The pharmacy automation market is projected to register a CAGR of 7.84% during the forecast period with a revenue of approximately USD 4,385.62 million in 2020 and is projected to reach USD 6,852.32 million by 2026.
Due to the COVID -19 outbreak, the market has been experiencing a positive impact due to the n increasing infection rate from the healthcare workers to the patients and the rising demand for medications across the globe. Therefore the healthcare facilities and pharmacies have been preferring automated systems to reduce the spread of the virus. There has also been an increasing demand for prescription drugs sale that has been increasing rapidly which has created an opportunity to adapt the pharmacy automation systems to overcome the infection rate.
Moreover, the pharmacy automation market is primarily driven by the increasing demand for specialty drug prescription filling solutions, the rising need to minimize medication errors and the decentralization of pharmacies.
Globally, there has been an increase in the geriatric population. 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 the 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. This serves the increasing demand, hospitals and pharmacies are adopting new pharmacy automation technologies, to reduce the operating costs, while improving patient safety also.
Also, these pharmacy automation systems offer plentiful benefits to the patients and pharmacies as well as the key members of the healthcare team. Automated systems also have inordinate cost-effective and safety benefits and they rationalize the pharmacy operations by improving data workflow. All these technological innovations have facilitated pharmacies to remain competitive in a rapidly evolving industry, but they have also benefitted from the patients and doctors in a variety of ways. These systems has also reduced the costs by decreasing the manual labour expenses and thus all these factors have helped in boosting the overall market growth.
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.
Key Market Trends Automated Medication Dispensing Systems Segment is Gaining Prominence in the Pharmacy Automation Market
The automated medication dispensing systems have been estimated to account for the high market share due to their ability to eliminate medication errors and decreased procedural time duration along with enhanced patient safety. These systems are found keeping a track of narcotics and other controlled drugs, monitor drug usage patterns, and eliminate the manual end-of-shift narcotic counts, especially in inpatient care units.
With the rising COVID -19, pandemic and there are a rising number of infections rates that have boosted the demand for medications, and therefore there is a positive impact seen on the demand for automated medication dispensing systems to reduce the infection rate. Therefore the healthcare facilities and pharmacies have been preferring these automated systems that have boosted their demand.
Automated dispensing systems also deliver a balance between security, user-friendliness, inventory management, and control of medications, which are all acknowledged as imperative features of a safe medication distribution system. All these features drive the demand for automated dispensing systems. These systems save nursing time by reducing the need for manual end-of-shift counts in the patient care division. Moreover, there is a growing demand for automated systems that help stock management and inventory management. Moreover, the increase in the global geriatric population and the prevalence of various chronic diseases, as well as high rates of hospitalization are some of the factors increasing the burden on hospitals and thus increasing the demand for automated dispensing systems.
Furthermore, increasing dispensing errors, a growing number of chain pharmacies, and the rising adoption of AI in well-developed countries are projected to boost the segment growth over the forecast period.
North America Region Holds the Significant Market Share in the Pharmacy Automation Market
North America pharmacy automation is projected to have a significant share due to the increase in the prevalence of various chronic disorders and the growing number of patients across the North American region. And with the rising COVID-19 outbreak, there has been an increased demand for medication and drugs which has to be dispensed without cross-contamination and errors. Hence all these factors have helped in boosting these systems’ demand.
According to the US FDA 2019, every year there are more than 100,000 cases that continue to be reported in the United States with a suspected medication error. Also, according to a study by Johns Hopkins, in the United States, every year there are more than 250,000 deaths are due to medication errors. Thus, it is considered 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.
Also, in October 2019, Pharmacy automation provider Parata Systems has announced the launch of their next generation vial-filling robot, Max 2. The pharmacy automation robot automates the labeling, filling, and capping of vials aimed to improve workflow and meet the demands of busy pharmacies. This has helped in boosting the Pharmacy Automation Market across the region.
However, Asia Pacific is also expected to witness significant growth during the forecast period due to the increasing geriatric population and rising health care expenditures. The allocation of a large amount of healthcare expenditure for assisted living facilities and hospitals for dispensing medicines to the elderly can drive the market demand.
Competitive Landscape 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. The major players operating in the market include Arxium Inc., Capsa Healthcare, Omnicell, Inc., Parata Systems LLC and Scriptpro LLC among others. These leading players in the market are concentrating on product development and innovation to build their brand name and generate more revenue.
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