North America 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 North America Pharmacy Automation Devices Market would witness market growth of 11.5% CAGR during the forecast period (2020-2026). 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. In June 2020, Swisslog Healthcare introduced The Open Pharmacy platform in order to transform pharmacies into health hubs. Using these solutions, community pharmacies become capable of confronting various limitations and become flexible to new requirements and trends. These above-mentioned aspects are anticipated to increase the demand for these automation devices in the next few years.
The number of prescriptions has been increased due to the rising burden of chronic diseases & the growing geriatric population. As a result, the number of medication errors is expected to increase. This is fuelling the demand for pharmacy automation devices. In addition, the growth of the market is positively affected by a surge in initiatives by several companies, like the American Society of Health-System Pharmacists in order to decrease medication errors.
The end-users are helped by digitizing processes & enhancing workflow in the better management of costs & enhance efficiency across the range of care, bringing better outcomes & performance, and enabling them to redistribute time to focus on patient care. Automatic robotic delivery of prescribed medication & consulting to enhance pharmacy capability are some of the aspects included in this program. This, as a result, is expected to fuel the deployment of these solutions to streamline tasks by restricting non-essential human intervention, while complying with social distancing regulations.
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 U.S., Mexico, Canada, and Rest of North America.
The US market dominated the North America Storage and Retrieval Systems Market by Country in 2019, thereby, achieving a market value of $590.1 million by 2026. The Canada market is experiencing a CAGR of 14.6% during (2020 - 2026). Additionally, The Mexico market would witness a CAGR of 13.6% during (2020 - 2026).
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
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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