By 2021 end, global pharmacy automation devices market reached the approximate valuation of US$6 Bn according to primary research of the team Fairfield. Automated medicine dispensing machines seem to be capturing a sizeable share of the market in long run.
Unprecedented Technology Integration in Pharma Space Boosts Growth of Pharmacy Automation Devices Market
Over the recent past, technology proliferation in the healthcare space has significantly transformed the industry in terms of achieving higher performance, quality output, cost efficiency and patient success. With the advent of robotics and other advancements such as interactive voice recognition (IVR), inventory management, and outpatient management tools, scalability in pharmacy systems have witnessed a paradigm shift. Pharmacy automation gained traction as the net new in the healthcare space as facilities accepted this shift. By leveraging technology in pharmacy automation, the future of this trend is likely to grow stronger with primary focus on two models, viz., care management, and medication dispensing. Global pharmacy automation devices market is thus expected to observe a promising growth outlook.
With a gradual reduction in human intervention in these two models, more accurate and swift solutions could be obtained. In addition, non-emergency visits to physicians or clinicians can be cut down alongside fostering an efficient feedback system in pharmacies. This has triggered the use of pharmacy automation devices. With the sustained quest for improved accuracy, enhanced inventory management, improved workflow, reduced labour costs and better patient experience and success probabilities, pharmacy automation devices market is likely to see a continuous uptrend in future. With growing emphasis on pharmacy automation, time consuming activities such as packaging, dispensing, updating, medication retrieval and tracking, patient information management, and drug interaction history analysis could be streamlined more efficiently with reduced or no errors. This aspect remains instrumental in driving the need for automation in pharmacies, in turn influencing the growth of the pharmacy automation devices market.
Rising Patient Pool, and Medication Error Facilitate Pharmacy Automation Devices Market Expansion
While complexity and number of medications have risen, systems and devices to manage medical dispensing and other activities have remain unchanged resulting in growing risks of medication errors. In addition, increasing patient pool has resulted in growing load on pharmacists. This has resulted in an increase in patient waiting time and medication errors by using conventional operational methods. Furthermore, this factor is complemented by increasing geriatric population and increasing incidences of life-threatening and chronic ailments which is likely to further increase the risk of errors. For instance, according to Economic Analysis of Prevalence of Clinical and Economic Burden of Medication Error, around 237 million medication errors have been recorded by NHS in England each year with ADRs (Avoidable Drug Reactions) resulting in significant number of deaths every year.
In the wake of this situation coupled with increasing proliferation of technology, healthcare professionals are accepting technological changes given the increasing awareness apropos to adverse conditions due to medication errors. This factor has pushed pharmacies and hospitals to adopt new automation technologies in a bid to shun operating costs alongside enhancing patient safety. That said, focus on reduction of medication errors owing to rising patient load remains instrumental in driving the pharmacy automation devices market growth.
Medication Dispensing Systems Account for a Significant Revenue Share in Pharmacy Automation Devices Market
The adoption of automated medication dispensing systems has been witnessing an upswing since the past few years and is expected to maintain status quo going ahead. This can be attributed towards the ability of the medication dispensing system to reduce procedural time, higher accuracy of dispensing medicines, and improved safety which results in fewer or zero incidences of wrong medication, thereby eliminating medication errors and ensuring patient safety. In addition, automatic pill dispenser machines also offer effective management of inventory thus reducing costs associated with storage. Furthermore, this system also monitors and tracks narcotics and other drugs, monitors patterns of drug usage and eliminates manual end of shift counts and are particularly used in in-patient care departments. Moreover, increasing chain of pharmacies coupled with adoption of AI in pharmacy automation devices across developed and emerging nations is further expected to fuel demand for automated medication dispensing systems. In this backdrop, rising demand for such systems is expected to complement the value growth of the pharmacy automation devices market in the coming years.
North America’s Dominance Intact in Global Pharmacy Automation Devices Market
From a geographical standpoint, the pharmacy automation devices market is poised to witness steady growth in the North America region. Increasing number of patients suffering from chronic ailments remains a crucial factor in triggering use of modern pharmacy solutions and devices. In addition, according to the US FDA, over 250,000 deaths are observed occurring due to faulty medication each year. Wrong medication has remained one of the main causes of deaths worldwide and the region is no exception. Most of the errors in medication occur during dispensation and prescription. This has pushed the adoption of automated medicated dispensing cabinets and systems to regulate drug tractability, improve dispensing speed, manage inventory, and reduce and eliminate dispensing errors. This has significantly fuelled the demand and use of pharmacy automation devices in the region, thus contributing towards growth of their market in North America.
Pharmacy Automation Devices Market: Competitive Landscape
Acquisitions, capacity expansions, mergers and collaborations have been widely accepted growth strategies observed in the pharmacy automation devices market. For instance, in 2022, Humanscale Healthcare was acquired by Capsa Healthcare. With this acquisition, Capsa’s look forward to expanding its portfolio and its market reach. Same year, Capsa announced expansion of its new line of automated dispensing cabinets - NexsysADC. In 2021, ReCept Holdings Inc. was acquired by Omnicell Inc to expand its portfolio of advanced services. Alternativelt, same year, Swisslog Healthcarfe and Centre Hospitalier - Le Mans signed an innovation agreement to synergize their proficiencies and capabilities in the pharmacy space through TheraPick, an automated dispensing and packaging system.
A few of the major players in global pharmacy automation devices market include Capsa Healthcare, Arxium Inc., Omnicell Inc., Scriptpro LLC, Parata Systems LLC, Cerner Corporation, RxSafe LLC, Becton Dickinson and Company, KUKA AG, Yuyama Co. Ltd., and Baxter International.
The Global Pharmacy Automation Devices Market Is Segmented As Below:
By End User
Key Elements Included In The Study: Global Pharmacy Automation Devices Market
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