(PharmaNewsWire.Com, December 17, 2020 ) According to the new market research report “ Pharmacy Automation Market by Product (Medication Dispensing System (Robot, Carousel), Packaging & Labeling System (Unit Dose, Multi Dose), Tabletop Counter, Storage System), End User (Inpatient, Outpatient, Retail Pharmacy) - Global Forecast to 2022", published by MarketsandMarkets™.
Revenue Growth Opportunities and Growth Drivers?
MarketsandMarkets forecasts the pharmacy automation market is estimated to grow from USD 3.63 billion in 2017 to USD 5.38 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 8.2% during the forecast period.
Growth Boosting Factors:
- Growing Need to Minimize Medication Errors - Decentralization of Pharmacies - Rising Geriatric Population - Rising Labor Cost
Driver: Growing need to minimize medication errors
Medication errors and dispensing errors are recognized as leading causes of hospital readmissions across the globe. A medication error can occur due to a variety of factors such as poor order communication between the physician and pharmacist, dangerous storage practices in pharmacies, and confusion arising out of the use of similar labels. Automated systems are considered to be one of the most efficient solutions to minimize these errors.
Becton, Dickinson, and Company (U.S.), Omnicell, Inc. (U.S.), Cerner Corporation (U.S.), Capsa Healthcare (U.S.), Parata Systems LLC (U.S), Baxter International, Inc. (U.S.), ScriptPro LLC (U.S.), KUKA AG (Germany), TCGRx Pharmacy Workflow Solutions (U.S.), RxSafe, LLC (U.S.), ARxIUM Inc. (U.S.) and Talyst Systems, LLC (U.S.).
Geographical Regions Mapped in Report:
North America is expected to hold the largest market size in the pharmacy automation market during the forecast period, followed by the European region. The large share of the North American pharmacy automation market can largely be attributed to the increasing number of drug prescriptions at pharmacies resulting from growth in the aging population.
Based on product, the pharmacy automation market is segmented into automated medication dispensing systems, automated packaging and labelling systems, automated table top counters, automated medication compounding systems, automated storage and retrieval systems, and other pharmacy automation systems. Automated medication dispensing systems accounted for the largest share of the pharmacy automation market in 2016.
On the basis of end users the market is classified into inpatient pharmacies, outpatient pharmacies, pharmacy benefit management organization and mail order pharmacies, and retail pharmacies. Retail pharmacies is the fastest growing end user segment in the pharmacy automation market during the forecast period. Growing need to minimize dispensing errors, rising number of retail pharmacies, and increasing workload on pharmacists are the factors driving the adoption of pharmacy automation systems in retail pharmacies
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