Critical Need to Minimize Medication Errors Drives Adoption of Pharmacy Automation

Published Date : May 22, 2017

Albany, New York, May 22, 2017: has announced the addition of a report, titled “Global Pharmacy Automation Market Research Report 2016,” to its vast repository. The report is an in-depth reports of the various important aspects of the global pharmacy automation market. It discusses the factors driving or restraining the market and their extent to which they impact the growth. It extensively covers the competitive scenario and geographical segmentation of the market.

The critical need to minimize medication errors plays a vital role in the development of the global pharmacy errors market. Any error during medication can put the life of the person at stake. Moreover, the expanding pool of aged population and decentralization of pharmacies are stoking the growth of the market. The rising cost of labor is also impelling pharmacies to rely on automated processes, thereby providing a fillip to the market. However, the high initial cost of implementing automation is hampering the growth of the market. Nevertheless, the increasing government measures to cut down the healthcare costs are opening new avenues for players in the market.

On the basis of application, the global pharmacy automation market is divided into retail pharmacy, inpatient pharmacy, outpatient pharmacy, and others. Each segment is analyzed on the basis of growth rate, market share, and consumption. Inpatient pharmacy will account for a substantial share in the global arena. The soaring need for enhanced efficiency and accuracy of pharmacy units in hospitals and minimizing the waiting time in inpatient pharmacies is contributing to the growth of the segment.

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Based on product, the market is fragmented into table-top counters, storage and retrieval systems, automated medication dispensing systems, automated packaging and labeling systems, automated medication compounding systems, and others. Automated medication dispensing systems will be a major revenue contributor. The growing need for timely and accurate dispensing system of a regimen and increasing demand for prevention of medication errors are supplementing the growth of the segment.

From the geographical standpoint, the report segments the global pharmacy automation market into Europe, North America, Southeast Asia, China, India, and Japan. North America will be a prominent market throughout the forecast period. The growing geriatric population, favorable government initiatives, and rapid technological advancements are fuelling the growth of the region. A large number of key players are headquartered in the region, which ensures early adoption of novel technologies in North America. The market in India and China will be highly opportunistic, thanks to the rapid development of healthcare IT infrastructure and the widening pool of patients.

Technological advancements and strategic collaborations will be among the primary areas of focus for key players in the global pharmacy automation market in order to stay relevant. Some of the prominent companies operating in the market are Becton, Dickson, and Company, YUYAMA, Swisslog, Cerner, Omnicell, Willach Group, Baxter International, Kirby Lester, Talyst, Parata, ScriptPro, TCGRx, Takazono, and TOSHO.

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