North America $2.71 Bn Pharmacy Automation Market - Forecasts from 2021 to 2026 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--The "North America Pharmacy Automation Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.
The North America pharmacy automation market is estimated to be valued at US$2.718 billion in 2019.
Changes in the U.S. healthcare industry and regulatory environment enhance efficiencies, reduce costs and improve patient outcomes, significantly bolstering the demand for pharmacy automation solutions and services in the region.
The presence of major market players in the region also contributes to this regional market growth. A growing aging population, increasing number of chronic disease patients, and availability of less storage space are further augmenting the market demand for pharmacy automation systems in North America during the forecast period.
Research and Development by key market players to augment the market growth.
The presence of the key market players in the region is one of the main parameters propelling the growth of the market. The research and development investment by these players is pointing at the opportunities in the market.
As per US Congressional Budget Office, in 2019, the pharmaceutical industry, in the United States, spent $83 billion on R&D, the amount is approximately 10 times what the industry spent per year in the 1980s, adjusted for inflation.
In June 2021, Walgreens Boots Alliance, Inc., headquartered in Illinois, United States, announced the completion of the sale of its Alliance Healthcare businesses to AmerisourceBergen, an American drug wholesale company, for total consideration of approximately $6.5 billion claimed to be used for the growth of its core retail pharmacy and healthcare businesses and acquisition of a majority stake in iA, a major provider of software-enabled pharmacy automation solutions.
Growing penetration of chronic diseases and the rising geriatric population to increase market demand.
The number of prescriptions has been rising because of the growing penetration of chronic diseases and the rising geriatric population. Hence, the costs need to be controlled, especially in times of the Pandemic when the virus is so widespread in the region. According to US Centers for Medicare and Medicaid Services, National Healthcare Expenditure in the US grew 4.6% to $3.8 trillion in 2019, amounting to $11,582 per person which accounted for 17.7% of Gross Domestic Product.
The rising number of medication errors propel the demand for pharmacy automation solutions.
Consecutively, the number of medication errors is also predicted to rise. According to National Center for Biotechnology Information, each year, 7,000 to 9,000 people die because of a medication error in the United States. Moreover, hundreds of thousands of other patients experience an adverse reaction or medication complications but often do not report.
The total cost of treating patients with medication-associated errors exceeds $40 billion each year in the United States, leading to the growth of the pharmacy automation market.
Key Topics Covered:
1.1. Market Definition
1.2. Market Segmentation
2. Research Methodology
2.1. Research Data
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.4. Industry Value Chain Analysis
5. North America Pharmacy Automation Market, by Application
5.2. Medical Dispensing System
5.3. Packaging and Labeling System
5.4. Robots Dispensing System
5.5. IV Pharmacy
6. North America Pharmacy Automation Market, by End Users
6.2. Hospital Pharmacy
6.3. Pharmacy Chains
6.4. Retail Pharmacy
7. North America Pharmacy Automation Market, by Geography
7.2. The United States
8. Competitive Environment and Analysis
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrative
8.3. Mergers, Acquisition, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. Company Profiles
9.3. Capsa Healthcare
9.4. Parata Systems
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