(PharmaNewsWire.Com, August 28, 2019 ) According to the new market research report “Pharmacy Automation System Market by Product (Medication Dispensing System (Robot, Carousel), Packaging & Labeling System (Unit Dose, Multi Dose), Tabletop Counter, Storage System), End User (Inpatient, Outpatient, Retail Pharmacy) - Global Forecast to 2022", published by MarketsandMarkets™, The global pharmacy automation market is projected to reach USD 5.38 billion by 2022, at a CAGR of 8.2% from 2017 to 2022. The market growth can be attributed to a number of factors such as the growing need to minimize medication errors, rapid decentralization of pharmacies, changing population demographics, and rising labor costs.
Pharmacy automation systems refer to a variety of systems and software designed to increase the productivity of pharmacies and precision of the medication compounding process by reducing human intervention. Automated systems mechanize various procedures in pharmacies, including the storage, packaging, dispensing, pickup, delivery, and distribution of drugs.
The pharmacy automation market has been segmented on the basis of product, into automated medication dispensing systems, automated packaging and labelling systems, automated table top counters, automated medication compounding systems, automated storage and retrieval systems, and other pharmacy automation systems. The market for automated packaging and labelling systems is expected to grow at the highest CAGR between 2017 and 2022. On the other hand, among all the products, automated medication dispensing systems are most widely used. The high adoption of these instruments is contributing to the rapid growth of the market.
The leading position of McKesson can mainly be attributed to its well-established position in the pharmaceutical distribution business in the U.S. and Canada as well as its strong portfolio of pharmacy automation systems. In the last few years, the company has launched several products such as EnterpriseRx (a next-generation pharmacy software system), Your Pharmacy Online (a mobile application), ExpressRx Track (a pharmacy automation solution), ScanAbility (Barcode Medication Administration Analytics Tool), and McKesson Ambulatory Pharmacy Solutions, to name a few. These products have helped to reinforce the company’s product portfolio, thereby giving it a competitive advantage over other players in the market.
Browse and in-depth TOC on “Pharmacy Automation System Market”
In 2016, North America accounted for the largest share of the global pharmacy automation market, largely attributed to the increasing number of drug prescriptions at pharmacies resulting from growth in the aging population.
The major players in the pharmacy automation market are Becton, Dickinson, and Company (U.S.), Omnicell, Inc. (U.S.), Cerner Corporation (U.S.), Capsa Healthcare (U.S.), Parata Systems LLC (U.S), Baxter International, Inc. (U.S.), ScriptPro LLC (U.S.), KUKA AG (Germany), TCGRx Pharmacy Workflow Solutions (U.S.), RxSafe, LLC (U.S.), ARxIUM Inc. (U.S.) and Talyst systems LLC. (U.S.).
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