Pharmacy Automation Market – Analysis And Forecast (2017-2025): Market Shares And Strategies Of Key Players
Key players to support pharmacy automation market
Technological advancement in pharmacy automation systems have improved pharmacy operation which leads to competition in various manufactures to innovate the product. For example Becton Dickinson and Company developed Cato Mediation Workflow software with an optional camera-based visual documentation hardware that provides visual documentation of syringe, vial and IV container information. Key player operating in pharmacy automation market include Baxter International Inc., Cerner Corporation, Becton Dickinson and Company, McKesson Corporation, Swisslog Holdings AG, Capsa Healthcare, ScriptPro LLC, Yuyama Co., Ltd., Omnicell Inc. and Talyst, Inc.
Pharmacy automation is a mechanical process where handling and distribution of medications takes place in hospital pharmacy or at retail pharmacy. It includes any pharmacy task that involves counting of small objects such as tablets or capsules, measuring and mixing of powders and liquids for compounding, tracking and updating customer information in databases such as personally identifiable information (PPI), drug interaction risk detection, medical history and inventory management. The pharmacy automation market is expected to favor the growth owing to features such as system integration, which increases the productivity and time to clinicians for patient care.
Furthermore, demand for pharmaceutical products, technologically advanced robotic equipment and tools to perform operations at faster rate pharmacy automation is required in the near future. Whereas, constant developments in technology favors dispensing of prescription medications safer, more accurate and more efficient. Pharmacy automation has helped to provide improved workflow and efficiency to pharmacist as pharmacy automation can manage over 200-300 medications and patient information in an effective and secure manner. Furthermore, increasing government initiatives to improve healthcare infrastructure in emerging economies such as India and China is in turn expected to fuel growth of the pharmacy automation market.
Increase in need to reduce medication errors fuels the pharmacy automation market
Medication errors such as failure in the drug prescription or dispensing process is lethal to patients, which occurs due to increase in number of customers and work load on pharmacist that encourages the pharmacist to buy pharmacy automation. Whereas pharmacy automation systems in hospital or at retail pharmacy manages, track drug, supplies health information related to patient so that replenishing of only required items is performed. Additionally, pharmacy automation market is expected to gain traction due to its transparent tracking systems as pharmacy automation accurately maintain the record of medications expiry date and physical quantities which helps to reduce the medication error. According to National Coordinating Council for Medication Error Reporting and Prevention (NCC MERP) around 0.1 million people die annually due to medical errors in hospital in 2014.
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Regional growth engines for pharmacy automation market
Increase in number of drug prescriptions at pharmacies due to growth in aging population in North America and increase in insurance coverage in the U.S. has elevated the burden from healthcare system of the country, which has highlighted that there is need of improvement in management of work, which is possible by using pharmacy automation.
Furthermore, rapid rise in number of patients and demand for quality care is expected to have a positive impact and also increase in technology advancement in healthcare IT infrastructure also boost the pharmacy automation market in Latin America, Middle East, Africa and Asia Pacific.
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