Automated Pharmacy Systems Market demand is estimated to grow at a CAGR of 8.6% during the forecast period
Artificial intelligence (AI) and robotic technology have incremented the deployment of smart pharmacy automation technology in the healthcare and pharmaceutical sectors. This provides high accuracy and efficiency in workflow processes thereby prioritizing patient-centered care. Automated dispensing machines are gradually penetrating the healthcare facilities. It simultaneously aids in improvising prescription drug distribution and minimizing errors and medication wait time. Consequently, these highly reliable automated dispensing machines are propelling the global pharmacy automation system market growth. The popularization of electronic medical record (EMR) systems in healthcare facilities necessitate the tech innovation in the drug delivery and manufacturing procedures. This facilitates the adoption of automation and robotics to streamline pharmacy operations, emerging as a solution to lead over the manual methods of drug dispensing. Digitization of data processing, data collection, and data transfer processes through machine learning applications provides insight into the prognosis of certain drug applications. Additionally, through automated medication interaction alert these automated processes restrict any misuse of drug distribution. Process automation is a cost-effective approach towards high productivity and advancement in the modern medical industry accomplishing huge benefits, also complying with government regulations through accuracy and efficiency in workflow. The revolutionary touch screen interface in modern drug dispense system is a convenient upgradation with similar working attributes as smartphone, provided by Omnicell’s XT automated dispensing cabinets and ARxIUM’s MedSelect™, which are likely to urge demand-pull inflation to the global pharmacy automation system market. Also, a novel drug dispensing and medication system for guiding senior persons are launched by the healthcare technology company Pillo is a breakthrough innovation overwhelmingly disrupting pharmacy automation system market. With a revenue generation of $4 billion, the global pharmacy automation system market is set to leverage high economic income in the future years. The upheaving demand for automated pharmacy systems is estimated to grow considerably at a CAGR of 8.6% during the forecast period of 2019-2025, whereby the automated medication dispensing system demand will increase at 6.42%. The report covers Pharmacy Automation Systems Market size by type and applications, Pharmacy Automation Systems Market share by top 5 companies and also the market share by start-ups during the forecast period.
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North America is dominating the global pharmacy automation system market with a regional share of 35% as of 2018 and is projected to lead the market propelled by several key reasons. Parkinson’s disease (PD) is affecting the residents in the United States and nearly one million people will suffer from this disease by 2020 as stated by the Parkinson’s Foundation. The treatment through drugs is the chief procedure for the PD patients signifying the necessity for medication supply which will simultaneously uplift the pharmacy automation market in this region. American healthcare facilities embrace technological advancement openly, and the automation of pharmacy workflows is deliberately adopted by several companies in the North American region. Omnicell, Inc. specifies that various hospitals in the U.S. are implementing its smart pharmacy robotic systems to eliminate manual task procedure which results in critical medical error. Some of the adopters of Omnicell’s smart technology solution includes Mercy Health (Illinois), Summa Health (Ohio), Sentara Healthcare (Virginia), UPMC (Pennsylvania), and others. This is reflective of the demand for the precision medication in this region, significantly upheaving the growth of the pharmacy automation systems market.
Factors Affecting The Pharmacy Automation System Market Growth:
Incessantly Increasing Chronic and Fatal Diseases:
Growing technological progress and innovation is simultaneously aligned with increasing fatal and chronic diseases which are outnumbering medication procedures available throughout the world. This brings into the picture the dire need for a sufficient amount of pharmacy products to tackle the global health crisis thereby upheaving the growth prospects of the global pharmacy automation system market which will efficiently maintain stability between rising disease and associated medication. The number of patients requiring chemotherapy annually will increase from 9.8 million in 2018 to 15 million by 2040 as per the Lancet Oncology journal. This is indicative of the provision for chemo drugs which are likely to positively affect the global pharmacy automation system market for drug dispensing and delivering on a large scale significantly leveraging high revenue. Furthermore, the significant occurrence of new diseases such as Ebola and other hemorrhagic fevers will necessitate the production of effective medication resultantly elevating the demand for automated drug dispense systems in healthcare organizations to provide safe medication to the people all across the globe.
Growing Electronic Medication And Shortage of Drugs:
Electronic medication systems aids to the minimization of pharmacy error while dispensing and distributing drugs and doses owing to which it is gaining wide-scale demand in several medical organizations. Implementation of pharmacy regulations as set by the governmental drugs administration also co-aligns with the deployment of pharmacy automation system which alerts about any noncompliance medication thereby maintaining patient safety and promoting the precision of the pharmacy department in the medical sector. Increase in the number of outpatients and error induced by conventional community pharmacy also adds to the rise in the automated drug dispense systems throughout the world enhancing the medication management process with specific patient information verification and accurately labeling individual drug packaging. Additionally, drug shortage is a major concern with serious implications such as delay inpatient treatment, less effective treatment, and compromised recommended treatment compelling medical utilities to consider alternative pharmacy options which will eliminate such excessive inconveniences. According to the American Society of Health-System Pharmacists, around 186 kinds of drug shortages were registered in the year 2018 making providing scope for the automation pharmacy system to deliver effectively medication to fill the new drug shortages thereby propelling the niche market growth. With a huge database for medication information, pharmacy automation systems facilitates computerized bulk storage, record and tracking of medication detailing and transactions, also expediting the accurate quantity of packaging and dispensing of drugs consequently pulling huge demand in the global medical industry.
Capital Investment for Pharmacy Robotics And Automation:
Digitized workflow network provides technological supremacy over the manual methods of medication distribution subsequently promoting the financial income of the niche market and solutions towards growing pharmacy error worldwide. Resultantly, several companies and medical sectors are investing largely to incorporate pharmacy automation systems which will eventually reduce the work congestion and improvise patient indulgence experience. Recently, Rowland Pharmacy in the U.K. announced to sell 70 of its pharmacy branches to embrace the advanced technology and deploy automation technique and strengthening its overall community pharmacy network. Similarly, the United Arab Emirates (UAE) deployed its fifth smart pharmacy at Dubai’s Rashid Hospital and robot pharmacy dispensing medication at the Dubai Hospital in 2017. The Dubai Health Authority (DHA) also highlights that the robotic drug dispensing stores approximately 35,000 medicines and facilitates dispense of 12 prescription medication within an interval of one minute. Also, the University Hospitals Birmingham NHS Foundation Trust had an annual expenditure of $1.13 million on pharmacy robots during the period of 2017-2018. This is indicative of the emerging revolutionary trend shift towards smart pharmacy technology which gradually opens a wide scope of opportunity for the global pharmacy automation system market in the forthcoming years.
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Key Market Players and Their Product Profiling:
Leading market companies capitalize largely in the development and manufacturing of novel solutions and products which eventually hierarchizes their brand image generating high economic output and escalates future growth prospects. Companies such as Omnicell Inc., Kirby Lester, Baxter International Inc., Cerner Corporation, Mckesson Corporation, Scriptpro LLC, Swisslog Holding AG, Carefusion Corporation, and others create distinctive product portfolios to lure the vendor’s interest whereby leveraging s huge customer base and gaining a stronghold position in the competitive market landscape.
Baxter International Inc is a renowned America-based healthcare solution provider and its main contribution to this market remains the DoseEdge pharmacy system which is credited for identifying medication error prior to the application of any specific drugs. Omnicell Inc., another leading pharmacy automation service provider in the global market, delivers advanced and holistic drug dispensing management which can be utilized in healthcare premises, community and retail pharmacy, and closed-door pharmacy. Incorporated with the latest intelligent technology such as robotics, automation, and cloud connectivity network system, Omnicell provides medication packager, robotic medication pack dispensing, and XR2 automated central pharmacy system.
A. Pharmacy Automation Devices Market
B. Medical Automation Market
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