According to a report available on Radiant Insights, Inc., the worldwide pharmacy automation market is expected to show momentous growth during the forecast period (2017 to 2022).Major factors such as growing labor cost, increasing need for reducing medication error, rapid decentralization of pharmacies, and increasing burden on pharmacies due to growing elderly population can propel the market. The increasing healthcare expenses and rising awareness regarding several benefits offered by pharmacy automation systems can also create a positive outlook for the market.
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Pharmacy automation process may include tablet counting, dispensing and inventory management, medical packaging, compound preparation, and prescription management. The IT applications in pharmacy automation have augmented the scope for clinical decision support system (CDSS), e-prescription, electronic health record (EHR), interactive voice response (IVR), and computerized physician order entry (CPOE).
Increasing prices of drugs coupled with reduced reimbursement has imposed the demand for drug dispensing systems. Thus, hospital and retail pharmacies are installing advanced technologies for reducing medication errors. Additionally, providing the right prescription of medicine and reviewing the inventory at exact location can help for increasing the efficiency of a pharmacy with minimum cost. Automation also cuts the number of staff required for managing and controlling pharmacy operations, which helps in reducing cost per employee for healthcare providers.
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However, the high implementation cost of pharmacy automation systems and unwillingness among the healthcare organizations to replace advanced pharmacy automation systems with existing labor-intensive method is likely to restrain the overall market growth to an extent during the forecast period.
Hospitals are mostly looking for hybrid solutions, which could offer benefits of both centralized as well as decentralized systems. But, retail pharmacists mostly prefer to install centralized automation solutions. For instance, Emmersion has developed an automation solution called DeltaVdiscovery, which can be useful in research and discovery laboratories. This system can be used for automating laboratory control activities and accelerating new product development by streamlining life sciences product lifecycles. It also provides powerful capabilities like batch management and integrated historians.
The worldwide pharmacy automation market can be segmented by type and end users/applications. Based on type, market can be segmented into automated medication dispensing systems, automated medication compounding systems, automated packaging and labeling systems, table-top counters, and storage and retrieval systems. As per end users/application, the market can be segmented into inpatient pharmacy, outpatient pharmacy, retail Pharmacy, and Other.
Southeast Asia is expected to be the largest market in the coming years. This growth is attributed to rising number of patients, developing healthcare IT infrastructure, and increasing demand for quality care. Major players operating in the market are Baxter International, Takazono, Yuyama, Tosho,Omnicell, and Takazono.
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Geographically the market can be fragmented into United States, Europe, Japan, China, India and Southeast Asia. United States and European market is mainly driven by supportive government regulations and rising trend of e-prescribing. The increasing rate of geriatric population resulted into increased number of prescriptions at pharmacies in the US. Additionally, improved insurance coverage in the U.S. has increased the load on the country’s healthcare system, which resulted into the rising need for improving management and efficiency. Moreover, installation of prescription management and medication management solutions are gaining popularity in the U.S., Europe and Southeast Asia due to adoption of patient centric pharmacy systems from product centric pharmacy systems.
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