Pharmacy Automation Devices Market Reaches US$6 Bn by 2021 End, Propelled by Unprecedented Technological Integration

by Cloud PR Wire August 17, 2023

The global pharmacy automation devices market has achieved a significant milestone, reaching an approximate valuation of US$6 billion by the end of 2021, as per primary research conducted by the Fairfield team. Automated medicine dispensing machines have emerged as a substantial contributor to this markets growth and are poised to capture a substantial share in the long run.

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Integration of Unprecedented Technology in the Pharmaceutical Realm Drives the Expansion of the Pharmacy Automation Devices Market

The healthcare industry has undergone a substantial transformation through the widespread integration of technology, resulting in improved performance, enhanced 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, the scalability of pharmacy systems has witnessed a profound shift. Pharmacy automation has gained traction as a new frontier in healthcare, with facilities embracing this transformative shift. By harnessing technology in pharmacy automation, the trajectory of this trend is poised for stronger growth, primarily focusing on two models: care management and medication dispensing. This strategic reduction in human intervention in these models leads to more precise and swift solutions. Furthermore, non-emergency visits to healthcare professionals can be minimized, while efficient feedback systems in pharmacies are enhanced. The utilization of pharmacy automation devices has been catalyzed by these factors. The continuous pursuit of accuracy enhancement, superior inventory management, streamlined workflows, reduced labor costs, and improved patient experiences and success rates is expected to drive a sustained upward trajectory in the pharmacy automation devices market. The increasing emphasis on pharmacy automation aligns with the optimized streamlining of activities such as packaging, dispensing, updating, medication retrieval and tracking, patient information management, and drug interaction history analysis, thus leading to greater efficiency with minimal to zero errors. This pivotal aspect is pivotal in fueling the demand for automation in pharmacies, consequently propelling the growth of the pharmacy automation devices market.

Rising Patient Numbers and Medication Error Rates Propel the Expansion of the Pharmacy Automation Devices Market

As the complexity and volume of medications continue to rise, existing systems and devices for managing medical dispensing and related activities remain stagnant, resulting in an escalation of medication errors. Furthermore, the increasing patient population has created heightened demands on pharmacists, leading to extended waiting times for patients and an upsurge in medication errors due to conventional operational methods. This predicament is further exacerbated by the growing elderly population and an increase in life-threatening and chronic illnesses, further elevating the risks of medication errors. For instance, the Economic Analysis of the Prevalence of Clinical and Economic Burden of Medication Error revealed that the NHS in England records around 237 million medication errors annually, with Avoidable Drug Reactions (ADRs) accounting for a significant number of deaths each year. In response to this situation, coupled with the proliferation of technology, healthcare professionals are embracing technological advancements to mitigate the risks associated with medication errors. This shift has propelled pharmacies and hospitals to adopt new automation technologies, aiming to reduce operational costs while enhancing patient safety. The focal point on minimizing medication errors in the face of an expanding patient load continues to be a driving force behind the growth of the pharmacy automation devices market.

Medication Dispensing Systems Emerge as Key Revenue Contributors in the Pharmacy Automation Devices Market

The adoption of automated medication dispensing systems has gained momentum over recent years and is projected to maintain this upward trajectory. This trend is underpinned by the systems ability to reduce procedural time, increase accuracy in medication dispensing, and enhance safety, resulting in fewer instances of incorrect medication, thus elevating patient safety. Furthermore, automatic pill dispenser machines effectively manage inventory, leading to reduced storage costs. Additionally, these systems monitor and track drugs, including narcotics, analyze patterns of drug usage, and eliminate the need for manual end-of-shift counts. Their utilization is particularly prominent in in-patient care departments. Moreover, the growing chain of pharmacies, coupled with the adoption of artificial intelligence (AI) in pharmacy automation devices across developed and emerging economies, is anticipated to fuel the demand for automated medication dispensing systems. This trend is expected to bolster the growth of the pharmacy automation devices market in the coming years.

North Americas Dominance Prevails in the Global Pharmacy Automation Devices Market

From a geographical perspective, the pharmacy automation devices market is set to experience consistent growth in the North America region. The escalating number of patients grappling with chronic illnesses is a pivotal factor driving the adoption of modern pharmacy solutions and devices. Additionally, the US FDA reports that faulty medication leads to over 250,000 deaths annually. Wrong medication remains a prominent cause of fatalities worldwide, and this trend holds true for the North American region. A significant portion of medication errors occurs during prescription and dispensation. To address this concern, the adoption of automated medicated dispensing cabinets and systems has gained traction, contributing to the regulation of drug traceability, dispensing speed improvement, inventory management, and the reduction and elimination of dispensing errors. This heightened adoption of pharmacy automation devices has significantly spurred demand and utilization, thus contributing to the expansion of the market in North America.

Competitive Landscape: Innovations and Collaborations Drive Growth

The pharmacy automation devices market has witnessed a range of growth strategies, including acquisitions, capacity expansions, mergers, and collaborations. In 2022, the acquisition of Humanscale Healthcare by Capsa Healthcare expanded Capsas portfolio and market reach. In the same year, Capsa announced the expansion of its NexsysADC line of automated dispensing cabinets. Additionally, in 2021, Omnicell Inc. acquired ReCept Holdings Inc. to expand its advanced services portfolio. Collaborative efforts, such as the innovation agreement between Swisslog Healthcare and Centre Hospitalier Le Mans to synergize capabilities in the pharmacy space through TheraPick, have further shaped the industry.

Key players in the 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. As the market continues to evolve, these industry leaders are at the forefront of driving innovation and shaping the growth trajectory of the pharmacy automation devices market.

Browse Pharmacy Automation Devices Market Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: https://www.fairfieldmarketresearch.com/report/pharmacy-automation-devices-market

Pharmacy Benefit Management Market: https://www.fairfieldmarketresearch.com/report/pharmacy-benefit-management-market

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