Pharmacy automation plays a vital role in modern healthcare by facilitating convenient delivery and distribution of medication in hospital and retail pharmacies. It significantly reduces medication errors that can occur during manual processes, such as missing medication or patient information, dispensing errors, prescription errors, and tracking therapy. Incorrect labeling and instructions are common errors that can be mitigated through automation. Implementing pharmacy automation systems is crucial for improving healthcare facilities, ensuring patient safety, and minimizing storage, inventory, usage, and retrieval errors.
According to Data Bridge Market Research, the Pharmacy Automation Market is expected to grow with a CAGR of 9.6% in the forecast period of 2023 to 2030.
“Growing need to minimize medication errors”
In countries worldwide, medical errors are a leading cause of death and contribute to increased hospitalization rates. Medication errors encompass a range of types, including errors in the process of prescribing, dispensing, administering, transcribing, and across different healthcare settings. These errors can be influenced by various factors, such as poor coordination between healthcare providers and pharmacists, inadequate storage practices in pharmacies, and confusion arising from similar labeling.
What restraints the growth of the pharmacy automation market?
“High capital investment limits market growth”
Compared to manual systems, pharmacy automation systems are more expensive, with an average starting price of USD 59,198.45. For advanced versions, the cost can go up to USD 591,984.50. The substantial capital investment required for implementing pharmacy automation systems poses a challenge for adoption in hospitals, and pharmacies, especially in developing nations, and small-scale pharmacies worldwide. Consequently, the high cost acts as a hindrance to the growth of the market, resulting in a decreased adoption rate of pharmacy automation systems.
Segmentation: Europe Pharmacy Automation Market
The pharmacy automation market is segmented on the basis of product, pharmacy type, pharmacy size, application, end user, and distribution channel.
- On the basis of product, the pharmacy automation market is segmented into systems, software, and services.
- On the basis of pharmacy type, the pharmacy automation market is segmented into independent, chain, and federal.
- On the basis of pharmacy size, the pharmacy automation market is segmented into large size pharmacy, medium size pharmacy, and small size pharmacy.
- On the basis of application, the pharmacy automation market is segmented into drug dispensing and packaging, drug storage, and inventory management.
- On the basis of end user, the pharmacy automation market is segmented into inpatient pharmacies, outpatient pharmacies, retail pharmacies, online pharmacies, central fill/mail order pharmacies, pharmacy benefit management organizations, and others.
- On the basis of distribution channel, the pharmacy automation market is segmented into direct tender and third party distributor.
Regional Insights: Germany is expected to dominate the Pharmacy Automation Market
Germany is expected to dominate the Europe region the market is witnessing a rise in technological advancements, which is influencing the adoption of pharmacy automation systems. These advancements are driving the development of more advanced and efficient systems. As a result, healthcare facilities and pharmacies are increasingly considering the implementation of these advanced technologies to improve efficiency and accuracy in medication management processes.
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Recent Developments
- In January 2023, AmerisourceBergen Corporation announced the completion of its acquisition of PharmaLex Holding GmbH. The acquisition of PharmaLex enhances AmerisourceBergen Corporation’s growth strategy by advancing its leadership in specialty services and Europe platform of pharma manufacturer services capabilities.
- In February 2022, Baxter announced that it has received authorization from the Common Vulnerability and Exposures (CVE) program to be a CVE Numbering Authority.
The Prominent Key Players Operating in the Pharmacy Automation Market Include:
- Gebr. Willach GmbH (Germany)
- MCKESSON CORPORATION (U.S.)
- OMNICELL, INC. (U.S.)
- Oracle (U.S.)
- Capsa Healthcare (U.S.)
- ScriptPro LLC (U.S.)
- RxSafe, LLC. (U.S.)
- MedAvail Technologies, Inc. (Canada)
- Asteres Inc. (U.S.)
- InterLink AI, Inc. (U.S.)
- BD. (U.S.)
- Baxter. (U.S.)
- Fullscript (Canada)
- Innovation Associates (U.S.)
- AmerisourceBergen Corporation. (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of pharmacy automation market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Europe Pharmacy Automation Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
