New York, April 26, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Pharmacy Automation Devices Global Market Report 2023" - https://www.reportlinker.com/p06450886/?utm_source=GNW
R.L, Swisslog Healthcare, RxSafe LLC, Yuyama Co. Ltd., Accu Chart Plus Healthcare Systems Inc., Amerisource Bergen Corp, Talyst LLC, Medacist Solutions Group, Kirby Lester, TouchPoint Medical, Kuka AG (Swisslog Healthcare), Danaher Corporation, and Lonza Group.
The global pharmacy automation devices market is expected to grow from $4.96 billion in 2022 to $5.52 billion in 2023 at a compound annual growth rate (CAGR) of 11.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The pharmacy automation devices market is expected to grow to $8.24 billion in 2027 at a CAGR of 10.6%.
The pharmacy automation devices market consists of sales of automated pharmacy prescription dispensing systems, and compounding systems.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Pharmacy automation devices automate the distribution, sorting, packaging, and counting of prescription medications, which are used to minimize the possibility of errors and increase direct patient care.
North America was the largest region in the pharmacy automation devices market in 2022. The regions covered in the pharmacy automation devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of products in pharmacy automation devices are medication dispensing systems, packaging and labeling systems, storage and retrieval systems, automated medication compounding systems, and tabletop tablet counters.Medication Dispensing Systems is used to assist physician practices and other clinical settings in providing safe dispensing to as many patients at the point of service as possible.
The end users involved are retail pharmacies, inpatient pharmacies, outpatient pharmacies, pharmacy benefit management organizations, and mail-order pharmacies.
The rising medicine wastage is expected to propel the growth of the pharmacy automation devices market going forward.Medicine waste is defined as undesired medications such as expired, unused, spilled, and contaminated pharmaceutical items, pills, vaccines, and sera that are no longer needed and must be disposed of properly.
Automated dispensing machines enable physicians to treat critically ill patients more efficiently by offering convenient access to medications for emergencies during and after pharmacy hours without producing any medicine wastage.Therefore, pharmacies are adopting automated devices to reduce their waste which increases the demand for the market.
For instance, in October 2021, according to the report published by the National Library of Medicine, a US-based library of medicine, pharmaceutical supplies were the most wasteful class of medications, accounting for 37.1% of total waste. The highest class of pharmaceutical dosage form was tablet and injection, with overall wastage rates of 20.78% and 16.49%, respectively. The overall pharmaceutical wastage rate was 3.68%, amounting to USD 159,762.66 and the main cause of wastage (92.05%) was expiry. The rate of pharmaceutical waste in health centers was nearly twice that of hospitals. Therefore, the rising medicine wastage is driving the demand for the pharmacy automation devices market.
Product Innovation is the key trend gaining popularity in the pharmacy automation devices market.Major companies operating in the pharmacy automation devices market are focused on developing new and innovative solutions to meet customer demand.
For instance, in August 2021, Innovative Associates, a US-based software-enabled pharmacy automation devices firm launched smartPod and iA Therapy Management Solutions to Diminish Prescription Filling Process Inefficiencies.SmartPod is an iA next-generation robot that provides revolutionary scale in a central fill pharmacy setting.
SmartPod is an innovative autofill device with built-in modularity that enables pharmacy providers to change and scale their centralized fulfillment solutions to match demand. iA provides a treatment management solution for pharmacy providers looking for alternatives to the traditional bottle or vial dispensing methods using the BD RowaTM Pouch Packaging Solution. Using iA’s intelligent pharmacy operations software Innovative Associates aims to design a patient’s prescriptions in easy-to-open adherence pouch packs. This service can be centralized in a single fulfillment location.
In June 2022, Becton, Dickinson, and Company, a US-based medical technology company acquired Parata Systems for $1.5 billion. With this acquisition, Becton Dickinson aims to expand by introducing cutting-edge technology into more locations across the gamut of healthcare. Becton Dickinson would pay cash to acquire Parata with the commercialization of robotic systems that sort and package pills, automating much of the repetitious and manual job of pharmacists. Parata Systems is a US-based maker of robotics technologies that automate pharmacy tasks, it also offers the most comprehensive pharmacy automation portfolio.
The countries covered in the pharmacy automation devices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The pharmacy automation devices market research report is one of a series of new reports that provides pharmacy automation devices market statistics, including pharmacy automation devices industry global market size, regional shares, competitors with pharmacy automation devices market share, detailed pharmacy automation devices market segments, market trends, and opportunities, and any further data you may need to thrive in the pharmacy automation devices industry. This pharmacy automation devices market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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