Dublin, Oct. 04, 2021 (GLOBE NEWSWIRE) -- The "Global Pharmacy Automation Devices Market Size, Share & Trends Analysis Report by Product (Medication Dispensing Systems, Automated Medication Compounding Systems), by End Use, and Segment Forecasts, 2021-2028" report has been added to ResearchAndMarkets.com's offering
The global pharmacy automation devices market size is expected to reach USD 9.5 billion by 2028, expanding at a CAGR of 9.3% from 2021 to 2028
The increasing burden of chronic diseases and the growing geriatric population are leading to an increase in the number of prescriptions. This, in turn, is resulting in a rise in the number of medication errors.
This is driving the demand for pharmacy automation devices. Moreover, an increase in initiatives by various organizations, such as the American Society of Health-System Pharmacists, to reduce medication errors is positively impacting the market growth.
In 2020, the medication dispensing systems product segment accounted for the largest revenue share owing to the benefits offered by these products, such as minimized medication errors, better inventory management, improved medication adherence for patients with complex treatments, improved patient care, minimized drug waste with true split-fills, improved storage capacity, and reduced administrative burden among the end-users.
The automated medication compounding systems segment is anticipated to witness the fastest growth during the forecast period. Reduction in compounding errors and contamination is a major factor driving the segment. Moreover, the increasing adoption of these devices for sterile compounding is fueling segment growth.
The retail pharmacy end-use segment accounted for the largest revenue share in 2020. The rising adoption of these solutions, the presence of a large number of retail pharmacies, and growing investments in this sector are driving the segment. For instance, in May 2018, McKesson Co., a Healthcare Information Technology (HIT) company, entered into an agreement with Discount Drug Mart, which is an Ohio-based retail drug store, to build an automated central fill pharmacy.
The hospital pharmacy is anticipated to witness the fastest growth during the forecast period owing to the adoption of automated technologies by hospitals. For instance, in February 2020, Geisinger, a health provider in the U.S., partnered with Omnicell, Inc. for the implementation of 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 the companies such as BD and Baxter generated more than 50% of sales revenue in the U.S. Asia Pacific is anticipated to witness the fastest growth during the forecast period.
Rapid adoption in automated solutions, investments in the adoption of healthcare IT infrastructure, and high healthcare spending are the key factors contributing to the growth of the market. Moreover, initiatives by public and private bodies to reduce medication errors are likely to drive the regional market.
Pharmacy Automation Devices Market Report Highlights
The market is driven by various technological advancements and increasing investments in the automation sector
Based on product, the medication dispensing systems segment dominated the market in 2020 owing to the increasing adoption of these products to avoid errors while dispensing medication
By end-use, the retail pharmacy segment dominated the market in 2020 owing to high adoption rates of these devices and investments by major retail chains, such as CVS Health and Walgreens
North America dominated the market in 2020 owing to the presence of a large number of automation companies in the region
Pharmacy Automation Devices Market Variables, Trends & Scope
Market Lineage Outlook
Parent Market Outlook
Ancillary Market Outlook
Pharmacy inventory management
Market Driver Analysis
Rise in Medication Errors
Surge In Adoption Of Pharmacy Automation Technology Owing To Its Advantages
Significant Need For Cutting Down Unnecessary Costs
Market Restraint Analysis
Lack of skilled personnel in the automation sector
High cost of Pharmacy Automation Devices
Market Opportunities Analysis
Ongoing COVID-19 Pandemic is Increasing awareness regarding automation among pharmacists
Market Challenge Analysis
Stringency Of Regulatory Procedures
Major Deals & Strategic Alliances Analysis
Mergers & Acquisitions:
Partnerships And Collaborations
Investments And Agreements
Regulatory Approvals, Geographical Expansion, And Other Initiatives
Impact of COVID-19 on Pharmacy Automation Devices Market
Amerisouce Bergen Corporation
Accu-Chart Plus Healthcare Systems, Inc.
Pearson Medical Technologies
CareFusion (Becton Dickinson and Company)
Fulcrum Pharmacy Management, Inc.
Health Robotics S.R.L.
Medacist Solutions Group, LLC
Kirby Lester (Acquired By Capsa Healthcare)
Parata Systems, LLC
Yuyama Co. Ltd./Yuyama Mfg Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/o4rkki
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