Pharmacy Automation | Analysis and Opportunities During COVID-19 Pandemic
The major factors that are expected to be driving the pharmacy automation market are the growing need to minimize medication errors, rapid decentralization of pharmacies, rising geriatric population and rising labor cost. On the other hand, reluctance among the healthcare organizations to adopt pharmacy automation systems is expected to restrain the overall market growth to a certain extent during the forecast period.
What the Pharmacy Automation Market Looks Like?
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. North America to account for the largest market size during the forecast period.
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.
Recent Developments :
- In 2017, Omnicell launched Omnicell VBM 200F. It fills and checks SureMed multiple medication blister cards
- In 2017, Omnicell partnered with DCH Health Systems to implement a full suite of IV compounding technology across its health system
- In 2017, BD opened its new institute for medication management excellence. This institute is designed to identify and support advancements in medication management to help improve the safety and cost of healthcare
- In 2016, Omnicell acquired Ateb, Inc., which provides pharmacy-based patient care solutions and medication synchronization to independent and chain pharmacies
- In 2015, BD acquired CareFusion Corporation, a global medical technology company with a comprehensive portfolio of products in the areas of medication management, infection prevention, operating room & procedural effectiveness, and respiratory care
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.
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What Drives the Pharmacy Automation Market?
The growth of the global market for Pharmacy Automation Market is primarily influenced by the following factors:
- Growing Need to Minimize Medication Errors
- Decentralization of Pharmacies
- Rising Geriatric Population
- Rising Labor Cost
Geographical growth scenario of Pharmacy Automation Market :
This report covers the market across two major geographies, namely, North America and Europe. In this report, the North American market is further segmented into the U.S. and Canada, while the European market is categorized into Germany, U.K., France, Italy, Spain, and Rest of Europe. In 2016, North America is expected to command the largest share of the market in North America and Europe. However, Europe is expected to register the highest growth rate during the forecast period from 2016 to 2021, due to increasing adoption of advanced treatment procedures and favorable government initiatives in this region.
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Leading market players and strategies adopted
- The prominent players in the Pharmacy Automation Market include 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.)
- Becton, Dickinson and Company’s leading position in the pharmacy automation market is mainly attributed to its broad product portfolio with major focus on pharmacy automation. The company continuously focuses on R&D and has invested around 7% of its revenue in R&D activities.
Critical questions the report answers:
- Where will all these developments take the industry in the long term?
- What are the upcoming trends for the pharmacy automation market?
- Which segment provides the most opportunity for growth?
- Who are the leading players operating in this market?
- What are the opportunities for new market entrants?
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