Pharmacy Automation Devices Market Size Is Projected To Reach $9.83 Billion By 2028 | CAGR: 9.4%: Polaris Market Research

Pharmacy Automation Devices Market Size Is Projected To Reach $9.83 Billion By 2028 | CAGR: 9.4%: Polaris Market Research

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The new published report by Polaris Market Research The global pharmacy automation devices market was valued at USD 4.82 billion in 2020 and size is expected to reach USD 9.83 billion by 2028 to grow at a CAGR of 9.4% during the forecast period

The global pharmacy automation devices market size is expected to reach USD 9.83 billion by 2028 according to a new study by Polaris Market Research. The report “Pharmacy Automation Devices Market Share, Size, Trends, Industry Analysis Report, By Product (Medication Dispensing Systems, Packaging & Labeling Systems, Storage & Retrieval Systems, Automated Medication Compounding Systems, Tabletop Tablet Counters); By Application; By Regions; Segment Forecast, 2021 – 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Pharmacy automation has been flooded with technological innovations to automate the maximum of the workflow system. It includes medication errors, faster prescriptions, and inventory discrepancies, and a decrease in the cost of service. 

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Market Insight:

For instance, in June 2020, Switzerland-based, Swisslog Healthcare introduced “The Open Pharmacy” to transform pharmacy services in the health clubs. It enabled and automated community pharmacies to get adapted to newer trends and patient expectations. Thus, to increase the patient comfort, lessen time and money to service, expected to raise the demand for pharmacy automation devices.

However, due to the sudden outbreak of COVID-19 and nation-wide lockdowns, key companies in the market were not able to raise revenue according to the market expectations, this was primarily due to lesser hospital admissions, to get rid of infections from healthcare workers or physicians in the healthcare facilities Omnicell Inc., and Becton witnessed a decline in sales by more than 3% from 2019.

However, this is partially offset by patient’s awareness regarding the importance of pharmacy automation devices in the healthcare sector. For instance, in the United Kingdom and Ireland, Becton witnessed an increase of more than 30% in its ROWA dispensing system, from September 2020.This is likely to drive the market growth for pharmacy automation devices.

Healthcare digitization among end-users is used to better manage costs and improve efficiency across the continuum of medical care to have better patient outcomes and allow more focus towards patient care. For instance, in March 2020, Swiss Healthcare introduced the “Meds to Beds” program to provide outpatient services to the patient in partnership with PipelineRx and Savioke.

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The program also included robotic delivery of the prescribed medication to expand their pharma capability. This, in turn, is projected to drive the adoption of such tasks, by limiting human interventions, while maintaining the norms of social distancing in this COVID era, which is is likely to drive demand for pharmacy automation devices.

Market participants of the pharmacy automation devices industry include Amerisource Bergen Corporation, Omnicell, Inc., McKesson Corporation, Deenova S.R.L, Accu Chart Plus Healthcare Systems, Inc., Pearson Medical Technologies, LLC, Talyst, LLC, ScriptPro, LLC, Medacist Solutions Group, LLC, Kirby Lester, Cerner Corporation, ARxIUM, CareFusion (Becton Dickinson), Parata Systems, LLC, Swisslog Healthcare, TouchPoint Medical, and Yuyama Co. Ltd.

Polaris Market Research has segmented the pharmacy automation devices market report on the basis of product, end-use, and region:

Pharmacy Automation Devices, Product Outlook (Revenue – USD Million, 2016 – 2028)

 

  • Medication Dispensing Systems
  • Packaging and Labeling Systems
  • Storage and Retrieval Systems
  • Automated Medication Compounding Systems
  • Tabletop Tablet Counters

 

Pharmacy Automation Devices, End Use Outlook (Revenue – USD Million, 2016 – 2028)

 

  • Hospital Pharmacy
  • Retail Pharmacy

 

Pharmacy Automation Devices, by Regional Outlook (Revenue – USD Million, 2016 – 2028)

 

  • North America (U.S., Canada)
  • Europe (France, Germany, UK, Italy, Spain, Netherlands, Austria)
  • Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
  • Latin America (Brazil, Mexico, Argentina)
  • Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

 

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About Polaris Market Research

Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for our clientele spread across different enterprises. We at Polaris are obliged to serve our diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide our customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavour to deliver value-added business solutions to our customers.

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