Asia Pacific Pharmacy Automation Devices Market By Product (Medication Dispensing Systems, Packaging and Labeling Systems, Storage and Retrieval Systems, Automated Medication Compounding Systems, and Tabletop Tablet Counters), By End Use (Retail Pharmacy and Hospital Pharmacy), By Country, Industry Analysis and Forecast, 2020 - 2026
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Market Report Description
The Asia Pacific Pharmacy Automation Devices Market would witness market growth of 15.1% CAGR during the forecast period (2020-2026). The major causes of hospital re-admission around the globe are dispensing errors & medication errors. Various aspects like adverse practices in pharmacies, lack of communication between the physician & pharmacist, and the uncertainty occurred due to the similar kind of labels are collectively responsible for medication errors. In order to reduce medication errors, automated systems are the most effective & ideal solutions.
The number of medication & dispensing errors in hospitals can be substantially reduced by the effective installation of automated dispensing cabinets (ADCs) and automated dispensing machines in the hospitals. Therefore, governments across the globe are adopting automated dispensing & medication systems in pharmacies & hospitals to reduce the number of automated dispensing & medication errors. These factors are expected to contribute to the adoption & growth of pharmacy automation devices during the forecast period.
The companies face a lot of external pressure to enhance transparency & install innovative technologies due to the complicated & unparalleled limitation of keeping up corporate compliance in a virtual world. Several automated solutions are offered due to the new technological developments in the pharmacy automation industry. These benefits include higher prescription processing, a decrease in medication errors & inventory discrepancies, and an overall reduction in pharmacy expenditure.
Based on Product, the market is segmented into Medication Dispensing Systems, Packaging and Labeling Systems, Storage and Retrieval Systems, Automated Medication Compounding Systems, and Tabletop Tablet Counters. Based on End Use, the market is segmented into Retail Pharmacy and Hospital Pharmacy. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
The China market dominated the Asia Pacific Automated Medication Compounding Systems Market by Country in 2019, thereby, achieving a market value of $87.8 million by 2026. The Japan market is experiencing a CAGR of 17% during (2020 - 2026). Additionally, The India market is showcasing promising growth rate during the forecast period.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include McKesson Corporation, Baxter International, Inc., Becton, Dickinson and Company, ARxIUM, Inc., Omnicell, Inc., Kuka AG (Swisslog Healthcare), Cerner Corporation, Accu-Chart Plus Healthcare Systems, Inc., Pearson Medical Technologies, LLC, and ScriptPro, LLC.
Scope of the Study
Market Segments Covered in the Report:
- Medication Dispensing Systems
- Packaging and Labeling Systems
- Storage and Retrieval Systems
- Automated Medication Compounding Systems
- Tabletop Tablet Counters
- Retail Pharmacy
- Hospital Pharmacy
- South Korea
- Rest of Asia Pacific
Key Market Players
List of Companies Profiled in the Report:
- McKesson Corporation
- Baxter International, Inc.
- Becton, Dickinson and Company
- ARxIUM, Inc.
- Omnicell, Inc.
- Kuka AG (Swisslog Healthcare)
- Cerner Corporation
- Accu-Chart Plus Healthcare Systems, Inc.
- Pearson Medical Technologies, LLC
- ScriptPro, LLC
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