The automated compounding devices segment by type is estimated to lead the market growth during the forecast period.
According to this study, the North America pharmacy automation equipment market is expected to reach US$ 4,565.50 million by 2028 from US$ 2,437.88 million in 2020; it is estimated to grow at a CAGR of 8.2% from 2021 to 2028. The report highlights trends prevailing in the North America pharmacy automation equipment market and the factors driving market along with those that act as hindrances.
The North America pharmacy automation equipment market, by type, is 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 the largest share of the market in 2020, whereas the automated compounding devices segment is anticipated to register the highest CAGR in the market during the forecast period. A medication error involves inappropriate and ineffective medication dispensing that has a potential to harm the patient. A few common medication errors are dispensing a wrong drug, dispensing incorrect quantity of a drug, dispensing wrong drug strength, and omission of items. Every year, the US Food and Drug Administration (FDA) receives over 100,000 reports that are associated with medication errors. In a hurry to complete their duties, healthcare professionals sometimes develop a lapse of judgment, which leads to a medication error. Another major cause of medication error is distortion. Distortions can cause due to poor writing, abbreviations use, misunderstood symbols, or improper translation. Thus, the increasing number of medication errors is likely to boost the adoption of pharmacy automation equipment in coming years. Moreover, tools such as automated medication dispensing systems helps pharmacy and nursing staff perform their jobs efficiently without compromising on patient safety or care quality. Hence, increasing demand for upgraded healthcare services owing to surging geriatric population and increasing prevalence of chronic diseases would drive the growth of the North America pharmacy automation equipment market during the forecast period.
North America has been witnessing a growing number of COVID-19 confirmed cases since its outbreak. The North America pharmacy automation equipment market is experiencing a positive impact of the outbreak due to the increasing infection rate from the healthcare workers to the patients and the rising demand for medications across the region. Therefore, the healthcare facilities and pharmacies are preferring automated systems to reduce the spread of the virus. There has also been an increasing demand for prescription drugs sale that has been increasing rapidly, which is creating an opportunity to adapt the pharmacy automation systems to reduce the infection rate. Thus, the rising need to minimize medication errors and the decentralization of pharmacies equipment to manage the outbreak drive the market growth.
The market growth is attributed to the factors such as increasing medication errors and rising demand for upgraded healthcare services. However, the problems associated with automated dispensing systems like excessive use of overrides in cabinets and allergic reactions to patients is expected to be restrain the market growth.
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 leading companies operating in the North America pharmacy automation equipment market.
The report segments in North America Pharmacy Automation Equipment Market as follows:
By Type
By End User
By Country
The North America pharmacy automation equipment market, by type, is 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 the largest share of the market in 2020, whereas the automated compounding devices segment is anticipated to register the highest CAGR in the market during the forecast period. A medication error involves inappropriate and ineffective medication dispensing that has a potential to harm the patient. A few common medication errors are dispensing a wrong drug, dispensing incorrect quantity of a drug, dispensing wrong drug strength, and omission of items. Every year, the US Food and Drug Administration (FDA) receives over 100,000 reports that are associated with medication errors. In a hurry to complete their duties, healthcare professionals sometimes develop a lapse of judgment, which leads to a medication error. Another major cause of medication error is distortion. Distortions can cause due to poor writing, abbreviations use, misunderstood symbols, or improper translation. Thus, the increasing number of medication errors is likely to boost the adoption of pharmacy automation equipment in coming years. Moreover, tools such as automated medication dispensing systems helps pharmacy and nursing staff perform their jobs efficiently without compromising on patient safety or care quality. Hence, increasing demand for upgraded healthcare services owing to surging geriatric population and increasing prevalence of chronic diseases would drive the growth of the North America pharmacy automation equipment market during the forecast period.
North America has been witnessing a growing number of COVID-19 confirmed cases since its outbreak. The North America pharmacy automation equipment market is experiencing a positive impact of the outbreak due to the increasing infection rate from the healthcare workers to the patients and the rising demand for medications across the region. Therefore, the healthcare facilities and pharmacies are preferring automated systems to reduce the spread of the virus. There has also been an increasing demand for prescription drugs sale that has been increasing rapidly, which is creating an opportunity to adapt the pharmacy automation systems to reduce the infection rate. Thus, the rising need to minimize medication errors and the decentralization of pharmacies equipment to manage the outbreak drive the market growth.
The market growth is attributed to the factors such as increasing medication errors and rising demand for upgraded healthcare services. However, the problems associated with automated dispensing systems like excessive use of overrides in cabinets and allergic reactions to patients is expected to be restrain the market growth.
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 leading companies operating in the North America pharmacy automation equipment market.
The report segments in North America Pharmacy Automation Equipment Market as follows:
By Type
- Automated Medication Dispensing Systems
- Automated Packaging & Labeling Systems
- Automated Storage & Retrieval Systems
- Automated Compounding Devices
- Tabletop Tablet Counters
By End User
- Hospital Pharmacy
- Retail Pharmacy
- Others
By Country
- US
- Canada
- Mexico
Table of Contents
1. Introduction
3. Research Methodology
4. North America Pharmacy Automation Equipment Market- Market Landscape
5. Pharmacy Automation Equipment Market- Industry Dynamics
6. Pharmacy Automation Equipment Market- North America Analysis
7. Pharmacy Automation Equipment Market Analysis - By Type
8. Pharmacy Automation Equipment Market - By End-User
9. Pharmacy Automation Equipment Market Analysis and Forecasts To 2028 - Analysis
10. Impact Of COVID-19 Pandemic on North America Pharmacy Automation Equipment Market
11. Pharmacy Automation Equipment Market- Industry Landscape
12. Company Profiles
13. Appendix
List of Tables
List of Figures
Companies Mentioned
- Talyst LLC (Swisslog Healthcare)
- AmerisourceBergen
- Baxter International Inc.
- Capsa Healthcare
- OMNICELL INC.
- Cerner Corporation
- MCKESSON CORPORATION
- ScriptPro LLC
- BD
- YUYAMA Co., Ltd
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 129 |
| Published | June 2021 |
| Forecast Period | 2021 - 2028 |
| Estimated Market Value ( USD | $ 2631.31 Million |
| Forecasted Market Value ( USD | $ 4565.5 Million |
| Compound Annual Growth Rate | 8.2% |
| Regions Covered | North America |
| No. of Companies Mentioned | 10 |
