North America Pharmacy Automation Market By Product, Pharmacy Type, Application, Pharmacy Size & Leading Key Players
June 23, 2022
North America Pharmacy Automation Market Industry Trends, Growth, Analysis, Opportunities, Application & Technology TrendsNEW YORK, UNITED STATES, June 23, 2022 /EINPresswire.com/ -- Data Bridge Market Research analyses that the North America Pharmacy Automation Market was valued at USD 1.87 billion in 2021 and is expected to reach USD 3.60 billion by 2029, registering a CAGR of 8.40% during the forecast period of 2022 to 2029. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
In recent years, the pharmacy automation market is anticipated to proliferate during the forecast period. There has been an upsurge in the elderly population over the world. As a result, the number of chronic and life-threatening disorders is on the rise in the number of prescriptions prescribed. According to the study "Economic analysis of the prevalence and clinical and economic burden of medication error in England," released in June 2021, the NHS in England makes an estimated 237 million prescription errors each year, resulting in hundreds of fatalities. As a result, hospitals and pharmacies are implementing innovative pharmacy automation technology to save money while improving patient safety.
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The use of mechanized technologies for digitalizing medical and healthcare workflow procedures is referred to as pharmacy automation. These systems help to automate routine tasks and reduce human interaction by performing several roles. Mixing liquids and powders for compounding, drug counting, maintaining client databases, and inventory management are just a few of the responsibilities. They also help to reduce errors in the packaging and distribution of pharmaceuticals. Furthermore, pharmacy automation keeps track of narcotics and other regulated pharmaceuticals, tracks usage patterns, and assures optimal operational efficiency.
North America Pharmacy Automation Market Dynamics
Increasing need to minimize medication errors
The rising need to minimize medication errors is a major factor driving the pharmacy automation market's growth rate. Medication and dispensing errors are two of the most common reasons for hospital readmissions worldwide. A medication error can be caused by several things, including inadequate order communication between the doctor and the pharmacist, unsafe pharmacy storage procedures, and confusion caused by the usage of similar labels. One of the most effective ways to reduce these errors is to use automated systems.
Increasing investment for healthcare infrastructure
Another significant factor influencing the growth rate of pharmacy automation market is the rising healthcare expenditure which helps in improving its infrastructure.
Furthermore, decentralization of pharmacies will expand the pharmacy automation market. Additionally, high disposable income and increasing labor cost will result in the expansion of pharmacy automation market. Along with this, rising geriatric population and increasing prevalence of chronic diseases will enhance the market's growth rate.
Increasing awareness among pharmacists
Moreover, the market's growth is fueled by the growing awareness among pharmacists. This will provide beneficial opportunities for the pharmacy automation market growth. Due to the increased patient load, pharmacists have seen a rise in medication errors and expanding patient waiting times as a result of the old methods of operation within pharmacies. Healthcare professionals are becoming more aware of drug errors and adverse outcomes, and their concerns are growing.
Moreover, rising investment for the development of advanced technologies and an increase in the number of emerging markets will provide beneficial opportunities for the pharmacy automation market growth during the forecast period.
On the other hand, the delay in the drug approval process and poor order communication between physicians and pharmacists will obstruct the market's growth rate. The dearth of skilled professionals and lack of healthcare infrastructure in developing economies will challenge the pharmacy automation market. Additionally, strict regulatory procedures and improper storage practices in pharmacies will act as restrain and further impede the growth rate of market during the forecast period of 2022-2029.
This pharmacy automation market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the pharmacy automation market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Patient Epidemiology Analysis
Pharmacy automation market also provides you with detailed market analysis for patient analysis, prognosis and cures. Prevalence, incidence, mortality, adherence rates are some of the data variables that are available in the report. Direct or indirect impact analyses of epidemiology to market growth are analysed to create a more robust and cohort multivariate statistical model for forecasting the market in the growth period.
Some of the major players operating in the North America pharmacy automation market are:
Talyst, LLC (US)
KUKA AG (Germany)
Cerner Corporation (US)
OMNICELL, INC. (US)
Capsa Healthcare (US)
Parata Systems, LLC (US)
ScriptPro LLC (US)
RxSafe, LLC. (US)
RxMedic Systems, Inc (US)
MedAvail Technologies, Inc.(Canada)
Asteres Inc. (US)
PerceptiMed, Inc. (US)
McKesson Corporation (US)
Innovation Associates (US)
AmerisourceBergen Corporation (US)
UNIVERSAL LOGISTICS HOLDINGS, INC (US)
Takazono Corporation (US)
TOSHO co., Inc. (Japan)
Global Healthcare Exchange, LLC. (US)
Synergy Medical (US)
E-SANTÉ Technology (France)
Genesis Automation LTD (US)
Grifols, S.A. (Spain)
Baxter (US) To Gain More Insights into the Market Analysis, Browse Summary of the Research Report@ https://www.databridgemarketresearch.com/reports/north-america-pharmacy-automation-market
COVID-19 Impact on North America Pharmacy Automation Market
Since its emergence in December 2019, the COVID-19 virus has spread to nearly every country on the planet, prompting the World Health Organization (WHO) to declare it a public health emergency.
The market has been seeing a beneficial influence throughout the COVID -19 pandemic. This is due to an increase in the transmission of infection from healthcare personnel to patients and an increase in the global demand for pharmaceuticals. As a result, hospitals and pharmacies prefer automated solutions to prevent the virus from spreading. Furthermore, there has been an increase in the need for prescription pharmaceuticals, which has provided an opportunity to use pharmacy automation systems to reduce infection rates.
In March 2022, Deenova announced the launch of three new innovative additions to its award-winning D3 product line of mechatronic solutions. These new D3 additions of AIDE-Pick, AIDE-Cut, and AIDE-Pack join Deenova flagship solutions D1 All-In-1 Robot, D1 All-In-1 Station, D1 All-In-1 Trolley, and Orbit in a distinctive, innovative, and comprehensive approach to Pharmacy Automation.
North America Pharmacy Automation Market Scope
The pharmacy automation market is segmented on the basis product, pharmacy type, pharmacy size, application, end user and distribution channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
On the basis of product, the pharmacy automation market is segmented into systems, software, and services.
On the basis of pharmacy type, the pharmacy automation market is segmented into independent, chain and federal.
Large Size Pharmacy
Medium Size Pharmacy
Small Size Pharmacy
On the basis of pharmacy size, the pharmacy automation market is segmented into large size pharmacy, medium size pharmacy and small size pharmacy.
Drug Dispensing and Packaging
On the basis of application, the pharmacy automation market is segmented into drug dispensing and packaging, drug storage, inventory management.
Central Fill/Mail Order Pharmacies
Pharmacy Benefit Management Organizations
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.
Third Party Distributor
On the basis of distribution channel, the pharmacy automation market is segmented into direct tender and third party distributor.
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North America Pharmacy Automation Market Regional Analysis/Insights
The pharmacy automation market is analysed and market size insights and trends are 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 U.S., Canada and Mexico.
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 like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of North America brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and North America 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, North America presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to pharmacy automation market.
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