Global Pharmacy Automation Market: Overview
Pharmacy automation is gaining steady traction as it has enabled seamless operations of innumerable tasks in pharmacies and healthcare industry. Introduction of automation has ensured lesser number of errors in medication management, thereby ensuring patient safety. Analysts predict that the global pharmacy automation market is likely to grow at a handsome CAGR in the near future institutions and organizations are increasingly focused toward offering patients quality healthcare. Products such as automated medication dispensing systems are likely to be popular due to their accuracy and timely dispensing of medications of patients seeking treatment. These systems have significantly reduced the chances of human errors in prescribing dosages and medications.
Global Pharmacy Automation Market: Key Trends
The shifting interest in technology due to growing awareness about its benefits are expected to propel the growth of the global pharmacy automation market in the near future. The pharmacy automation market will be driven by adoption on automation systems such as medication dispensing systems, packaging and labeling systems, table-top counters and compounding systems, and storage and retrieval systems among others in the healthcare industry. The increasing understanding about benefits of using these systems such as better productivity and efficiency and lower rate of errors has led to higher investments in automation of pharmacies.
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The improving healthcare infrastructure in developing countries of China, India, and Brazil has opened up a plethora of growth opportunities for the global market. The rise of the medical tourism industry in developing countries and massive untapped medical needs have offered the pharmacy automation market a significant scope for growth in these regions.
Global Pharmacy Automation Market: Market Potential
Product innovation and upgradation are the key strategies being adopted by players in the global pharmacy automation market to stay ahead of the intensifying competition. Recently, Omnicell, Inc. announced that users of its AcuDose-Rx® Automated Dispensing Cabinets will now be able to upgrade the product to XT Series, while using the installed software. The new improvements will allow users to have better security, capacity, and speed for its dispensing cabinets. The customers will be able to enjoy added benefits such as Guiding Lights that help the user reach the exact locations of medications in the cabinet and smart drawer designs that will have metal locking lids for better security and capacity. The company plans to continue adding products to its portfolio that will increase operational efficiency in the long-run to retain and expand their consumer base.
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Global Pharmacy Automation Market: Regional Outlook
From a geographic point of view, the global pharmacy automation market is segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. According to the research report, North America held the largest share in the global market and is expected to dominate the global market dynamics in the coming years. The well-established healthcare infrastructure that has upped the number of prescriptions in the region are fuelling the growth of the North America pharmacy automation market. The regional market is also being driven by the growing pool of geriatrics and focus toward improving efficiency in healthcare management. Emerging economies in Latin America and Asia Pacific are also expected to show a steady growth in the global pharmacy automation market in the near future. The increasing investments in healthcare, widening patient pool, and growing demand for quality care are expected to fuel the growth of the pharmacy automation market in the developing regions.
Key Players Mentioned in this Report are:
The leading players operating in the global pharmacy automation market are Becton, Dickinson, and Company, Cerner Corporation, Omnicell, Inc., Capsa Healthcare, Parata Systems LLC, ScriptPro LLC, Baxter International, Inc., KUKA AG, TCGRx Pharmacy Workflow Solutions, ARxIUM Inc., Talyst systems LLC, and RxSafe, LLC.
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The study presents reliable qualitative and quantitative insights into:
Market segments and sub-segments
Market trends and dynamics
Supply and demand chain of the market
Market valuation (revenue and/or volume)
Forces defining present and estimated future state of the competitive landscape
Value chain and stakeholder analysis
The regional analysis covers:
Middle East and Africa
The vast market research data included in the study is the result of extensive primary and secondary research activities. Surveys, personal interviews, and inputs from industry experts form the crux of primary research activities and data collected from trade journals, industry databases, and reputable paid sources form the basis of secondary research. The report also includes a detailed qualitative and quantitative analysis of the market, with the help of information collected from market participants operating across key sectors of the market value chain. A separate analysis of macro- and micro-economic aspects, regulations, and trends influencing the overall development of the market is also included in the report.
Highlights of the report:
A detailed analysis of key segments of the market
Recent developments in the market’s competitive landscape
Detailed analysis of market segments up to second or third level of segmentation
Historical, current, and projected future valuation of the market in terms of revenue and/or volume
Key business strategies adopted by influential market vendors
Outline of the regulatory framework surrounding and governing numerous aspects of the market
Growth opportunities in emerging and established markets
Recommendations to market players to stay ahead of the competition
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