This study intends to unfurl the multiple facets of global pharmaceutical automation market and thereby examine how the short-term growth of the market will unfold during the stipulated time span.
Notably Rising Preference for Pharmacy Automation Raises the Scope of Growth for Pharmaceutical Automation Market
The future of pharmacy automation will primarily focus on two models: dispensing medication and care management. In dispensing prescription to patients, the emphasis will be on the gradual decline in the need for human involvement for a quicker, more accurate, and swift solution. The second model will deal with patient care management. This can be implemented to cut down on unnecessary visits to clinicians or physicians, fostering a feedback system at pharmacies itself. Pharmacy automation includes websites, dispensing robots, digital displays, PMR systems, prescription reordering apps, electronic CD registers, prescription collection points, and pharmacy management systems. A study by the Association for Packaging and Processing technologies (PMMI) has predicted that robots will handle 36 per cent of primary pharmaceutical packaging operations in North America by 2020. An increase in the use of robots is particularly significant in dispensing, sorting, kit assembly and light machine-tending. The advantages include greater speed and accuracy, more flexibility, and more reliability.
Filling, inspection, and packaging - manufacturers must ensure that the correct amount of medication, with the exact chemical composition and weight are precisely packed into the appropriate containers
Personalised medicines - bringing the industry closer to more precise, predictable healthcare that is customised to the individual patient. Despite the differences in genetics, age and gender, most people receive identical medical treatment when diagnosed with the same condition. This is because even the world's best scientists and doctors don't fully understand how individuals develop diseases and respond to treatments. This has resulted in a one-size-fits-all approach to medicine that is based on broad population averages
Robotics in the laboratory - making use of robotics to automate specific processes in drug development, including drug screening, anti-counterfeiting, and manufacturing tasks
Surging Popularity of Automated Medication Dispensing to Fuel Growth of Pharmaceutical Automation Market
An increase in need for medication dispensing has been serving as a critical factor for pharmaceutical automation market as it is used in inpatient care units, these systems eliminate the manual end-of-shift narcotic counts, and track narcotics and other prohibited drugs, as well as drug usage patterns. The systems' capacity to eliminate drug errors, shorter turnaround times, and increased patient safety concerns should be credited for this. During the pandemic, demand for pharmaceuticals increased as the infection rate rose. Over 100,000 suspected pharmaceutical mistake incidents are still reported in the US each year, according to the US FDA. Additionally, research by Johns Hopkins University found that drug errors cause more than 250,000 fatalities per year in the US. The necessity for automated drug dispensing systems increased as the number of infections rose. As a result, demand for these automated systems has increased since healthcare facilities and pharmacies tend to prefer them. Automated dispensing systems also strike a compromise between safety, usability, inventory management, and medication control. Escalating demand for automated dispensing systems is likely to favour the growth of pharmaceutical automation market.
Rapid Expansion of Retail Pharmacies Fuels the Journey of Pharmaceutical Automation Market
Retail pharmacies are expected to be the fastest-growing segment of the pharmaceutical automation market over the forecast period. The adoption of these solutions in retail pharmacies is being driven by the growing uses of these solutions in the prescription filling, reducing costs and errors, inventory tracking, and streamlining operations. For instance, prescription dispensing, the real-time inventory tracking, and workflow optimization solutions provided by RxSafe's automated robotic storage and retrieval systems enable retail pharmacies to experience speed, space savings, accuracy, and convenience. Depending on how they are used in various pharmaceutical procedures, mechanical advancements in the pharmacy automation system lead to more highlights, a greater success rate, and more recent employments of the equipment. The widespread availability of mechanically new tools to dispense, combine, store, and imprint doctor-recommended pharmaceuticals likely promises clearer, more accurate, and safer use for improved healthcare outcomes.
Ascending Chronic Disease Prevalence Keeps North America’s Pharmaceutical Automation Market Afloat
Due to rapid growth in the incidence of numerous chronic diseases and the rising number of patients on the North American continent, pharmaceutical automation market maintains a sizable share. There has been an increase in demand for medication and pharmaceuticals to be given without cross-contamination and mistakes during the COVID-19 outbreak. All the variables have thus contributed to an increase in system demand. As a result, it is one of the main causes of death in the nation. Most drug mistakes happen during prescription, and dispensing. Automated medication dispensing systems, and cabinets are becoming more popular in North America as they decrease errors associated with pharmaceutical distribution while also enhancing inventory stock management, drug traceability, and dispensing speed.
The debut of Max 2, a next-generation vial-filling robot, was announced by pharmacy automation supplier Parata Systems in October 2019. To enhance workflow and satisfy the needs of busy pharmacies, the pharmacy automation robot automates the labelling, filling, and capping of vials. This contributed to the expansion of the regional market for pharmacy automation. The market for pharmacy automation equipment in North America is anticipated to be driven by technological developments in drug administration in hospitals and pharmacies. For instance, five of the hospitals run by Duke University Hospital in the United States now use Omnicell's XT series automated dispensing technology. These newly created cabinets have a larger capacity and can hold 30% more pharmaceuticals while maintaining the same general shape as the previous version. High-volume dispensing cabinets may become more popular in the area in the wake of growing concerns around poor inventory management, which can ultimately be expensive for businesses. This will continue to influence the dynamics of pharmaceutical automation market.
Developing Economies Reflect High-potential Growth Pockets for Pharmaceutical Automation Market
The pharmaceutical automation market is predicted to grow most rapidly across emerging economies. Developing nations have a sizable elderly population. The population of Eastern and Southeastern Asia is predicted to age twice as quickly as the rest of the world, with the number of people 65 and older estimated to rise from 260.6 million in 2019 to approximately 572.5 million by 2050, according to the UN report on World Population Ageing (2019). In several Asian nations, this demographic trend is anticipated to increase the number of patients and fuel demand for high-quality patient care and effective pharmaceutical delivery. As a result, it is anticipated that in the upcoming years, demand for pharmacy automation systems would rise in a number of Asian nations, thereby pushing the growth of pharmaceutical automation market ahead.
Global Pharmaceutical Automation Market: Competitive Landscape
Humanscale Healthcare (US), a New York-based designer and manufacturer of adaptable technology solutions and computer workstations, was acquired by Capsa Healthcare in 2022. By combining its products, Capsa now has the widest range of products available and is better able to provide healthcare partners throughout the world point-of-care computer solutions that are ergonomically designed. On the other hand, Capsa Healthcare (US) announced in 2022 that it would be adding more automated dispensing cabinets to its NexsysADC line. In two new sizes of Controlled Access Module Drawers, NexsysADC can hold any size of high-value or controlled drugs or supplies.
A few of the key players in the pharmaceutical automation market include Capsa Healthcare, Becton, Omnicell, Inc., (Swisslog Healthcare), Baxter International Inc. (US), Parata Systems, LLC , Dickinson and Company, McKesson Corporation , ARxIUM Inc., Cerner Corporation, Yuyama Co., Ltd. , TouchPoint Medical Solutions (US), Innovation Associates , Willach Group, Stäubli International (Switzerland), Pharmacy Automation System, and Deenova SRL.
Global Pharmaceutical Automation Market is Segmented as Below:
By End User
Key Elements Included In The Study: Global Pharmaceutical Automation Market
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