Global Pharmacy Automation Market is projected to grow at a CAGR of 8.5% in the coming 3 years

 

Rising pharmacy automation awareness, rapid decentralization of pharmacies, Increasing demand to reduce medication mistakes, greater demand for swifter prescription processing, and technological developments to improve efficiency and workflow management in the pharmacy are some of the primary drivers driving the global pharmacy automation market.

Pharmacy automation is described as a mechanical system that conducts processes such as pharmaceutical storage, packing, dispensing, or distribution while allowing control of the operation and computerized transaction recording. It allows pharmacies to optimize procedures and decrease mistake risk.

The introduction of advanced pharmacy automation technologies is propelling the pharmacy automation market.

Advances in digital technology enable pharmacies to safely and efficiently manage enormous prescription loads. When pharmacy automation originally became popular, one of the few procedures available was pill counting. Automated drug dispensing systems, automated storage and retrieval systems, automated packaging and labeling systems, table-top tablet counters, and automated compounding devices are some of the more accessible automation technologies available today. Several technical advances have recently been created to enhance routine jobs and procedures conducted in a pharmacy or other healthcare settings, such as:

  • In March 2022, Capsa Healthcare announced an expansion to its suite of NexsysADC automated dispensing cabinets. NexsysADC can accommodate any size of controlled or high-value medications or supplies in two new sizes of Controlled Access Module Drawers.
  • In August 2021, Innovation Associates announced the launch of its Smart-Pod, a next-generation robot for central-fill pharmacy environments. Smart-Pod allows providers to adjust and scale their centralized fulfillment solutions to meet demands.

Manual Methods Replaced by Pharmacy Automation System

Various procedures in the pharmacy system, such as pill counting, IV dose filling, drug administration, and so on, were done manually. The manual approach required a large number of people, extra time to complete the task, and mistakes were typical in these operations. However, when the benefits of pharmacy automation became evident, even traditionalist pharmacies began to make the changeover. Automation improves a pharmacy's productivity while significantly lowering its mistake rate. Furthermore, the prices of automation are continuing to fall, and more pharmacies are discovering that they can't afford to put off automation any longer.

“New pharmacy automation systems are emerging to address the growing demand for medicine in the world. Technology has a key role to play. An advancement in digital technologies enables pharmacies to handle high prescription loads safely and efficiently.” -Vice President, Global Operations and Supply Chain, Pharmacy Automation Company, United States

North America is expected to maintain its market dominance in pharmacy automation.

Geographically, North America has the biggest market share in the pharmacy automation industry. Adoption of new automation technologies in hospitals and pharmacies, an increase in the need to reduce prescription and dispensing errors, the need to improve pharmacy efficiency and workflow management, and an increasing number of hospitals and healthcare laboratories in this region are expected to drive the pharmacy automation market.

Analysis of the Competitive Landscape in the Pharmacy Automation Market

Becton Dickinson and Company, Omnicell Inc., KUKA AG, Baxter International Inc., and Capsa Healthcare are some of the top competitors in the pharmacy automation market.

Companies Using Organic and Inorganic Growth Strategies to Increase Market Share

To get a larger market share, players in the pharmacy automation market are pursuing both organic and inorganic growth methods such as partnerships, acquisitions, investment, and new product releases. For instance,

  • In May 2022, Deenova has announced the UK launch of their revolutionary Pay-Per-dosage unit dosage pharmacy automation solution.
  • In February 2022, Capsa Healthcare has announced the purchase of Humanscale Healthcare, a New York-based designer and manufacturer of flexible technology solutions and computer workstations.

Get Curated Market Research Report on Pharmacy Automation Market @ https://meditechinsights.com/pharmacy-automation-market/

About Medi-Tech Insights:

Medi-Tech Insights is a healthcare-focused business research & insights firm. Our clients include Fortune 500 companies, blue-chip investors & hyper-growth start-ups. We have completed 100+ projects in Digital Health, Healthcare IT, Medical Technology, Medical Devices & Pharma Services.

 

Contact Us:

Ruta Halde

Associate, Medi-Tech Insights

+32 498 86 80 79

info@meditechinsights.com

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