What This Report Will Provide?
The systems for managing medicines have remained largely unchanged for decades, while medications have increased in number and complexity, resulting in potentially greater risks for error. In addition, with the traditional methods of operation within pharmacies, pharmacists have witnessed various issues such as an increase in medication errors and growing patient waiting times, due to the increasing patient load.
Expected Revenue Growth:
[218 Pages Report] 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 (OTC:CAGR) of 8.2% during the forecast period.
Major Growth Boosters:
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.
The objective of the report is to define, describe, and forecast the pharmacy automation market size based on product, end user, and region.
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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
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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Growing need to minimize medication errors :
Medication errors and dispensing errors are recognized as leading causes of hospital readmissions across the globe. A medication error can occur due to a variety of factors such as poor order communication between the physician and pharmacist, dangerous storage practices in pharmacies, and confusion arising out of the use of similar labels. Automated systems are considered to be one of the most efficient solutions to minimize these errors.
Regional Growth Analysis:
North America is expected to hold the largest market size in the pharmacy automation market during the forecast period, followed by the European region. The large share of the North American pharmacy automation market can largely be attributed to the increasing number of drug prescriptions at pharmacies resulting from growth in the aging population. Furthermore, growth in insurance coverage in the U.S. has increased the burden on the country’s healthcare system, which has highlighted the need for improving efficiency and management of work in North America and also the presence of a large number of pharmacy automation companies.