A recent report published by Infinium Global Research on pharmacy automation systems market provides an in-depth analysis of segments and sub-segments in global as well as regional pharmacy automation systems market. The study also highlights the impact of drivers, restraints and macro indicators on the global and regional pharmacy automation systems market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global pharmacy automation systems market. According to the report the global pharmacy automation systems market is projected to grow at a CAGR of 6.5% over the forecast period of 2018-2024.
Pharmacy uses automation systems to meet the broad need for pharmacies. Automation system in pharmacy reduces its medical inventory and improves cash flow. Pharmacy automation systems include medication dispensing cabinets, packaging & labeling machines, IV pharmacy, robotic dispensing machines, carousel storage, and tablet splitters. This helps patients especially the elderly, take their medication at the right times. Some of the advantages of pharmacy automation systems include higher reliability and accuracy, flexible design to meet individual pharmacy requirements, reduces drug wastage and medication cost, minimize time-consuming labor work and improve work efficiency, increases pharmacist time to consult with patients and enhances patient’s experiences.
Use of pharmacy automation systems helps in improving the efficiency and productivity of the pharmacy is a primary driver for the pharmacy automation systems market growth. Besides this, reduce medication errors, rush in pharmacy centers, reduce inventory and space saving design of the machine are also some of the factors leading to increasing demand for pharmacy automation systems. However, the high cost of implementation of the automation system to hinder the market growth. Continually developing new solutions to aid pharmacies in increasing throughput can create more opportunities in the near future.
Geographically, North America held the largest market share in 2017 and is expected to dominate throughout the forecast period. Meanwhile, Europe is the second largest market for pharmacy automation systems. In North America, heavy investment is been done in pharmacy automation in order to minimize medication errors. This investment was done in pharmacy automation as it was found that error in medication prescription dispensing was a leading cause of death in North America after cancer, heart attack and stroke. Asia-Pacific is expected to grow at the highest CAGR on account of rising awareness and investment in healthcare infrastructure.
The report on global pharmacy automation systems market covers segments such as product type, application, and end-user. On the basis of product type, the global pharmacy automation systems market is categorized into medication dispensing cabinets, packaging & labeling machines, IV pharmacy, robotic dispensing machines, carousel storage, and tablet splitters. On the basis of application the global pharmacy automation systems market is categorized into drug dispensing & packaging, drug storage and inventory management. On the basis of end-user the global pharmacy automation systems market is categorized into hospital pharmacies, clinic pharmacies, retail pharmacy stores, mail order pharmacies, and pharmaceutical SMEs. While improving accuracy and controls in a very cost-conscious pharmacy market expansion.
The report provides regional analysis covering geographies such as North America, Europe, Asia-Pacific, and Rest of the World. In this section, the key trends and market size for each geography are provided over the period of 2016-2024. The countries covered in the North America region include the U.S., Canada, and Mexico; while Asia-Pacific includes China, Japan, India, South Korea, Malaysia, and among others. Moreover, Germany, U.K., France, Spain, and Rest of Europe are included in the European region. The U.S. drives the growth in the North America region as it is the largest market in the region. The Asia-pacific region offers a substantial potential for the market growth owing to rapid growth in markets such as India and China. The APAC region is projected to experience growth at a CAGR of x.x% over the period of 2018-2024.
The report provides profiles of the companies in the global pharmacy automation systems market such as McKesson Corporation, AmerisourceBergen Corporation, Health Robotics SRL, CareFusion Corporation, Cerner Corporation, Omnicell Inc, Kirby Lester, Baxter International Inc., ScriptPro LLC, and Yuyama Co., Ltd.
The report provides deep insights on demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the global pharmacy automation systems market. Moreover, IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as porter's five forces analysis and DRO analysis of pharmacy automation systems market. Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the pharmacy automation systems market that will impact the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players. This report will help manufacturers, suppliers, and distributors of the pharmacy automation systems market to understand the present and future trends in this market and formulate their strategies accordingly.