by The global pharmacy automation devices market has reached an approximate valuation of US$6 billion by the end of 2021, as reported by primary research conducted by the Fairfield team. Automated medicine dispensing machines have emerged as a significant driver of market growth, transforming the healthcare landscape with innovative technology integration.
Revolutionizing Healthcare through Technology Integration
The healthcare industry has undergone a transformative shift, leveraging technology to achieve higher performance, quality output, cost-efficiency, and improved patient outcomes. With advancements like robotics and interactive voice recognition (IVR), coupled with enhanced inventory and outpatient management tools, pharmacy systems have witnessed a paradigm shift. Pharmacy automation, fueled by technological advancements, is expected to focus on two primary models: care management and medication dispensing, leading to a promising growth trajectory for the global pharmacy automation devices market.
Reducing human intervention in these models promises more accurate and efficient solutions. This not only minimizes non-emergency visits to healthcare providers but also fosters an efficient feedback system within pharmacies. The sustained pursuit of improved accuracy, inventory management, workflow efficiency, reduced labor costs, and enhanced patient experiences is driving the adoption of pharmacy automation devices.
Addressing Medication Errors and Rising Patient Numbers
The complexity and number of medications have grown significantly in recent years, yet systems and devices for medical dispensing have largely remained unchanged. This has led to an increased risk of medication errors, exacerbated by a rising patient population. As a result, patient waiting times have increased, and medication errors using conventional operational methods have become more common. The aging population and a surge in life-threatening and chronic diseases further compound the risk of medication errors.
According to the Economic Analysis of Prevalence of Clinical and Economic Burden of Medication Error, the NHS in England records around 237 million medication errors annually, with Avoidable Drug Reactions (ADRs) contributing to a significant number of deaths. In response to these challenges, healthcare professionals are increasingly adopting automation technologies to reduce medication errors, cut operating costs, and enhance patient safety, driving the growth of the pharmacy automation devices market.
Medication Dispensing Systems Lead the Way
Automated medication dispensing systems have witnessed growing adoption due to their ability to reduce procedural time, increase dispensing accuracy, and enhance safety, minimizing instances of incorrect medication administration and ensuring patient well-being. These systems also offer efficient inventory management, reducing storage costs, and monitor narcotics and other drugs, thus eliminating manual end-of-shift counts. They find extensive use in in-patient care departments and have gained further traction with the adoption of artificial intelligence (AI) in pharmacy automation devices.
North America Dominates the Market
The North American region is poised for steady growth in the pharmacy automation devices market. A significant increase in patients with chronic ailments has driven the adoption of modern pharmacy solutions and devices. Medication errors, a leading cause of deaths globally, have pushed healthcare providers to embrace automated medication dispensing cabinets and systems to enhance drug traceability, dispensing speed, inventory management, and error reduction. These factors have fueled the demand for pharmacy automation devices in North America, contributing to market growth.
Competitive Landscape
In the pharmacy automation devices market, growth strategies such as acquisitions, capacity expansions, mergers, and collaborations have been instrumental. For instance, in 2022, Capsa Healthcare acquired Humanscale Healthcare, expanding its portfolio and market reach. Capsa also announced the expansion of its automated dispensing cabinets line, NexsysADC. In 2021, Omnicell Inc. acquired ReCept Holdings Inc. to broaden its advanced services portfolio. Additionally, Swisslog Healthcare and Centre Hospitalier Le Mans signed an innovation agreement to enhance their capabilities in the pharmacy space through TheraPick, an automated dispensing and packaging system.
Leading players in the global pharmacy automation devices market include Capsa Healthcare, Arxium Inc., Omnicell Inc., Scriptpro LLC, Parata Systems LLC, Cerner Corporation, RxSafe LLC, Becton Dickinson and Company, KUKA AG, Yuyama Co. Ltd., and Baxter International.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)
https://www.fairfieldmarketresearch.com/report/pharmacy-automation-devices-market
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This press release first seen on Brilad
COMTEX_442108589/2840/2023-10-19T04:37:34
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
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