Pharmacy
automation systems benefit hospitals and pharmacies in ways that can
best be described as effective and error-free. As demand grows across
the globe, there are immense opportunities for vendors in the global
pharmacy automation systems market.
Driving
and restraining factors of the pharmacy automation systems market
There
has been mounting pressure on healthcare providers and pharmacists to
reduce medication errors, which has been a leading cause for death
across the globe. Deploying more effective technologies such as
pharmacy automation systems ensures error-free dispensing of
medication as well as patient safety. Medication distribution has
also become more complex and difficult with rising number of patient
visits – a problem pharmacy automation systems seek to resolve.
Rising drug prices and reducing medical reimbursements affects
pharmacy costs and the installation of these automated systems helps
curb mounting costs. Moreover, pharmacy automation systems also
tackle the problem of standardized packaging, labeling and
compounding of drugs.
In
contrast, lack of awareness regarding the benefits of automated
systems in some countries and high cost of implementation are factors
that curb the growth of the pharmacy automation systems market.
Pharmacy
automation systems: Market segmentation
The
pharmacy automation systems industry is relatively fragmented and can
be segmented on the basis of technology, end users, and geography.
The two chief end-users of pharmacy automation systems are hospitals
and retail pharmacists. Although use of the automated systems is
greater in hospital pharmacies owing to their ability to invest in
expensive high-tech systems, growth in retail pharmacies and drug
store chains has seen a rise in demand for pharmacy automation
systems especially in emerging countries.
On
the basis of technology, the pharmacy automation systems market can
be segmented into automated medication dispensing, table-top tablet
counters, automated compounding systems, automated packaging and
labeling, and storage and retrieval systems. Accounting for 48.3% of
the total market share, automated medication dispensing was the
largest segment in 2011. The segment was valued at US$2.3 billion in
2011 and is expected to grow at a 6.7% CAGR to US$3.6 billion by
2018. One of the main reasons for this growth is the decentralization
of pharmacies in large hospitals in order to improve patient safety
and medication distribution.
On
the basis of geography, the global pharmacy automation systems market
can be divided into North America, Europe, Asia-Pacific, and Rest of
the World.
Rising
healthcare infrastructure to fuel pharmacy automation systems market
in RoW region
North
America dominates the global pharmacy automation systems market,
accounting for over half of the worldwide industry. One of the
primary reasons for this development is increasing errors in
dispensing of medication prescription. Medication errors are a
leading cause of death in North America, with nearly 10,000 people in
Canada and 100,000 in the U.S. dying due to this. With the adoption
of pharmacy automation systems, nearly 70% of these errors can be
prevented, thereby fueling the growth of the pharmacy automation
systems market. In addition to this, pharmacies and healthcare
providers in North America have been striving to incorporate advanced
and automated technology into medication dispersal, increasing the
demand for pharmacy automation systems.
However,
with rising healthcare infrastructure and investments by retail
pharmacists and hospitals, and growing awareness of automated
technologies such as the pharmacy automation systems is expected to
boost the market in the Rest of the World region, making it the
fastest-growing regional market during the forecast period of
2012-2018.
Competitive
landscape
The
global pharmacy automation systems market has numerous small and big
industry players, making it a highly-competitive market. Some of the
key market players include McKesson Corp, Amerisource Bergen Corp,
CareFusion Corp, Swisslog Holding Ltd., Health-Robotics SRL, Kirby
Lester, OmniCell Inc, and ScriptPro. CareFusion Corp leads the
hospital automation segment of the overall pharmacy automation
systems market, while ScriptPro is expected to dominate the retail
pharmacy segment.
Based
on figures provided by a market intelligence firm, the worldwide
market for pharmacy automation systems was valued at US$4.7 billion
in 2011 and is expected to be valued at US$7.8 billion by 2018,
growing at a 7.3% CAGR.
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