. Globally, the population aged 60 or over is growing faster than all the younger age groups. The population who are aged 60 or above is growing at a rate of approximately 3% per year. Currently, Europe has the greatest percentage of the population aged 60 or over (nearly 25% of the overall geriatric population). And the rapid aging will occur in other parts of the world as well, by 2050, all regions of the world except Africa will have nearly a quarter or more of their populations at ages 60 and above. The global increase in the number of geriatrics will lead to greater incidences of chronic and life-threatening diseases and high volume of dispensing medications. To serve the increasing demand hospitals and pharmacies are adopting new pharmacy automation technologies to reduce their operating costs and improve patient safety. All the above factors are expected to contribute to the growth of Pharmacy Automation market in the forecast period. Other factors which are driving the Pharmacy Automation Market growth are growing need to minimize medication errors and decentralization of pharmacies.
Hospitals and pharmacy chains have a huge upfront investment cost compared to the traditional manual dispensing systems. In developing countries, there is reluctance and adoption of pharmacy automation systems such as drug dispensing, packaging and labeling systems as it is not among their top priority. Pharmacy Automation devices such as simple tabletop counting devices can cost up to USD 15,000.00, and some devices that have automated workflow modules, with built-in scan- verification software and based on the functionality they cost from USD 8,000.00 to USD100,000.00. The above factors may hinder the growth of Pharmacy Automation market in the forecast period
As per Johns Hopkins study, every year more than 250,000 people die in the United States due to medication error and is one of the leading cause of death in the US. Most medication errors occur during prescribing and dispensing. In the United States, the use of automated medication dispensing systems and cabinets is increasing as it reduced dispensing errors, improved inventory stock management, drug traceability and dispensing speed.
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