Pharmacy automation is the mechanization or automation of tasks and processes performed in pharmacy or other health care settings; it includes processes like medication dispensing, packaging, labeling, storage and retrieval systems, and tabletop counters. The Economic downturn is forcing a lot of companies to automate the process in order to reduce the cost incurred in paying wages to the employees. Increased competition among pharmaceutical companies rise in demand for pharmaceutical products, technological advancement, precise robotic tools are contributing to the growth of this budding market. Furthermore, the need for increasing the efficiency of work within the pharmacies, productivity, system integration, lowering of medication errors, and in order to provide additional time to pharmacists and clinicians for patient care are the key drivers for the growth of pharmacy automation devices market.
The overall pharmacy automation devices market on the basis of the application is segmented into six product categories namely automated packaging and labeling systems, automated medication dispensing systems, storage and retrieval systems, automated medication compounding systems, table-top counters, and other systems. Automated medication dispensing systems provide computer-controlled dispensation, storage, tracking, and recording of medication distribution on the resident care unit. These dispensing cabinets can hold many different medications at one time. It allows pharmacists and medical practitioners to give out medicines accurately and can keep a record of it in the computer system.
Pharmacy automation devices market, by application, 2012 - 2020 (USD million)
Automated dispensing systems hold the biggest market share owing to the requirement of accurate and timely dispensing of medicines at the healthcare facilities. While most of the revenues for automated medication dispensing systems come from the hospitals with more than 400 beds. However, tablet counters and compounding machines are being used widely by small and mid-size hospitals. Packaging and labeling instruments include sealers, fillers and sealers, deblistering machines, and printing solutions. On account of stringent government and FDA rules regarding the components of medication packaging and labeling, segment is expected to register significant growth for the estimated period.
End-use segments analyzed in this study include hospital pharmacy and retail pharmacy. Hospital pharmacy automation includes point-of-care automation solutions, central pharmacy automation solutions, preparation and packaging automation solutions, ordering and receiving automation solutions, bar-code medication dispensing, pharmacy robots, medication dispensing nursing stations, and carts. Retail pharmacy equipment would include tabletop tablet counters, verification systems, and robotic dispensing systems.
Global pharmacy automation devices market on the basis of geography is segmented into four key regions namely North America, Europe, Asia-Pacific, Row. North America accounted for largest market share followed by Europe in 2013. Factors such as the increasing geriatric population, the requirement for reduction of errors in the healthcare industry, need for suppression in cost, and growing demand for the technologically advanced products in healthcare infrastructure are the key factors driving the growth of these markets. Asia Pacific is expected to register a very high growth rate for the estimated period owing to the large population base. Growing number of cases in chronic diseases, the presence of untapped market opportunities in the region are the key drivers for the growth of this market. Furthermore, technological advancement in the medical industry is expected to fuel the growth of pharmacy automation devices market over the forecast period.
Some of the major participants operating in global pharmacy automation devices market include AmerisourceBergen Corporation, Accu Chart Healthcare, CareFusion Corporation, ForHealth Technologies, Fulcrum Inc, GSE Scale Systems, McKesson Corporation, Pearson Medical Technologies, Innovation PharmaAssist Robotics, Health Robotics SRL, Medacist, Kirby Lester, Pyxis Pharmacy Automation Systems, MedDispense, MTS Medication Technologies, Rice Lake Weighing Systems, Cerner Corporation, Omnicell Inc, Aesynt Inc., Parat Systems Pharmacy Automation, ScriptPro LLC, Baxter International Inc., Swisslog Holding Ltd, ScriptPro LLC, Yuyama Co., Ltd, and Talyst Inc.
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With Covid-19 infections rising globally, the apprehension regarding a shortage of essential life-saving devices and other essential medical supplies in order to prevent the spread of this pandemic and provide optimum care to the infected also widens. In addition, till a pharmacological treatment is developed, ventilators act as a vital treatment preference for the COVID-19 patients, who may require critical care. Moreover, there is an urgent need for a rapid acceleration in the manufacturing process for a wide range of test-kits (antibody tests, self-administered, and others). The report will account for Covid19 as a key market contributor.