The general healthcare sector is under a great deal of pressure from the rising number of accidents and fatalities linked to medication errors. Healthcare professionals and pharmacists are both looking for more precise and effective ways to stop these frequent medical errors. Additionally, the drug delivery system gets more complex every day due to the rise in patients, visitors, and their corresponding safety requirements. Modern technologies, including pharmacy automation systems, are now emerging as the most effective tools for addressing this serious problem. These tools seek to minimize patient risk and minimize errors in medical prescriptions. In order to reduce losses and boost quality and productivity, healthcare providers and pharmacists benefit from implementing such pharmacy automation systems.
According to Data Bridge Market Research, Pharmacy Automation Market is expected to grow at a CAGR of 10.0% during the forecast period of 2023 to 2030.
"Rising demand for efficient healthcare services surge market demand"
The growing global population and increasing healthcare needs have created a demand for efficient healthcare services. Pharmacy automation addresses this demand by streamlining medication management processes. By automating tasks such as medication dispensing, labeling, and packaging, healthcare providers can deliver medications more quickly and accurately. This improved efficiency leads to enhanced patient care and satisfaction, ensuring that patients receive their medications promptly and reducing the potential for errors.
What restraints the growth of the pharmacy automation market?
"High initial investment can impede the market growth”
Implementing pharmacy automation systems requires a substantial initial investment, which includes purchasing equipment, software, and infrastructure upgrades. This upfront cost can be a significant restraint, particularly for smaller pharmacies or healthcare facilities with limited financial resources. The high initial investment may slow down the adoption of automation as these organizations may face challenges in allocating funds for implementing the necessary automation technologies. This can result in a delayed adoption of automation in pharmacy settings.
Segmentation: Global Pharmacy Automation Market
The pharmacy automation market is segmented on the basis of product, pharmacy type, pharmacy size, application, end user, and distribution channel.
- On the basis of product, the pharmacy automation market is segmented into systems, software, and services.
- On the basis of pharmacy type, the pharmacy automation market is segmented into independent, chain, and federal.
- On the basis of pharmacy size, the pharmacy automation market is segmented into large size pharmacy, medium size pharmacy, and small size pharmacy.
- On the basis of application, the pharmacy automation market is segmented into drug dispensing and packaging, drug storage, and inventory management.
- On the basis of end user, the pharmacy automation market is segmented into inpatient pharmacies, outpatient pharmacies, retail pharmacies, online pharmacies, central fill/mail order pharmacies, pharmacy benefit management organizations, and others.
- On the basis of distribution channel, the pharmacy automation market is segmented into direct tender and third party distributor.
Regional Insights: Asia-Pacific dominates the Global Pharmacy Automation Market
Asia-Pacific is dominating the market due to the increasing investment in R&D, which is expected to boost market growth. In 2023, China is expected to dominate the Asia-Pacific region due to the growing need to minimize medication errors and the rising demand for pharmaceuticals
The U.S. is expected to dominate the North America region due to the strong presence of key players such as OMNICELL, INC., McKesson Corporation, and AmerisourceBergen Corporation. Germany is expected to dominate the Europe region due to increasing awareness regarding the advantages of pharmacy automation systems over manual methods.
To know more about the study, visit, https://www.databridgemarketresearch.com/reports/global-pharmacy-automation-marke
Recent Developments in Global Pharmacy Automation Market
- In 2023, The completion of AmerisourceBergen Corporation's acquisition of PharmaLex Holding GmbH was announced. AmerisourceBergen Corporation's growth strategy is strengthened by the acquisition of PharmaLex by advancing its leadership in specialty services and global platform of pharma manufacturer services capabilities.
- In 2022, Baxter declared that the Common Vulnerabilities and Exposures (CVE) program has given it permission to act as a CVE Numbering Authority.
The Prominent Key Players Operating in the Global Pharmacy Automation Market Include:
- ARxIUM (U.S.)
- OMNICELL INC. (U.S.)
- Cerner Corporation (U.S.)
- Capsa Healthcare (U.S.)
- ScriptPro LLC (U.S.)
- RxSafe, LLC. (U.S.)
- MedAvail Technologies, Inc. (U.S.)
- Asteres Inc (U.S.)
- InterLink AI, Inc. (U.S.)
- BD (U.S.)
- Baxter (U.S.)
- Fullscript (Canada)
- McKesson Corporation (U.S.)
- Innovation Associates (U.S.)
- AmerisourceBergen Corporation(U.S.)
- UNIVERSAL LOGISTICS HOLDINGS, INC (U.S.)
- Takazono Corporation (Japan)
- TOSHO Inc. (Japan)
- Willach Group (Grmany)
- BIQHS. (India)
Above are the key players covered in the report, to know about more and exhaustive list of global pharmacy automation market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Pharmacy Automation Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by dbmr research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include vendor positioning grid, market time line analysis, market overview and guide, company positioning grid, company market share analysis, standards of measurement, global vs regional and vendor share analysis. Please request analyst call in case of further inquiry.
