According to the research report, the global pharmacy automation devices market size & share was valued at USD 4.82 Billion in 2020 and is expected to reach USD 9.83 Billion By 2028, to grow at a CAGR of 9.4% during the forecast period.
Pharmacy automation is the electronic procedure of sorting, distributing, counting, and packaging prescription medication. There are many different purposes of pharmacy automation, like enhancing efficiencies, reducing costs of labor, and refining accuracy. At the inception of pharmacy automation, the only technique available was pill counting. Now there are many more approachable automation machines.
Dispensing medication is a grave issue for pharmacies as it holds the probability of various contaminants and errors. Automatic storage and retrieval are provided by RxSafe and RxVault. Secondly, by using dispensing machines, pharmacists can sync and trace the medication of the patients and avoid the manual process. RxCloudAnalytics forecasts demand, tracks inventory, and offers cloud-based entrance to those reports. Thirdly, RxSafe technology accurately and automatically traces the drugs in the pharmacy to the package and pill by expiration date, product lot number, serial number, or national drug code.
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Important Questions Being Answered by The Market Report
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Pharmacy Automation Devices Market: Growth leading factors
The complicated and unequaled provocation of conserving compliance that is corporate in the digital world has escalated external compulsion on organizations to enhance transparency and acquire innovative technologies. Current technological progression in the pharmacy automation sector offers advantages of various automating solutions. These benefits involve speedier prescription processing, depletion in medication errors and inventory inconsistencies, and a holistic decline in expenditure by pharmacies.
Growing mergers and acquisitions and an upsurge in the number of agreements among several companies to augment their product potential are some of the crucial factors anticipated to drive the market. The possibilities like enhanced supply chain management and automation solutions for digitizing and streamlining workflows have supported hospitals and other health systems to inflate the visibility of their medication inventory and supply chain potential assisting enhanced clinical, operational, and financial goals.
Due to the covid-19 pandemic, there were financial pressures on health systems that caused hampering and diverging purchasing resolutions and insertion of pharmacy automation devices in the first half of 2020. Post covid-19, pharmacy chains are investing in the pharmacy automation devices market, thus raising the potential of the market.
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Pharmacy Automation Devices Market: Report Scope
Report Attribute
Details
Market Size 2020 Value
USD 4.82 billion
Market Outlook for 2028
USD 9.83 billion
Expected CAGR Growth
9.4% from 2021 – 2028
Base year
2020
Forecast period
2021 – 2028
Segments covered
By Product, By End-Use, By Region
Key Companies
Amerisource Bergen Corporation, Omnicell, Inc., McKesson Corporation, Deenova S.R.L, Accu Chart Plus Healthcare Systems, Inc., Pearson Medical Technologies, LLC, Talyst, LLC, ScriptPro, LLC, Medacist Solutions Group, LLC, Kirby Lester, Cerner Corporation, ARxIUM, CareFusion (Becton Dickinson), Parata Systems, LLC, Swisslog Healthcare, TouchPoint Medical, and Yuyama Co. Ltd
Regional scope
North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Customization Options
Customized purchase options are available to meet your research needs.
Pharmacy automation devices market: Key segmentation
By product, medication dispensing systems held the largest revenue share due to drug and dispensing errors; there were widespread deaths. The government came up with stringent policies that created pressure on pharmacists and healthcare institutes to include several medication dispensing systems to enhance patient care services. By end-use, the retail pharmacy segment accounted for the largest share as applications of these solutions in cutting down costs and errors, streamlining operations, and inventory tracking are visible in retail pharmacies.
By region, North America emerged as a dominant player as technological developments in medication management in pharmacies and hospitals are anticipated to drive the demand for pharmacy automation devices in North America. Increasing worries over poor inventory management may push the growth of dispensing cabinets of high volume in the region as it causes escalated costs of holding inventory, thus, putting a cost burden on the retailer. The Asia Pacific is another emerging region that witnessed the fastest growth. The increasing need to lessen medication errors, pharmacy decentralization, technological developments by players, and the speedily rising elderly population are the factors responsible for the market’s growth in this region.
Browse the full “Pharmacy Automation Devices Market Share, Size, Trends, Industry Analysis Report, By Product (Medication Dispensing Systems, Packaging & Labeling Systems, Storage & Retrieval Systems, Automated Medication Compounding Systems, Tabletop Tablet Counters); By Application; By Regions; Segment Forecast, 2021 – 2028” Report at https://www.polarismarketresearch.com/industry-analysis/pharmacy-automation-market
Key highlights of the report
The market primarily depends on the product, end-use, and region
Pharmacy automation devices market: By product
Pharmacy automation devices market: By end-use
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