Market Analysis and Insights: North America Pharmacy Automation Market
North America pharmacy automation market is expected to gain market growth in the forecast period of 2020 to 2027. Data Bridge Market Research analyses that the market is growing with a CAGR of 7.8% in the forecast period of 2020 to 2027 and is expected to reach USD 4,512.97 million by 2027 from USD 2,510.29 million in 2019. Introduction of advanced robotics, growing incidence of chronic diseases especially cancer, rise in awareness for medical errors and paradigm shift towards automation are the major drivers which propelled the demand of the market in the forecast period.
Pharmacy automation uses robotics and software to automate the traditional pharmacies. Pharmacy automation systems are used from point of order entry to the delivery of the medication making the process more accurate. Pharmacies are able to fulfil the demands of patients and customers with higher efficiency by automating the entire medication delivery process. Pharmacy automation reduces the probability of human error. This helps in reduction of human errors as well as improves customer service.
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Technological advancements in the field of automation including software play an important role in pharmacy automation. In addition to the systems dispensing medication, software is required for patient data management and storage, information interoperability between healthcare providers & patients and management of the workflow. Electronic health records (EHR) are used along with workflow management systems and robotic equipment to achieve pharmacy automation.
Pharmacy automation demand is increasing year-on-year with increasing usage of advanced robots across the variety of industries. In addition, the demand of pharmacy automation has increased with rising preference for automating the medication storage and dispensing process. However, the high cost of the pharmacy automation systems and the need for significant changes in systems is expected to restraint the adoption of pharmacy automation and expected to slow down the growth of the pharmacy automation market in the forecast period.
The pharmacy automation market report provides details of market share, new developments, and product pipeline analysis, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the pharmacy automation market scenario contact Data Bridge Market Research for an Analyst Brief, our team will help you create a revenue impact solution to achieve your desired goal.
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Pharmacy Automation Market Scope and Market Size
The pharmacy automation market is segmented into six notable segments which are based on product, pharmacy type, pharmacy size, application, end user and distribution channel. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
• On the basis of product, the pharmacy automation market is segmented into systems, software, and services. In 2020, systems segment is expected to dominate in the pharmacy automation market as it increases the speed of patient care for an overburdened healthcare ecosystem.
• On the basis of pharmacy type, the pharmacy automation market is segmented into independent, chain and federal. In 2020, independent segment is expected to dominate in the pharmacy automation market as it primarily includes the pharmacies located in large hospitals in a centralized manner. Automated pharmacies can enhance pharmacy workflow and efficiency of centralized pharmacies and hence creates greater convenience for hospitals to reallocate resources to other tasks.
• On the basis of pharmacy size, the pharmacy automation market is segmented into large size pharmacy, medium size pharmacy and small size pharmacy. In 2020, large size pharmacy segment is expected to dominate in the pharmacy automation market as they are usually located in large hospitals in a centralized system with capacity to procure expensive pharmacy automation systems. Large pharmacies primarily need pharmacy automation to reduce human errors and hence adoption of robotic systems is higher.
• On the basis of application, the pharmacy automation market is segmented into drug dispensing and packaging, drug storage, inventory management. In 2020, drug dispensing and packaging segment is expected to dominate in the pharmacy automation market due to the increasing demand for patient safety and misuse of drugs. Through pharmacy automation, medications are locked inside the robot and access is limited to specific staff with positive identification.
• On the basis of end user, the pharmacy automation market is segmented into inpatient pharmacies, outpatient pharmacies, retail pharmacies, online pharmacies, central fill/mail order pharmacies, pharmacy benefit management organizations and others. In 2020, inpatient pharmacies segment is expected to dominate in the pharmacy automation market due to increasing need for hospitals to provide value-based care. Pharmacy automation reduces typically fill times and wait times. Hence, hospitals can improve service levels and customer satisfaction.
• On the basis of distribution channel, the pharmacy automation market is segmented into direct tender and third party distributor. In 2020, direct tender segment is expected to dominate in the pharmacy automation market as it is the primary source of procurement in hospitals and inpatient pharmacies. The presence of large number of companies in the region also makes it easier to avail direct tender services which are more beneficial.
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Pharmacy Automation Market Country Level Analysis
The pharmacy automation market is analysed and market size information is provided by country, product, pharmacy type, pharmacy size, application, end user and distribution channel as referenced above.
The countries covered in the North America pharmacy automation market report are the U.S., Canada and Mexico.
North America is expected to dominate the market as one of the earliest adopters of pharmacy automation in last few years, due to increasing need to reduce medication errors and presence of several domestic and global leaders in the region providing customized high volume pharmacy automation solutions. The U.S is expected to dominate in the market and leading the growth in North America as continuous increase in adoption of pharmacy automation.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.
Strategic Initiatives by Manufactures is Creating New Opportunities for Players in the Pharmacy Automation Market
The pharmacy automation market also provides you with detailed market analysis for every country growth in aesthetic industry with pharmacy automation sales, impact of advancement in the pharmacy automation and changes in regulatory scenarios with their support for the pharmacy automation market. The data is available for historic period 2010 to 2018.
Competitive Landscape and Pharmacy Automation Market Share Analysis
The pharmacy automation market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width and breadth, application dominance, technology lifeline curve. The above data points provided are only related to the company’s focus related to pharmacy automation market.
The major players covered in the report Talyst, LLC., ARxIUM, OMNICELL, INC., Cerner Corporation, Capsa Healthcare, Parata Systems, LLC, ScriptPro LLC, RxSafe, LLC., RxMedic Systems, Inc., MedAvail Technologies, Inc., Asteres Inc., PerceptiMed, Inc., BD, Baxter, Fullscript, McKesson Corporation, Innovation Associates, AmerisourceBergen Corporation, UNIVERSAL LOGISTICS HOLDINGS, INC, Takazono Corporation, TOSHO co., Inc., Global Healthcare Exchange, LLC., BIQHS, Grifols, S.A., Synergy Medical, Yuyama, E-SANTÉ Technology, Genesis Automation LTD, and KUKA AG among other domestic and global players. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
Many product launch and agreement are also initiated by the companies’ worldwide which are also accelerating the pharmacy automation market.
For instance,
• In June 2018, BD entered collaboration with Helmer Scientific, an integrated solution provider for temperature sensitive medication products with the aim of introducing a fully integrated refrigerated automated dispensing solution for pharmacies. This collaboration helped the company to enhance its product portfolio for the pharmacy automation solutions.
• In February 2018, McKesson Corporation entered into collaboration with Creative Pharmacist, a U.S. based pharmacist in order to enhance the clinical program for community pharmacies. This collaboration has strengthened the company’s presence in pharmacy solutions in the U.S.
Collaboration, joint ventures and other strategies by the market player is enhancing the company market in the pharmacy automation market which also provides the benefit for organisation to improve their offering for pharmacy automation.
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