Brazil Pharmacy Automation Market, By Product (Automated Medication Dispensing Systems, Automated Packaging and Labeling Systems, Automated Table-Top Counters, Automated Storage and Retrieval Systems, Other Pharmacy Automation Systems), End User (Inpatient Pharmacies, Outpatient Pharmacies, Pharmacy Benefit Management Organization and Mail Order Pharmacies, Retail Pharmacies) – Industry Trends and Forecast to 2030.
Brazil Pharmacy Automation Market Analysis and Size
Pharmacy automation is gaining attraction as it allows the smooth operation of numerous tasks in pharmacies and the healthcare industry. The wide introduction of automation has resulted in a decline in the number of errors in medication administration, thus assuring patient safety. Pharmacy automation is adopting new opportunities by expanding their existence among different emerging economies. Also, the increasing awareness amongst pharmacists is enhancing the market growth.
Data Bridge Market Research analyses a growth rate in the pharmacy automation market in the forecast period 2023-2030. The expected CAGR of pharmacy automation market is tend to be around 7% in the mentioned forecast period. The market is valued at USD 230 million in 2022, and it would grow upto USD 395.18 million by 2030. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Brazil Pharmacy Automation Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015 - 2020)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Product (Automated Medication Dispensing Systems, Automated Packaging and Labeling Systems, Automated Table-Top Counters, Automated Storage and Retrieval Systems, Other Pharmacy Automation Systems), End User (Inpatient Pharmacies, Outpatient Pharmacies, Pharmacy Benefit Management Organization and Mail Order Pharmacies, Retail Pharmacies)
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Market Players Covered
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Talyst, LLC. (U.S.), OMNICELL, INC. (U.S.), Cerner Corporation (U.S.), Capsa Healthcare (U.S.), Parata Systems, LLC (U.S.), RxSafe, LLC. (U.S.), RxMedic Systems, Inc. (U.S.), MedAvail Technologies, Inc. (Canada), Asteres Inc. (U.S.), PerceptiMed, Inc. (U.S.), BD (U.S.), Baxter (U.S.), Fullscript (Canada), McKesson Corporation (U.S.), AmerisourceBergen Corporation (U.S.), vitabook GmbH (Germany), TOSHO co. (Japan), Gebr. Willach GmbH (Germany), Grifols, S.A. (Spain)
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Market Opportunities
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Market Definition
The automation of common tasks and processes implemented in a pharmacy or other healthcare settings is termed as pharmacy automation. The mechanical procedure of any pharmacy task, such as counting small objects, evaluating and mixing powders and liquids for compounding, and tracking and updating customer information in databases, is known as pharmacy automation. The launch of automation has resulted in a minimization in the number of errors in medication administration, thus assuring patient safety.
Brazil Pharmacy Automation Market Dynamics
Drivers
- Increasing Demand of Minimizing Errors
Medication and dispensing errors are largely acknowledged as one of the top causes of hospital readmissions all over the world. A medication error can occur because of a number of factors, including poor order communication between the physician and pharmacist, unsafe pharmacy storage practises, and confusion caused by the use of similar labels, which will increase the market growth rate. Furthermore, automated systems are considered as one of the prominent solutions to rectify the errors. Thus, this factor increases the growth of the market.
- Rising Better Inventory
For the pharmacy to run successfully, efficiently and smoothly, the need for better control over inventory is required. In this regard, automation solves that problem. No more manual data entry and storing a stack of tickets is required. By the process of automation, one can benefit from the real-time log of drugs being accessed by the employees. This further minimizes the wastage of medication and keeps track of the most bought prescriptions. This factor improves the market growth.
Opportunities
- Minimization of Labor Costs
By the increasing adoption of pharmacy automation, the labor costs are reduced. The most prominent advantage of automation is in reduction in costs. With automation in place, pharmacies can save money on hiring and training staff while decreasing manual errors in the workplace. Be it labelling, dispensing medication, or any other day-to-day function, automated systems work with a higher degree of regulation and effectiveness than humans. Thus, it boosts the market growth.
- Increased Advancement of Workflow
A latest report by the National Centre for Health Statistics, states that around 46% of people in the U.S. take prescription drugs. Manual efforts at a pharmacy won’t be able to meet the growing need for prescription drugs. It will delay the workflow. Thus, in this regard, automation can help lift up the process and increase the employees' productivity. Thus, this factor helps to create much opportunities for the growth of the market.
Restraints/Challenges
- High Capital Investments
Several healthcare professionals adopt IT-based approaches to pharmacy management. Numerous pharmacists do not want to adopt for assistance and are hesitant to choose pharmacy automation systems. The large-volume pharmacies and hospitals could justify the returns on investments which is obtained from installing these automated systems. Thus, this impedes the market growth.
- Strict Regulatory Procedures
The strict regulatory approvals from different organizations impede the market growth. Several state boards of pharmacies have numerous requirements for the usage of automated dispensing devices in healthcare practices. Manufacturers of automated systems have to stick to various regulations thus, this hampers the market growth.
This pharmacy automation market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the pharmacy automation market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Brazil Pharmacy Automation Market Scope
The pharmacy automation market is segmented on the basis of product and end-user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product
- Automated Medication Dispensing Systems
- Automated Packaging and Labeling Systems
- Automated Table-Top Counters
- Automated Storage and Retrieval Systems
- Other Pharmacy Automation Systems
End User
- Inpatient Pharmacies
- Outpatient Pharmacies
- Pharmacy Benefit Management Organization
- Mail Order Pharmacies
- Retail Pharmacies
Competitive Landscape and Brazil Pharmacy Automation Market Share Analysis
The pharmacy automation market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to pharmacy automation market
Key players operating in the pharmacy automation market include:
- Talyst, LLC. (U.S.)
- OMNICELL, INC. (U.S.)
- Cerner Corporation (U.S.)
- Capsa Healthcare (U.S.)
- Parata Systems, LLC (U.S.)
- RxSafe, LLC. (U.S.)
- RxMedic Systems, Inc. (U.S.)
- MedAvail Technologies, Inc. (Canada)
- Asteres Inc. (U.S.)
- PerceptiMed, Inc. (U.S.)
- BD (U.S.)
- Baxter (U.S.)
- Fullscript (Canada)
- McKesson Corporation (U.S.)
- AmerisourceBergen Corporation (U.S.)
- vitabook GmbH (Germany)
- TOSHO co. (Japan)
- Gebr. Willach GmbH (Germany)
- Grifols, S.A. (Spain)
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