HOUSTON, Oct. 19, 2022 (GLOBE NEWSWIRE) -- Data Bridge Market research has a newly released expansive study titled “Pharmacy Automation Market” which guarantees you will remain better informed than your competition. This study provides a broader perspective of the marketplace with its comprehensive market insights and analysis which eases survival and success in the market. Businesses can adopt the universal Pharmacy Automation Market report to bring about an utmost success. An expert team involved in creating this report concentrates on understanding the client’s businesses and its needs so that the superior market research report is delivered to the client. The company profiles of all the dominating market players and brands that are making moves such as product launches, joint ventures, mergers, and acquisitions are described in this business report. Talented capabilities and brilliant resources in research, data collection, development, consulting, evaluation, compliance and regulatory services work together to build a top-notch Pharmacy Automation Market research report.
Automated medication dispensing systems accounted for the largest share of the pharmacy automation market due to the advantages such as improved medication safety, better inventory management, and increased storage capacity with optimal space utilization, as well as potential time and cost savings. Data Bridge Market Research analyses that the pharmacy automation market was valued at USD 5.07 billion in 2021 and is further estimated to reach USD 9.88 billion by 2029, and is expected to grow at a CAGR of 8.7% during the forecast period of 2022 to 2029.
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The automation of common tasks and processes performed in a pharmacy or other healthcare settings is referred to as pharmacy automation. The mechanical process of any pharmacy task, such as counting small objects, measuring and mixing powders and liquids for compounding, and tracking and updating customer information in databases, is referred to as pharmacy automation.
Pharmacy automation is gaining traction as it enables the smooth operation of numerous tasks in pharmacies and the healthcare industry. The introduction of automation has resulted in a reduction in the number of errors in medication administration, thereby ensuring patient safety. Because of their accuracy and timely dispensing of medications to patients seeking treatment, products such as automated medication dispensing systems are likely to be popular. These systems have greatly reduced the possibility of human error when prescribing dosages and medications.
Opportunities
In addition, the growing awareness amongst pharmacists is further estimated to provide potential opportunities for the growth of the pharmacy automation market in the coming years.
Some of the major players operating in the pharmacy automation market are:
- Talyst, LLC. (US)
- ARxIUM (US)
- OMNICELL, INC. (US)
- Cerner Corporation (US)
- Capsa Healthcare (US)
- Parata Systems, LLC (US)
- RxSafe, LLC. (US)
- RxMedic Systems, Inc. (US)
- MedAvail Technologies, Inc. (Canada)
- Asteres Inc. (US)
- PerceptiMed, Inc. (US)
- BD (US)
- Baxter (US)
- Fullscript (Canada)
- McKesson Corporation (US)
- AmerisourceBergen Corporation (US)
- vitabook GmbH (Germany)
- UNIVERSAL LOGISTICS HOLDINGS, INC., TOSHO co. (Japan)
- Gebr. Willach GmbH (Germany)
- Global Healthcare Exchange, LLC. (US)
- BIQHS (Portugal)
- Grifols, S.A. (Spain)
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Recent Development
In January 2021, GeniusRx, a digital pharmacy leader, announced a partnership with McKesson to automate its dispensing process while expanding its drug offerings and lowering consumer costs through the latter's Central Fill as a ServiceTM (CFaaS®).
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Market Drivers
- Rise in the demand to minimize medication errors
Medication and dispensing errors are widely acknowledged as leading causes of hospital readmissions around the world. A medication error can occur due to a number of factors, including poor order communication between the physician and pharmacist, unsafe pharmacy storage practises, and confusion caused by the use of similar labels which as a result will accelerate the market growth.
- Technological developments
The introduction of technological advancements and the development of automated systems with improved pharmacy automation systems results in a higher success rate and newer applications of the device with a higher demand for innovative products to compound, dispense, store, and label prescription medications, propelling the growth of the pharmacy automations market.
- Increase in the geriatric population
There has been an increase in the global geriatric population. As a result, the prevalence of chronic and life-threatening diseases is increasing, as is the distribution of medications is further anticipated to propel the growth of the market.
Global Pharmacy Automation Market Scope and Market Size
The pharmacy automation industry is segmented on the basis of product, pharmacy type, pharmacy size, application, end user and distribution channel. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product
- Systems
- Software
- Services
Pharmacy Type
- Independent
- Chain
- Federal
Pharmacy Size
- Large Size Pharmacy
- Medium Size Pharmacy
- Small Size Pharmacy
Application
- Drug Dispensing and Packaging
- Drug Storage
- Inventory Management
End user
- Inpatient Pharmacies
- Outpatient Pharmacies
- Retail Pharmacies
- Online Pharmacies
- Central Fill/Mail Order Pharmacies
- Pharmacy Benefit Management Organizations
Distribution Channel
- Direct Tender
- Third Party Distributor
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Challenges faced by Industry:
On the other hand, the lack in adopting pharmacy automation systems is further projected to impede the growth of the pharmacy automation market in the targeted period. However, the strict regulatory procedures might further challenge the growth of the pharmacy automation market in the near future.
This pharmacy automation market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the pharmacy automation market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Pharmacy Automation Market Regional Analysis/Insights
The pharmacy automation market is analysed and market size insights and trends are provided by country, product, pharmacy type, pharmacy size, application, end user and distribution channel as referenced above.
The countries covered in the pharmacy automation research report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the pharmacy automation market due to the technological developments in medication management in hospitals and pharmacies. Furthermore, the rise in the concerns over inadequate inventory management will further boost the growth of the pharmacy automation market in the region during the forecast period.
Asia-Pacific is projected to observe significant amount of growth in the pharmacy automation market due to the rise in the demand to minimize medication errors, decentralization of pharmacies. Moreover, the technological advancements by players, and the rapidly rising geriatric population is further anticipated to propel the growth of the pharmacy automation market in the region in the coming years.
Table of Contents:
- Introduction
- Market Segmentation
- Executive Summary
- Premium Insights
- Global Pharmacy automation Market Regulations
- Market Overview
- Global Pharmacy automation Market, By Product
- Global Pharmacy automation Market, Pharmacy Type
- Global Pharmacy automation Market, By Pharmacy Size
- Global Pharmacy automation Market, By Application
- Global Pharmacy automation Market, By Region
- Global Pharmacy automation Market: Company Landscape
- SWOT Analyses
- Company Profile
- Questionnaires
- Related Reports
Complete Report Details with Table of Content and Figures @ https://www.databridgemarketresearch.com/toc/?dbmr=global-pharmacy-automation-market
Explore DBMR Comprehensive Coverage on Healthcare Domain:
- North America Pharmacy Automation Market, By Product (Systems, Software, Services), Pharmacy Type (Independent, Chain, Federal), Pharmacy Size (Large Size Pharmacy, Medium Size Pharmacy, Small Size Pharmacy), Application (Drug Dispensing and Packaging, Drug Storage, Inventory Management), End User (Inpatient Pharmacies, Outpatient Pharmacies, Retail Pharmacies, Online Pharmacies, Central Fill/Mail Order Pharmacies, Pharmacy Benefit Management Organizations, Others), Distribution Channel (Direct Tender, Third Party Distributor) https://www.databridgemarketresearch.com/reports/north-america-pharmacy-automation-market
- Europe Pharmacy Automation Market, By Product (Systems, Software, Services), Pharmacy Type (Independent, Chain, Federal), Pharmacy Size (Large Size Pharmacy, Medium Size Pharmacy, Small Size Pharmacy), Application (Drug Dispensing and Packaging, Drug Storage, Inventory Management), End User (Inpatient Pharmacies, Outpatient Pharmacies, Retail Pharmacies, Online Pharmacies, Central Fill/Mail Order Pharmacies, Pharmacy Benefit Management Organizations, Others), Distribution Channel (Direct Tender, Third Party Distributor) https://www.databridgemarketresearch.com/reports/europe-pharmacy-automation-market
- Asia-Pacific Pharmacy Automation Market, By Product (Systems, Software, Services), Pharmacy Type (Independent, Chain, Federal), Pharmacy Size (Large Size Pharmacy, Medium Size Pharmacy, Small Size Pharmacy), Application (Drug Dispensing and Packaging, Drug Storage, Inventory Management), End User (Inpatient Pharmacies, Outpatient Pharmacies, Retail Pharmacies, Online Pharmacies, Central Fill/Mail Order Pharmacies, Pharmacy Benefit Management Organizations, Others), Distribution Channel (Direct Tender, Third Party Distributor), Country (Japan, China, Australia, South Korea, India, Singapore, Thailand, Indonesia, Malaysia, Philippines and Rest of Asia-Pacific) https://www.databridgemarketresearch.com/reports/asia-pacific-pharmacy-automation-market
- Brazil Pharmacy Automation Market, By Product (Automated Medication Dispensing Systems, Automated Packaging and Labeling Systems, Automated Table-Top Counters, Automated Storage and Retrieval Systems, Other Pharmacy Automation Systems), End User (Inpatient Pharmacies, Outpatient Pharmacies, Pharmacy Benefit Management Organization and Mail Order Pharmacies, Retail Pharmacies) https://www.databridgemarketresearch.com/reports/brazil-pharmacy-automation-market
- Mexico Pharmacy Automation Market, By Product (Systems, Software and Services), Pharmacy Type (Independent, Chain and Federal), Pharmacy Size (Large Size Pharmacy, Medium Size Pharmacy and Small Size Pharmacy), Application (Drug Dispensing and Packaging, Drug Storage and Inventory Management), End User (Inpatient Pharmacies, Outpatient Pharmacies, Retail Pharmacies, Online Pharmacies, Central Fill/Mail Order Pharmacies, Pharmacy Benefit Management Organizations and Others) https://www.databridgemarketresearch.com/reports/mexico-pharmacy-automation-market
- Central Fill Pharmacy Automation Market, By Products and Services (Equipment, Software, Services), Vendor (Equipment Vendors, Consulting Vendors), Country (U.S., Canada, Mexico, Germany, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia- Pacific, Brazil, Argentina, Rest of South America, South Africa, Saudi Arabia, UAE, Egypt, Israel, Rest of Middle East & Africa) https://www.databridgemarketresearch.com/reports/global-central-fill-pharmacy-automation-market
- Middle East and Africa Pharmacy Automation Market, By Product (Automated Medication Dispensing Systems, Automated Storage and Retrieval Systems, Automated Packaging and Labeling Systems, Tabletop Tablet Counters, Automated Compounding Devices), Pharmacy Type (Independent, Chain, Federal), Pharmacy Size (Large Size Pharmacy, Medium Size Pharmacy, Small Size Pharmacy), Application (Drug Dispensing and Packaging, Drug Storage, Inventory Management), End User (Inpatient Pharmacies, Outpatient Pharmacies, Retail Pharmacies, Online Pharmacies, Central Fill/Mail Order Pharmacies, Pharmacy Benefit Management Organizations, Others), Distribution Channel (Direct Tender, Third Party Distributor) https://www.databridgemarketresearch.com/reports/middle-east-and-africa-pharmacy-automation-market
- Lab Automation Market, By Product (Automated Workstations, Microplate Readers, Automated ELISA Systems, Automated Nucleic Acid Purification Systems), Application (Drug Discovery, Diagnostics, Genomics Solutions, Proteomics Solutions, Microbiology, Other Applications), End User (Biotechnology and Pharmaceutical Companies, Hospitals and Diagnostic Laboratories, Research and Academic Institutes, Forensic Laboratories, Environmental Testing Laboratories, Food & Beverage Industry), Country (U.S., Canada, Mexico, Germany, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Brazil, Argentina, Rest of South America, South Africa, Saudi Arabia, UAE, Egypt, Israel, Rest of Middle East & Africa) https://www.databridgemarketresearch.com/reports/global-lab-automation-market
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