Pune, India, March 03, 2023 (GLOBE NEWSWIRE) -- The Pharmacy automation devices are used for reducing the risk of the errors, and improve the workflow across the retail and hospital pharmacies. The increase in medication errors is one of the factors, driving the growth of the market. According to a study by published by John Hopkins, in February 2018, around 250,000 deaths occurred in the U.S. owing to medical errors. Moreover, with the increase in the geriatric population, there has been increasing incidence of chronic and life-threatening diseases, and the increasing dispensation of medications.
For instance, according to the article published by the Economic analysis of the prevalence and clinical and economic burden of medication error in England in June 2021, around 237 million medication errors occurred in England annually, leading to adverse drug reactions (ADRs) and caused hundreds of deaths. Thus, to prevent medication errors, several hospitals, and pharmacies are focusing on adopting new and advanced pharmacy automation devices to reduce operating costs, and improve patient safety.
This information is given by Fortune Business Insights™ in an upcoming report, titled, “Pharmacy Automation Devices Market 2023-2030.”
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Industry Developments-
In March 2022, the Walgreens Boots Alliance opened robot-powered micro-fulfillment centers across several states of the U.S. to dispense medicines. This is expected to change the role of pharmacists.
In February 2022, Capsa Healthcare acquired Humanscale Healthcare. The acquisition helped the company in expanding its offering for pharmacy-automated devices.
In 2021, Omnicell, Inc. acquired ReCept Holdings, Inc., along with its specialty pharmacy management services for health systems, provider groups, and federally qualified health centers (FQHCs), to expand its Advanced Services portfolio.
In 2021, Swisslog Healthcare entered into an innovation agreement with Centre Hospitalier - Le Mans to synergize their expertise in the pharmacy field through the automated packaging, and dispensing system, TheraPick.
The report covers the following key insights:
- New Product launches – For Pharmacy Automation Devices.
- Technological Advancement in Pharmacy Automation Devices.
- Impact of COVID-19 on Pharmacy Automation Devices.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit:
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The report consists of the profiles of key players, which include several players, including :
- BD
- Baxter
- Omnicell Inc
- Parata Systems LLC
- KUKA AG
- ScriptPro LLC
- TOUCHPOINT MEDICAL INC.
The pharmacy automation devices market is driven by several factors, including:
- Growing need to reduce medication errors: Pharmacy automation devices help in reducing medication errors by automating various processes such as prescription filling, dispensing, and inventory management. As medication errors can lead to serious consequences such as patient harm, hospital readmissions, and increased healthcare costs, the demand for pharmacy automation devices is increasing.
- Increasing demand for advanced healthcare facilities: The increasing demand for advanced healthcare facilities is driving the adoption of pharmacy automation devices. These devices help in improving the efficiency of healthcare operations, reducing costs, and enhancing patient care.
- Rising adoption of electronic health records (EHRs): Pharmacy automation devices are often integrated with electronic health records (EHRs), which enable real-time tracking of patient health information. This integration can help in reducing medication errors, improving patient outcomes, and increasing efficiency in healthcare operations.
- Technological advancements in pharmacy automation devices: The introduction of new and advanced pharmacy automation devices such as automated medication dispensing systems, robotic prescription filling systems, and automated inventory management systems are driving the market growth. These devices offer several benefits such as improved accuracy, enhanced patient safety, and increased efficiency.
- Increasing pressure to reduce healthcare costs: The increasing pressure to reduce healthcare costs is driving the adoption of pharmacy automation devices. These devices help in reducing the need for manual labor, streamlining workflow, and reducing errors, which can lead to cost savings for healthcare providers.
Overall, the pharmacy automation devices market is driven by the need to improve patient safety, increase efficiency, and reduce healthcare costs, which is leading to the adoption of advanced automation solutions in the healthcare industry.
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Pharmacy automation devices Market Segmentation :
By Product
- Automated Dispensing Cabinets
- Dispensing Robots
- Pill Counting
- Packaging and Labeling System
- Others
By End-user
- Retail Pharmacy and Drug Store
- Hospital Pharmacy
By Geography
- North America (U.S. and Canada)
- Europe (U.K., Germany, France, Italy, Spain, the Rest of Europe)
- Asia Pacific (China, Japan, India, Australia, Southeast Asia, and the Rest of Asia Pacific)
- Middle East & Africa (GCC, South Africa, and the Rest of Middle East and Africa)
- Latin America (Brazil, Mexico and the Rest of LATAM)
The global pharmacy automation devices market can be analyzed regionally based on several factors such as market size, growth rate, and demand. The following is a regional analysis of the pharmacy automation devices market:
North America: The pharmacy automation devices market in North America is expected to grow significantly due to the rising demand for automation in the healthcare industry, increasing adoption of electronic health records (EHRs), and the need for reducing medication errors. The US and Canada are the major countries contributing to the growth of this market in this region.
Europe: Europe is also a significant market for pharmacy automation devices. The market is primarily driven by the increasing adoption of automation in the healthcare industry, rising demand for advanced healthcare facilities, and the need for improving patient safety. The UK, Germany, and France are the major countries contributing to the growth of this market in this region.
Asia-Pacific: The pharmacy automation devices market in the Asia-Pacific region is expected to witness significant growth due to the rising awareness about the benefits of automation in the healthcare industry, increasing investments in healthcare infrastructure, and the need for reducing medication errors. China, Japan, and India are the major countries contributing to the growth of this market in this region.
Latin America: The pharmacy automation devices market in Latin America is expected to witness moderate growth due to the increasing demand for advanced healthcare facilities and the need for reducing medication errors. Brazil and Mexico are the major countries contributing to the growth of this market in this region.
Middle East & Africa: The pharmacy automation devices market in the Middle East & Africa region is expected to witness significant growth due to the increasing investments in healthcare infrastructure, rising demand for advanced healthcare facilities, and the need for reducing medication errors. Saudi Arabia, UAE, and South Africa are the major countries contributing to the growth of this market in this region.
In summary, the pharmacy automation devices market is expected to witness significant growth in all regions, driven by the increasing adoption of automation in the healthcare industry, rising demand for advanced healthcare facilities, and the need for improving patient safety.
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Table Of Contents :
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Global Statistics — Key Countries
- New Product Launches
- Pipeline Analysis
- Regulatory Scenario — Key Countries
- Recent Industry Developments — Partnerships, Mergers and Acquisitions
- Global Analysis, Insights and Forecast
- Key Findings/ Summary
- Market Analysis — By Product Type
- Market Analysis — By Distribution Channel
- Market Analysis — By Countries/Sub-regions
- Competitive Analysis
- Key Industry Developments
- Global Market Share Analysis
- Competition Dashboard
- Comparative Analysis — Major Players
- Company Profiles
- Overview
- Products and Services
- SWOT Analysis
- Recent developments
- Major Investments
- Regional Market Size and Demand
- Strategic Recommendations
TOC Continued…!
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