Dublin, October 04, 2021 (GLOBE NEWSWIRE) – The Global Pharmacy Automation Devices Market Size, Share and Trend Analysis Report by Product (Drug Delivery Systems, Automated Drug Dispensing Systems), by End Use, and Segment Forecast , 2021-2028 ” report was added to ResearchAndMarkets.com offer
The global pharmacy automation devices market size is expected to reach USD 9.5 billion by 2028, with a CAGR of 9.3% from 2021 to 2028.
The growing burden of chronic disease and the growing geriatric population are leading to an increase in the number of prescriptions. This, in turn, results in an increase in the number of medication errors.
This is driving the demand for pharmacy automation devices. In addition, an increase in initiatives by various organizations, such as the American Society of Health-System Pharmacists, to reduce medication errors is positively impacting the growth of the market.
In 2020, Drug Delivery Systems product segment accounted for the largest share of revenue due to the benefits offered by these products, such as reduction of medication errors, better inventory management, better medication adherence for patients with complex treatments, better patient care, reduced drug waste. with true split refills, improved storage capacity and reduced administrative burden for end users.
The segment of automated drug preparation systems is expected to experience the fastest growth during the forecast period. The reduction of compositional errors and contamination is a major factor driving the segment. In addition, the increasing adoption of these devices for sterile preparation is fueling the growth of the segment.
The retail pharmacy segment accounted for the largest share of revenue in 2020. The growing adoption of these solutions, the presence of a large number of retail pharmacies and the growing investments in this sector are driving the segment. For example, in May 2018, McKesson Co., a healthcare information technology (HIT) company, entered into a deal with Discount Drug Mart, which is an Ohio-based retail pharmacy, to build a automated central filling pharmacy.
Hospital pharmacy is expected to experience the fastest growth during the forecast period due to the adoption of automated technologies by hospitals. For example, in February 2020, Geisinger, a healthcare provider in the United States, partnered with Omnicell, Inc. to implement an automated dispensing system.
In 2020, North America dominated the market. This is attributed to the presence of a large number of industry players, such as BD, Omnicell, Baxter, AmerisourceBergen and Cerner. The majority of companies such as BD and Baxter generated more than 50% of US revenue in Asia Pacific and are expected to experience the fastest growth during the forecast period.
Rapid adoption of automated solutions, investments in adoption of healthcare IT infrastructure, and high healthcare spending are the key factors contributing to the growth of the market. In addition, initiatives by public and private organizations to reduce medication errors are likely to boost the regional market.
Highlights of the Pharmacy Automation Devices Market Report
- The market is driven by various technological advancements and increasing investments in the automation sector
- On the basis of the product, the drug delivery systems segment dominated the market in 2020 due to the increasing adoption of these products to avoid errors in the dispensing of medicines.
- In terms of end use, the retail pharmacy segment dominated the market in 2020 due to the high adoption rates of these devices and investments from large retail chains, such as CVS Health and Walgreens.
- North America dominated the market in 2020 due to the presence of a large number of automation companies in the region
Variables, Trends and Scope of the Pharmacy Automation Devices Market
Market lineage outlook
- Parent Market Outlook
- Auxiliary Market Outlook
- Inventory management in pharmacies
Market driver analysis
- Increase in medication errors
- Accelerating Adoption of Pharmacy Automation Technology Due to Its Benefits
- Strong need to reduce unnecessary costs
- Technological advances
Analysis of market restrictions
- Lack of qualified personnel in the automation industry
- High cost of pharmacy automation devices
Analysis of market opportunities
- Ongoing COVID-19 pandemic increases pharmacist awareness of automation
Analysis of market challenges
- Rigor of regulatory procedures
Analysis of major transactions and strategic alliances
- Product launches
- Mergers and Acquisitions:
- Partnerships and collaborations
- Investments and agreements
- Regulatory approvals, geographic expansion and other initiatives
Impact of COVID-19 on the pharmacy automation device market
- Amerisouce Bergen Company
- Accu-Chart Plus Healthcare Systems, Inc.
- Omnicell, Inc.
- McKesson Company
- Pearson Medical Technologies
- Talyst, LLC
- ScriptPro, LLC
- CareFusion (Becton Dickinson and company)
- Fulcrum Pharmacy Management, Inc.
- Healthcare Robotics SRL
- Medacist Solutions Group, LLC
- Aesynt, Inc.
- Pyxis Company
- Kirby Lester (acquired by Capsa Healthcare)
- Cerner Corporation
- For health technologies
- Medical point of contact
- Deenova SRL
- Parata Systems, LLC
- Swisslog Health
- Yuyama Co. Ltd./Yuyama Mfg Co. Ltd.
For more information on this report, visit https://www.researchandmarkets.com/r/o4rkki