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Global Pharmacy Automation Equipment Market to Register Notable Growth Given the Decentralization of Pharmacies

Inkwood Research anticipates that the Global Pharmacy Automation Equipment Market is evaluated to project a CAGR of 7.93% in terms of revenue during the forecasting years of 2021-2028.

“Browse 39 Market Data Tables and 39 Figures spread over 200 Pages, along with an in-depth TOC on the Global Pharmacy Automation Equipment Market Forecast 2021-2028.”

 

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Pharmacy automation is characterized as decentralized or centralized automated dispensing, labeling, packing, and other systems, that help minimize dispensing errors. Moreover, it also plays a vital role in terms of improving the workflow efficiency of hospital nursing staff as well as pharmacies.

Decentralization of Pharmacies to Augment Market Growth

Decentralized pharmacy services are considered in order to refer to a practice model where a pharmacist located on the ward is primarily responsible for distribution and clinical services, including possibly order entry and order validation. As a result, such decentralized pharmacy services are the most favored method of pharmacy service delivery across hospitals, owing to the advantages offered. These entail increased patient safety, cost-effectiveness, improved efficiency in patient care, and higher job satisfaction for healthcare members and pharmacists, as well.

In a decentralized approach, medications are kept in medication rooms and will only dispense following the orders of the doctor. The model also provides multiple tower dispensers, in addition to medication rooms harboring several dispensers.

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Hospital Pharmacy is the Leading End-User

Typically, separate departments manage all hospital-related purchasing, such as medical supplies, pharmaceuticals, equipment, and others. The pharmacy department is regulated by numerous people in terms of pharmaceutical procurement, with a designated committee assisting with the same. Furthermore, hospital pharmacies are also expanding with an elevated preference for pharmaceutical companies to ensure the availability of necessitated medications at the earliest. Since the frequency of patients in the out-patient department is relatively high during the day, these services are highly important.

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North America Captured the Highest Market Share in 2020

The market growth in North America is fueled by numerous factors like increasing strategic activities by the government, rising public health awareness, the presence of leading players, and the growing adoption of pharmacy automation equipment in the United States. Moreover, the increasing awareness among pharmacies concerning automated systems, the rising geriatric population, and the prevalence of chronic diseases is set to provide the regional market with lucrative growth prospects.

On the other hand, the market in North America may face significant challenges associated with automated dispensing systems, such as the rise in medication errors.

Participants within the global pharmacy automation equipment market compete severely on the basis of consumer acquisition as well as technical grounds, combined with the increasing consolidation across pharmacy chains. However, the lack of interoperability among the offerings of diversified manufacturers leads to decreased ability to bring in consumers from well-established brands.

The top players operating in the market are Becton, Dickinson and Company (BD), Baxter International Inc, Pearson Medical Technologies, etc.

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About Inkwood Research

Inkwood Research specializes in syndicated & customized research reports and consulting services. Market intelligence studies with relevant fact-based research are customized across industry verticals such as technology, automotive, chemicals, materials, healthcare, and energy, with an objective comprehension that acknowledges the business environments. Our geographical analysis comprises North & South America, CEE, CIS, Middle East, Europe, Asia, and Africa.

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GLOBAL PHARMACEUTICAL CONTINUOUS MANUFACTURING MARKET

GLOBAL PHARMACEUTICAL FILTRATION MARKET

GLOBAL ROBOTIC PROCESS AUTOMATION IN INFORMATION TECHNOLOGY MARKET

 

 

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