Published: Feb, 2018
The global pharmacy automation systems market features a fragmented vendor landscape and the degree of competition in the market varies from segment to segment, says Transparency Market Research (TMR) in a new report. CareFusion Corp is currently the leading player in the hospital pharmacy automation space, whereas ScriptPro leads among companies in the retail pharmacy automation space. An extensive product portfolio and technological expertise are the key attributes behind the dominance of these companies. Leading players have also resorted to strategic alliances with regional players which is helping them expand their geographical outreach.
Some other key players in the pharmacy automation systems market are AmerisourceBergen Corp., McKesson Corp., Parata System Inc., Omnicell Inc., and Kirby Lester.
According to the TMR report, the opportunities in the pharmacy automation systems market were worth US$4.7 bn in 2011. The market is predicted to clock a healthy 7.3% CAGR over the forecast period between 2012 and 2018. By application, the automated medication dispensing systems segment held about 48% of the overall market in 2011. This is mainly because of the pressing need to prevent medical prescription errors. Geography-wise, North America and Europe are currently lucrative markets for pharmacy automation systems due to early adoption of technology in the healthcare sector. However, Asia Pacific is likely to surface as a key market for pharmacy automation systems with modernization of healthcare sector in developing economies of the region.
High Number of Fatalities Related to Medication Dispensing Errors Boosts Deployment in the U.S.
At present, healthcare providers and pharmacists are compelled to employ reliable systems and technologies for dispensing medication to prevent injuries and fatalities. Medication dispensing error is a leading cause of death in North America after cancer, cardiac arrest, and stroke. Almost 100,000 deaths and above two million injuries are related to medication errors every year in the U.S. With the increasing number of patient visits, the medical distribution system has become more complex that necessitates safe and error-free dispensing of medication. This is leading to the adoption of pharmacy automation systems among hospital pharmacies and retail pharmacies to reduce medication errors and improve patient safety.
Rising Drug Prices to Boost Adoption of Drug Dispensing Systems to Control Pharmacy Service Costs
Besides reducing medication errors and increasing patient safety, expanding healthcare expenditure and time efficiency are some significant advantages of pharmacy automation systems. With tightening of medical reimbursement policies and rising drug prices, healthcare providers are anticipated to face the pressure to reduce pharmacy costs. This is likely to boost the adoption of technology-driven pharmacy automation systems.
Some of the functions of pharmacy automation systems are tablet counting, prescription management, dispensing and inventory management, compound preparation, and medication packaging. The integration of individual technologies, however, is required to reap the full benefits of each system.
Lastly, stringent government regulations regarding packaging, labeling, and drug compounding are also accentuating the demand for automated solutions for pharmacy needs.
However, on the flip side, high cost of pharmacy automation systems is limiting their adoption. In particular, the pharmacy automation systems market in emerging economies of Asia Pacific and Rest of the World have much ground to cover due to relatively low awareness among pharmacy owners about these systems.
The review presented is based on the findings of a TMR report, titled “Pharmacy Automation Systems Market (Application – Automated medication dispensing, Automated storage and retrieval systems, Table-top tablet counter, Automated packaging and labeling, and Automated compounding devices; End-user – Automation in hospital pharmacy and retail pharmacy) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 - 2018.”
- High number of injuries and fatalities related to medication dispensing errors boost deployment in the U.S.
- Tightening medical reimbursement policies to boost adoption of pharmacy automation systems to reduce pharmacy service costs
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