Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Global Pharmacy Automation Market – Increasing Need to Reduce Medication Errors
Pharmacy automations play a major role in modern healthcare, as it’s allow easy administration and distribution medication in hospital pharmacy or at retail pharmacy. Pharmacy automation allow to reduce medication error.
The global pharmacy automation market size was valued at US$ 3,601.4 million in 2017, and is expected to exhibit a CAGR of 8.1% over the forecast period (2018 – 2026).
Figure 1. Global Pharmacy Automation Market Value (US$ Mn), by Region, 2017
Source: Coherent Market Insights Analysis
Increase in need to reduce medication errors and development of automated systems with improved features is expected to propel growth of pharmacy automation market
Pharmacy automation play a major role in today’s modern healthcare system, as pharmacy automation reduce error that can be happen during manual process such as missing drug information, missing patient information, dispensing the formulation, prescription error, monitoring therapy and others. Wrong label information and instructions are one of the most common types of errors. According to the National Coordinating Council for Medication Error Reporting and Prevention (NCC MERP), approximately 100 million people die annually from medical errors that occur in hospitals. It is necessary to reduce medication error in order to improve healthcare facilities and services and to ensure the patient safety, therefore used of pharmacy automation system in very important in order to minimize error related to storage, medication, usage and retrieval dispensing.
Furthermore, introduction of technological advancements and development of automated systems with improved pharmacy automation systems result in higher success rate and newer applications of the device with higher demand of innovative products to compound, dispense, store and label prescription medications is propelling growth of the pharmacy automations market over the forecast period. For instance, in 2015 Becton, Dickinson and Company launched Cato Medication Workflow software attached with camera-based visual documentation hardware, this provides visual documentation of vial, IV container, syringe, and information during each gravimetric step.
However, factor such as to unwillingness to adopt pharmacy automation systems due to high cost of pharmacy automation system is expected to limit adoption of pharmacy automation, thereby hindering the market growth.
Figure 2. Global Pharmacy Automation Market Share (%), by Design, 2018 and 2026
Source: Coherent Market Insights Analysis
Increasing adoption of pharmacy automations in North America is expected to bolster the market growth
North America holds dominant position in the global pharmacy automation market, owing to high adoption rate of pharmacy automation system in medical settings due to growth in aging population in North America and increase in insurance coverage in the U.S. has elevated the burden from healthcare system of the country. Growing technological advancements in healthcare IT infrastructure to reduce medication errors and rise in demand for quality care of patient in U.S. is expected to boost the pharmacy automation market. According to the survey by The HIMSS Analytics Database in 2015, adoption of health IT hardware, software and infrastructure has increased in U.S., more than 5,400 non-federal U.S. hospitals adopting pharmacy automation which included nearly 40,000 U.S. healthcare facilities.
Moreover, adoption of bar code medication administration (BCMA) playing vital role in minimizing medication error in U.S., BCMA make sure that the right medication received by right patient at the point of administration. According to the survey by The HIMSS Analytics Database in 2015, there is a reduction in incidence of medication error by more than 50%, and the risk of adverse drug events by 11% or approximately 20 events per day compare to last years.
Major players operating in the global Pharmacy Automation market include, Becton, Dickinson and Company, McKesson Corporation, Yuyama Co., Ltd., Omnicell, Inc., ScriptPro LLC, Cerner Corporation, Capsa Healthcare, Baxter International, Inc., KUKA AG, TCGRx Pharmacy Workflow Solutions, RxSafe, LLC, ARxIUM Inc. Swisslog Holdings AG and Talyst systems LLC