Pharmacy Automation Market Is Expanding at 8.2% With Increasing Demand for Medical device Industry

 The major factors that are expected to be driving the pharmacy automation market are the growing need to minimize medication errors, rapid decentralization of pharmacies, rising geriatric population and rising labor cost. On the other hand, reluctance among the healthcare organizations to adopt pharmacy automation systems is expected to restrain the overall market growth to a certain extent during the forecast period. 

[218 Pages Report] MarketsandMarkets forecasts the pharmacy automation market is estimated to grow from USD 3.63 billion in 2017 to USD 5.38 Billion by 2022, at a Compound Annual Growth Rate (OTC:CAGR) of 8.2% during the forecast period.

Benefits offered by robotic systems in pharmaceutical manufacturing is a key factor driving the growth of pharmaceutical robots market. The base year considered for the study is 2015, and the forecast has been provided for the period between 2016 and 2021.

Market Dynamics

• Growing Need to Minimize Medication Errors
• Decentralization of Pharmacies
• Rising Geriatric Population
• Rising Labor Cost

Based on product, the pharmacy automation market is segmented 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. Automated medication dispensing systems accounted for the largest share of the pharmacy automation market in 2016. 

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On the basis of end users the market is classified into inpatient pharmacies, outpatient pharmacies, pharmacy benefit management organization and mail order pharmacies, and retail pharmacies. Retail pharmacies is the fastest growing end user segment in the pharmacy automation market during the forecast period.  

The geographical regions mapped in the report are:1. North America2. Europe3. Asia-Pacific4. Latin America5. Middle East and Africa

North America is expected to hold the largest market size in the pharmacy automation market during the forecast period, followed by the European region. The large share of the North American pharmacy automation market can largely be attributed to the increasing number of drug prescriptions at pharmacies resulting from growth in the aging population.  

Some key players mentioned in the research report 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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Pharmacy Automation Market To Reach USD 5.38 Billion By 2022 – Increasing Investment In Retail Pharmacy

 Expected Revenue Growth:

[218 Pages Report] MarketsandMarkets forecasts the pharmacy automation market is estimated to grow from USD 3.63 billion in 2017 to USD 5.38 Billion by 2022, at a Compound Annual Growth Rate (OTC:CAGR) of 8.2% during the forecast period.

What This Report Will Provide?

The systems for managing medicines have remained largely unchanged for decades, while medications have increased in number and complexity, resulting in potentially greater risks for error. In addition, with the traditional methods of operation within pharmacies, pharmacists have witnessed various issues such as an increase in medication errors and growing patient waiting times, due to the increasing patient load.

Major Growth Boosters:

The major factors that are expected to be driving the pharmacy automation market are the growing need to minimize medication errors, rapid decentralization of pharmacies, rising geriatric population and rising labor cost. On the other hand, reluctance among the healthcare organizations to adopt pharmacy automation systems is expected to restrain the overall market growth to a certain extent during the forecast period.

The objective of the report is to define, describe, and forecast the pharmacy automation market size based on product, end user, and region.

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Recent Developments :

• In 2017, Omnicell launched Omnicell VBM 200F. It fills and checks SureMed multiple medication blister cards
• In 2017, Omnicell partnered with DCH Health Systems to implement a full suite of IV compounding technology across its health system
• In 2017, BD opened its new institute for medication management excellence. This institute is designed to identify and support advancements in medication management to help improve the safety and cost of healthcare
• In 2016, Omnicell acquired Ateb, Inc., which provides pharmacy-based patient care solutions and medication synchronization to independent and chain pharmacies
• In 2015, BD acquired CareFusion Corporation, a global medical technology company with a comprehensive portfolio of products in the areas of medication management, infection prevention, operating room & procedural effectiveness, and respiratory care

Critical questions the report answers:

• Where will all these developments take the industry in the long term?
• What are the upcoming trends for the pharmacy automation market?
• Which segment provides the most opportunity for growth?
• Who are the leading players operating in this market?
• What are the opportunities for new market entrants?

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Growing need to minimize medication errors :

Medication errors and dispensing errors are recognized as leading causes of hospital readmissions across the globe. A medication error can occur due to a variety of factors such as poor order communication between the physician and pharmacist, dangerous storage practices in pharmacies, and confusion arising out of the use of similar labels. Automated systems are considered to be one of the most efficient solutions to minimize these errors.

Regional Growth Analysis:

North America is expected to hold the largest market size in the pharmacy automation market during the forecast period, followed by the European region. The large share of the North American pharmacy automation market can largely be attributed to the increasing number of drug prescriptions at pharmacies resulting from growth in the aging population. Furthermore, growth in insurance coverage in the U.S. has increased the burden on the country’s healthcare system, which has highlighted the need for improving efficiency and management of work in North America and also the presence of a large number of pharmacy automation companies.

Pharmacy Automation Market To Reach USD 5.38 Billion By 2022 – Increasing Investment In Retail Pharmacy

 What This Report Will Provide?

The systems for managing medicines have remained largely unchanged for decades, while medications have increased in number and complexity, resulting in potentially greater risks for error. In addition, with the traditional methods of operation within pharmacies, pharmacists have witnessed various issues such as an increase in medication errors and growing patient waiting times, due to the increasing patient load.  

Expected Revenue Growth:

[218 Pages Report] MarketsandMarkets forecasts the pharmacy automation market is estimated to grow from USD 3.63 billion in 2017 to USD 5.38 Billion by 2022, at a Compound Annual Growth Rate (OTC:CAGR) of 8.2% during the forecast period.

Major Growth Boosters:

The major factors that are expected to be driving the pharmacy automation market are the growing need to minimize medication errors, rapid decentralization of pharmacies, rising geriatric population and rising labor cost. On the other hand, reluctance among the healthcare organizations to adopt pharmacy automation systems is expected to restrain the overall market growth to a certain extent during the forecast period.

The objective of the report is to define, describe, and forecast the pharmacy automation market size based on product, end user, and region.

Download PDF Brochure:   https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=71522890 

Recent Developments :

• In 2017, Omnicell launched Omnicell VBM 200F. It fills and checks SureMed multiple medication blister cards
• In 2017, Omnicell partnered with DCH Health Systems to implement a full suite of IV compounding technology across its health system
• In 2017, BD opened its new institute for medication management excellence. This institute is designed to identify and support advancements in medication management to help improve the safety and cost of healthcare
• In 2016, Omnicell acquired Ateb, Inc., which provides pharmacy-based patient care solutions and medication synchronization to independent and chain pharmacies
• In 2015, BD acquired CareFusion Corporation, a global medical technology company with a comprehensive portfolio of products in the areas of medication management, infection prevention, operating room & procedural effectiveness, and respiratory care

Critical questions the report answers:

• Where will all these developments take the industry in the long term?
• What are the upcoming trends for the pharmacy automation market?
• Which segment provides the most opportunity for growth?
• Who are the leading players operating in this market?
• What are the opportunities for new market entrants?

Request Sample Report:   https://www.marketsandmarkets.com/requestsampleNew.asp?id=71522890 

Growing need to minimize medication errors :

Medication errors and dispensing errors are recognized as leading causes of hospital readmissions across the globe. A medication error can occur due to a variety of factors such as poor order communication between the physician and pharmacist, dangerous storage practices in pharmacies, and confusion arising out of the use of similar labels. Automated systems are considered to be one of the most efficient solutions to minimize these errors.

Regional Growth Analysis:

North America is expected to hold the largest market size in the pharmacy automation market during the forecast period, followed by the European region. The large share of the North American pharmacy automation market can largely be attributed to the increasing number of drug prescriptions at pharmacies resulting from growth in the aging population. Furthermore, growth in insurance coverage in the U.S. has increased the burden on the country’s healthcare system, which has highlighted the need for improving efficiency and management of work in North America and also the presence of a large number of pharmacy automation companies.

Pharmacy Automation Market Trend, Competitive Growth, Overview and Forecast to 2022 | Cerner Corporation, Capsa Healthcare, ScriptPro LLC

According to the new market research report "Pharmacy Automation 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™, marketsandMarkets forecasts the pharmacy automation market is estimated to grow from USD 3.63 billion in 2017 to USD 5.38 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 8.2% during the forecast period.

Browse in-depth TOC on “Pharmacy Automation Market"
181 - Table
54 – Figures
218 – Pages

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By product, the automated medication dispensing systems segment accounted for the largest share of the pharmacy automation market
Based on product, the pharmacy automation market is segmented 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. Automated medication dispensing systems accounted for the largest share of the pharmacy automation market in 2016.

By end user, the retail pharmacies segment to record the highest CAGR during the forecast period
On the basis of end users the market is classified into inpatient pharmacies, outpatient pharmacies, pharmacy benefit management organization and mail order pharmacies, and retail pharmacies. Retail pharmacies is the fastest growing end user segment in the pharmacy automation market during the forecast period.

Driver: Growing need to minimize medication errors :
Medication errors and dispensing errors are recognized as leading causes of hospital readmissions across the globe. A medication error can occur due to a variety of factors such as poor order communication between the physician and pharmacist, dangerous storage practices in pharmacies, and confusion arising out of the use of similar labels. Automated systems are considered to be one of the most efficient solutions to minimize these errors.

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The geographical regions mapped in the report are:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

North America to account for the largest market size during the forecast period :
North America is expected to hold the largest market size in the pharmacy automation market during the forecast period, followed by the European region. The large share of the N+0orth American pharmacy automation market can largely be attributed to the increasing number of drug prescriptions at resulting from growth in the aging population.

Some key players mentioned in the research report 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.).

Pharmacy Automation Market to Receive Overwhelming Hike in Revenues by 2022

 According to the new market research report "Pharmacy Automation 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 pharmacy automation market is estimated to grow from USD 3.63 billion in 2017 to USD 5.38 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 8.2% during the forecast period.
Browse in-depth TOC on “Pharmacy Automation Market"
181 - Table
54 – Figures
218 – Pages

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=71522890

By product, the automated medication dispensing systems segment accounted for the largest share of the pharmacy automation market

Based on product, the pharmacy automation market is segmented 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.

By end user, the retail pharmacies segment to record the highest CAGR during the forecast period
On the basis of end users the market is classified into inpatient pharmacies, outpatient pharmacies, pharmacy benefit management organization and mail order pharmacies, and retail pharmacies. Retail pharmacies is the fastest growing end user segment in the pharmacy automation market during the forecast period.

Request Sample Pages of the Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=71522890

North America to account for the largest market size during the forecast period.
North America is expected to hold the largest market size in the pharmacy automation market during the forecast period, followed by the European region. The large share of the North American pharmacy automation market can largely be 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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Pharmacy Automation Market : Future of Healthcare, it is Creating Real Change in the Healthcare Industry

Market growth can be attributed to the growing need to minimize medication errors, rapid decentralization of pharmacies, rising geriatric population and rising labor cost. On the other hand, reluctance among the healthcare organizations to adopt pharmacy automation systems is expected to restrain the overall market growth to a certain extent during the forecast period. The base year considered for the study is 2017, and the forecast has been provided for the period between 2018 and 2023.

According to the new market research report "Pharmacy Automation 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 overall pharmacy automation market is estimated to grow at a CAGR of 8.2% from 2017 to 2022 to reach USD 5.38 Billion by 2022.

Download PDF Brochure :https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=71522890


Market segmented into :
1. 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.

2. The 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.

3. The pharmacy automation market in APAC is expected to grow at the highest CAGR during the forecast period. APAC is the fastest-growing market for pharmacy automation systems. Increasing healthcare spending and government initiatives to develop HCIT infrastructure has increased the growth of market in this region. On the other hand, with the rapid rise in the number of patients, demand for quality care, and effective upgradation of the Healthcare IT infrastructure is expected to have a positive impact on the demand for pharmacy automation systems market in APAC region.

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Geographical Growth Analysis:

The high costs of implementation of pharmacy automation systems and stringent regulations that delay product launches can inhibit growth of this market. Despite their benefits, a number of healthcare professionals and providers are reluctant to adopt or accept any IT-based approach for pharmacy management. Many pharmacists do not feel the need for assistance and are therefore, reluctant to adopt pharmacy automation systems as part of their dispensing regimen. Moreover, for small hospitals and pharmacies, the cost of implementation is too high.

Some of The Major Players In Anatomic Pathology Market:

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.).