Pharmacy Automation Equipment Market Size ($9.2Bn by 2028) Lead by Automated Compounding Devices (8.0% CAGR) COVID Impact and Global Analysis & Forecast by TheInsightPartners.com
PUNE, India, Oct. 21, 2021 /PRNewswire/ -- According to The Insight Partners study on "Pharmacy Automation Equipment Market to 2028 – Global Analysis and Forecast – by Type and End User," the pharmacy automation equipment market is projected to reach US$ 9,195.36 million by 2028 from US$ 5,370.02 million in 2021; it is expected to grow at a CAGR of 8.0% during 2021–2028. The major factors that are expected to be driving the pharmacy automation market are the growing need to minimize medication errors, rapid decentralization of pharmacies, rising geriatric population and rising labor cost. On the other hand, reluctance among the healthcare organizations to adopt pharmacy automation systems is expected to restrain the overall market growth to a certain extent during the forecast period.
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In 2020, North America dominated the pharmacy automation equipment market. The US is the major contributor to the market growth in the region; moreover, rising public health awareness, increasing strategic activities by governments, and presence of leading market players support the regional market growth. The growth of the pharmacy automation equipment market in the US is credited to the rapid advancements in medical IT, rising demand for pharmaceutical products, and inclination toward precise robotic equipment and tools. In September 2019, Capsa Healthcare updated its NexsysADC technology to include 4T, a countertop version of automated dispensing cabinet for sensitive medications. Moreover, technological advancements in medication management in hospitals and pharmacies are expected to drive the demand for pharmacy automation devices in North America. For instance, Duke University Hospital in the U.S. has implemented Omnicell's XT series automated dispensing system in five of their hospitals.
The pharmacy automation equipment market, based on type, has been segmented into automated medication dispensing systems, automated packaging & labeling systems, automated storage & retrieval systems, automated compounding devices, and tabletop tablet counters. The automated medication dispensing systems segment held ~29.0% of the market share in 2020. Based on end user, the pharmacy automation equipment market has been segmented into hospital pharmacy, retail pharmacy, and others; the hospital pharmacy segment held the largest market share in 2020, whereas the retail pharmacy segment is predicted to register the highest CAGR during 2021–2028.
At present, COVID-19 has made a major impact on the healthcare industry. Since the outbreak reached the U.S. in January 2020, hospitals, pharmacies, and other facilities have had to address challenges at a magnitude that had never been seen before. In addition, while COVID-19 is currently top of mind, the lack of medication non-adherence is severe and continues to grow. Nearly 23% of the US population takes three or more medications per day, with 12% taking five or more per day. In developed countries, adherence among patients suffering chronic diseases averages only 50%, costing the US healthcare system almost $300 billion each year. Also, to minimizing risk and hands-on interaction with medications, automated machines reduce down the time needed to manually dispense and verify each prescription. According to the research of The Journal of the American Pharmacist Association observation, "pharmacists can save more than 46.5 minutes per 100 prescriptions filled compared to the traditional count and pour method. Automating cannot only save your pharmacy time but can greatly reduce the risk of spreading germs through contact". Thus, the rising need to minimize medication errors and the decentralization of pharmacies equipment to manage the outbreak of COVID-19 has shown a positive impact on market growth
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Increasing Medication Errors Fuel Pharmacy Automation Equipment Market Growth
A medication error involves inappropriate and ineffective dispensing of medicines that can harm patients. Common medication errors include dispensing a wrong drug, incorrect drug quantity, wrong drug strength, and item skips. Every year, the US Food and Drug Administration (FDA) receives over 100,000 reports associated with medication errors. Further, as per the study Medication Errors, published in StatPearls in June 2020, every year, ~7,000–9,000 people die in the US due to medication errors. Similarly, as per the estimates of the study "Prevalence and Economic Burden of Medication Errors in the NHS In England," published in 2018, ~237 million medication errors occur in the NHS, while avoidable adverse drug reactions (ADRs) lead to hundreds of deaths. Another major cause of medication error is distortion caused due to poor writing, abbreviation usage, misunderstood symbols, or improper translation. Moreover, illegible writing has been a major concern faced by both pharmacists and nurses since many years. Thus, the increasing number of medication errors is boosting the adoption of pharmacy automation equipment.
Pharmacy Automation Equipment Market: Segmental Overview
The automated compounding devices segment is anticipated to register the highest CAGR in the pharmacy automation equipment market, by type, during the forecast period. An automated compounding system combines one or more drug solutions for patient administration. These systems reduce medication errors introduced as a result of poor communication between physicians and pharmacists, criticality of storage practices, and mistakes arising due to similar labels. Rising applications in sterile and disinfected compounding are driving the growth of the segment.
The hospital pharmacy segment accounted for more than 50% of the pharmacy automation equipment market, based on end user, in 2020. On the other hand, the market for retail pharmacy segment is estimated to grow at the highest CAGR during the forecast period.
Pharmacy Automation Equipment Market: Competition Landscape and Key Developments
Talyst LLC (Swisslog Healthcare), AmerisourceBergen, Baxter International Inc, Capsa Healthcare, OMNICELL INC, Cerner Corporation, MCKESSON CORPORATION, ScriptPro LLC, BD, and YUYAMA Co., Ltd. are among the key companies operating in the pharmacy automation equipment market. Leading players focus on expanding as well as diversifying their market presence and acquiring new customer base, thereby tapping prevailing business opportunities.
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In March 2021, BD acquired GSL Solutions, Inc. for broadening its medication management offerings for retail outpatient pharmacy settings.
In January 2021, Amerisource Bergen and Walgreens Boots Alliance entered into a strategic alliance. Walgreens Boots Alliance Healthcare Business was acquired by Amerisource Bergen, enabling it to increase its focus on growing retail pharmacy business.
In November 2020, Cerner rolled out new communication capabilities across its online patient portal to save time spent by the staff on administrative tasks and boost consumer engagement.
In March 2019, Swisslog Healthcare announced the launch of an in-facility medication packaging and dispensing service.
In December 2018, ARxIUM launched the RIVA IV compounding system for 503B outsourcing, central-fill, and hospital pharmacies.
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