Published: Jun, 2018
The global pharmacy automation systems market is anticipated to have a highly fragmented competitive landscape in the upcoming years. Some of the leading players in the industry are McKesson Corp., AmerisourceBergen Corp., Parata System Inc., Kirby Lester, and Omnicell Inc. Another well-known name in the market, CareFusion Corp is presently dominating the market in the hospital pharmacy automation segment. Moreover, ScriptPro is another name leading among the firms in retail pharmacy automation system market. The key players are focusing on coming up with better portfolios and technological upgradation. These are the major factors propelling the growth of global aphrmacy automation systems market. Players are also indulging into mergers and acquisitions to expand their reach, and improve their market position.
According to a recent report by Transparency Market Research (TMR), the global pharmacy automation systems market is prognosticated to expand at a robust CAGR of 7.3% within the forecast period from 2012 to 2018. As evaluated in 2011, the value of market opportunities were around worth of US$4.7 bn. Based on applications, the automated medication dispensing systems segment accounted for around 48% of the entire market, in 2011. This is credited to the urgent need to stop prescription errors. Based on geography, Europe and North America are at present, the most lucrative markets for pharmacy automation systems owing to quick adoption of technology in the healthcare industry.
Time Efficiency to Boost Pharmacy Automation Systems
Currently, pharmacists and healthcare providers are tempted to utilize reliable technology and systems for administering medicine to counteract injuries and fatalities. Errors in medicine dispensing is a main source of death in North America after heart failure, tumor, and stroke. Near about 100,000 deaths and over 2 mn injuries are identified with pharmaceutical errors each year in the U.S. With the rises in number of patient visits, the medical distribution framework has turned out to be more complicated that requires safe and error-free administering of prescription. This is stimulating the adoption of pharmacy automation systems among hospital drug stores and retail drug stores to lessen medicine mistakes and improve safety of patients.
Other than increase in patient’s safety and reducing medicinal blunders, rise in healthcare expenses and time proficiency are some major benefits of pharmacy automation systems. With enhancement in medicinal reimbursement strategies and rising medication costs, healthcare centers are foreseen to face the pressure of cost reduction of pharmacy. This is expected to drive the global pharmacy automation systems market.
Among many, some of the factors of pharmacy automation systems are prescription management, counting, dispensing and inventory management, medication packaging, and compound preparation. Nevertheless, the blend of individual technologies is required to receive the complete advantages of every framework.
Strict Government Regulations to Fuel Market Growth
Ultimately, stringent government rules in regards to labeling, packaging and medication compounding are additionally accelerating the demand for automated solutions for pharmacy needs.
In any case, the staggering expense of pharmacy automation systems is restricting their popularity and adoption. Specifically, the pharmacy automation systems market in rising economies of Asia Pacific and Rest of the World have much ground to cover because of comparatively low awareness among pharmacy proprietors regarding these systems.
This analysis is based on a recent market research report by Transparency Market Research, titled, “Pharmacy Automation Systems Market (Table-Top Counters, Medication Dispensing, Packaging and Labelling, Storage, Retrieval and Compounding) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 – 2018.”
- With the rises in number of patient visits, the medical distribution framework has turned out to be more complicated that requires safe and error-free administering of prescription. This is stimulating the adoption of pharmacy automation systems among hospital drug stores.
- Stringent government regulations in regards to labeling, packaging and medication compounding are additionally accelerating the demand for automated solutions for pharmacy needs.
The global pharmacy automation systems market is segmented as follows:
Pharmacy automation market analysis, by application
- Automated medication dispensing
- Automated packaging and labeling
- Automated storage and retrieval systems
- Automated compounding devices
- Table-top tablet counter
Pharmacy automation market analysis, by end users
- Automation in hospital pharmacy
- Retail Pharmacy
Pharmacy automation market analysis, by geography
- North America
- Rest of the World
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