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Global Pharmacy Automation Devices Market Report 2023-2031 Featuring Arxium, Capsa Healthcare, Omnicell, Parata Systems, & Scriptpro
Dublin, March 02, 2023 (GLOBE NEWSWIRE) -- The "Global Pharmacy Automation Devices Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts; 2023 to 2031" report has been added to ResearchAndMarkets.com's offering.
The size of the global market for pharmacy automation devices, estimated at 5.1 billion dollars in 2021, is expected to increase at a compound annual growth rate (CAGR) of 9.8%
This study report represents an analysis of each segment from 2021 to 2031 considering 2022 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2023 to 2031.
With the use of analytics and software, pharmacy automation devices are revolutionizing the retail pharmacy industry worldwide. Automation has increased the industry's profitability while simultaneously increasing its efficiency by a factor of ten. Automation has significantly reduced the amount of medicine wasted, which has reduced the cost per dose.
Additionally, it has made workflow management simple for pharmacists while putting a stronger emphasis on patient happiness. The cost of prescription and over-the-counter medications has been soaring in recent years.
The growing need for medication that is error-free and the increased focus on infrastructure improvements for providing cutting-edge healthcare solutions in emerging nations are the main drivers propelling the market for pharmacy automation systems.
A mechanically driven method called Pharmacy Automation System handles and distributes medications in pharmacies and hospitals. The growing need for medication that is error-free and the increased focus on infrastructure improvements for providing cutting-edge healthcare solutions in emerging nations are the main drivers propelling the market for pharmacy automation systems.
Automated dispensing systems also strike a compromise between safety, usability, inventory management, and medication control. Automated dispensing systems are in high demand because of all these qualities. These devices reduce manual end-of-shift counts in the patient care area, which frees up nurse time.
A rising market exists for automated solutions that support stock and inventory management. The demand for automated dispensing systems is growing as a result of reasons such as the rise in the world's geriatric population, the prevalence of numerous chronic conditions, and high hospitalization rates.
Medical prescription errors driving the pharmacy automation systems market
Medical prescription errors are the primary cause of the rising number of injuries and fatalities, and as a result, there is ongoing pressure on the whole healthcare industry to transition to an automated system. The emphasis on providing patients with high-quality healthcare services by businesses is projected to lead to growth in the market for pharmacy automation systems globally.
Due to its precision and prompt delivery of pharmaceuticals to individuals seeking treatment, products like automated medication dispensing systems are likely to be well-liked. Globally, it is acknowledged that medication and dispensing errors are the main reasons why patients return to the hospital.
Automation helps cut expenses by minimizing the amount of useful and expired medication wasted
According to the American Academy of Actuaries, the cost of prescription medications alone in 2016 was estimated to be USD 3,337 billion or a staggering 17.9% of the country's GDP. The waste of pharmaceuticals in hospitals and pharmacies is another additional expense.
Automation has helped the retail pharmacy industry cut expenses by minimizing the amount of useful and expired medication wasted. According to a Reuters analysis, the unnecessary waste of cancer medications costs the United States $3 billion a year. According to an OECD survey, around 17,600 tonnes of unused or expired medications were discarded in France in 2018. The amount of wasted medications has been steadily rising.
Technology drives the market
In the near future, the global market for pharmacy automation systems is anticipated to rise due to a shift in interest in technology brought on by increased knowledge of its advantages. Pharmacy automation technologies are being adopted by pharmacies all around the world to automate their routine processes and minimize human interference.
Both inpatient and outpatient pharmacies have adopted the system. Additionally, it maintains and updates patient data in a database, as well as measures and formulates customized drugs. The distribution, handling, and inventory management procedures are all under constant observation by the pharmacy automation system.
Hospital pharmacies and retail pharmacies both have strong positions for pharmacy automation systems. Automated dispensing systems also strike a compromise between safety, usability, inventory management, and medication control. These devices reduce manual end-of-shift counts in the patient care area, which frees up nurse time. A rising market exists for automated solutions that support stock and inventory management.
Key questions answered in this report
What are the key micro and macro environmental factors that are impacting the growth of Pharmacy Automation Devices market?
What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
Estimated forecast and market projections up to 2031.
Which segment accounts for the fastest CAGR during the forecast period?
Which market segment holds a larger market share and why?
Are low and middle-income economies investing in the Pharmacy Automation Devices market?
Which is the largest regional market for Pharmacy Automation Devices market?
What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
Which are the key trends driving Pharmacy Automation Devices market growth?
Who are the key competitors and what are their key strategies to enhance their market presence in the Pharmacy Automation Devices market worldwide?
Companies Mentioned
Arxium Inc.
Capsa Healthcare
Omnicell Inc.
Parata Systems LLC
Scriptpro LLC
Market Segmentation
End use
Inpatient Pharmacies
Acute Care Systems
Long Term Care Facilities
Outpatient Pharmacies
Outpatient/Fast-Track Clinics
Hospital Retail Settings
Retail Pharmacies
Pharmacy Benefit Management Organizations and Mail-Order Pharmacies
Products
Automated Medication Dispensing and Storage Systems
Robotic Automated Dispensing Systems
Carousels
Automated Dispensing Cabinets
Automated Packaging and Labelling Systems
Storage And Retrieval Systems
Automated Tabletop Counters
Automated Medication Compounding Systems
Other Pharmacy Automation Systems
For more information about this report visit https://www.researchandmarkets.com/r/d3gdd7-pharmacy?w=12
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