The pharmacy automation equipment market was valued at US$ 4,984.70 million in 2020 and is projected to reach US$ 9,195.36 million by 2028; it is expected to grow at a CAGR of 8.0% from 2021 to 2028.
The pharmacy automation equipment market was valued at US$ 4,984.70 million in 2020 and is projected to reach US$ 9,195.36 million by 2028; it is expected to grow at a CAGR of 8.0% from 2021 to 2028.
The major factors driving to the growth of the market are increasing medication errors, and rising demand for healthcare services. However, the problems associated with automated dispensing systems such as regular software updates and high system maintenance requirement are restricting the market growth. The pharmacy automation equipment market mechanizes various processes in pharmacy and other health care settings, with a main objective to reduce errors in medical prescriptions and optimize patient safety. Also, automation systems help in streamlining the workflow, reduce the risk of errors, and enhance safety of patients. The introduction of RFID, smart dashboard, barcode scanning technology, and data security in pharmacies for seamless workflow is driving the growth of the market. In addition, these devices reduce labor costs, and improve process accuracy and speed.
In December 2020, iZafe Group AB, Sweden, launched an updated version of the Dosell medication dispensing robot. With such launches, European healthcare sector witnessed increase in the adoption of pharmacy automation equipment, especially during the COVID-19 pandemic, as these systems ensure medication safety, reduce costs, and enhanced patient care.
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Key Findings from The pharmacy automation equipment Market
Based on type, the pharmacy automation equipment market is segmented into automated medication dispensing systems, automated packaging & labeling systems, automated storage & retrieval systems, automated compounding devices, and tabletop tablet counters.
The automated medication dispensing systems segment held the largest share of the market in 2020. Growth of the market for this segment is ascribed to the increasing number of errors in medication and dispensing, escalating demand for specialty drug prescription filling solutions, and stringent government policies compelling healthcare institutes and pharmacists decentralize pharmacies for improved patient care services. Further, the pharmacy automation equipment market for automated compounding devices segment is expected to witness the highest CAGR during 2021–2028.
Based on end user, the pharmacy automation equipment market is segmented into hospital pharmacy, retail pharmacy, and others. The hospital pharmacy segment held the largest share of the market in 2020. However, the retail pharmacy segment is estimated to register the highest CAGR in the market during the forecast period. The growth of the retail pharmacy segment is majorly attributed to the stringent government norms pertaining to medicine inventory and untapped market of remote locations.
Talyst LLC (Swisslog Healthcare), AmerisourceBergen, Baxter International Inc, Capsa Healthcare, OMNICELL INC, Cerner Corporation, MCKESSON CORPORATION, ScriptPro LLC, BD, and YUYAMA Co., Ltd are among the leading companies operating in the global pharmacy automation equipment market.
Increasing Medication Errors Drive Pharmacy Automation Equipment Market Growth
A medication error involves inappropriate and ineffective dispensing of medicines that can harm patients. Common medication errors include dispensing a wrong drug, incorrect drug quantity, wrong drug strength, and item omission. Every year, the US Food and Drug Administration (FDA) receives over 100,000 reports associated with medication errors. Further, as per the study Medication Errors, published in StatPearls in June 2020, every year, ~7,000–9,000 people die in the US due to medication errors. Similarly, as per the estimates of the study “Prevalence and Economic Burden of Medication Errors in the NHS In England,” published in 2018, ~237 million medication errors occur in the NHS, while avoidable adverse drug reactions (ADRs) lead to hundreds of deaths. ~75% of the medication errors occur due to distractions as the healthcare professionals are engaged in multiple tasks, including examining the patient, speaking to consultants, speaking to patient family members, and conversing with insurance professionals. Sometimes, a lapse of judgment, due to an urge to complete the duty early, also leads to a medication error. Another major cause of medication error is distortion caused due to poor writing, abbreviation usage, misunderstood symbols, or improper translation. Moreover, illegible writing has been a major concern faced by both pharmacists and nurses since many years. Thus, the increasing number of medication errors is boosting the adoption of pharmacy automation equipment.
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