Global Pharmacy Automation Devices/Equipment Market Share Estimated to be Worth USD 9.83 Billion By 2028, With CAGR of 9.4%: Polaris Market Research

NEW YORK, May 24, 2022 /PRNewswire/ -- Polaris Market Research recently published a research report on "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" in its research database.

According to recent research study, the global pharmacy automation devices market size & share is expected to register a CAGR of 9.4% growth and industry revenue is expected to increase from USD 4.82 billion in 2020 to reach USD 9.83 billion by 2028.

What is Pharmacy Automation Devices/Equipment Systems? How Big is Pharmacy Automation Devices/Equipment Market Share?

• Report Overview

Pharmacy automation devices have a major role in the current healthcare sector, as it makes the course of pharmacy works out easier.  These devices allow easy administration and distribution of medication in hospitals and pharmacy sectors like filling &capping of drugs, administration & storing of drugs, and tagging the prescriptions. It also has the ability to store and manage more than 200-300 medications and patients' data.

The system offers benefits such as reduced vulnerability to the shortage of medications, reduced medication waste, decreased medication cost per dose, and better patient safety. With these devices, labor costs and medication flaws can be reduced and accuracy and speed can be increased. Factors such as the development of RFID, barcode scanning technology, smart dashboard, and information reliability in pharmacies are anticipated to boost the efficiency of pharmacy automation.

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Reasons to Buy This Research Study:

• To have in-depth research on the strategies, revenue, products, and manufacturing capacities of the major players in the global pharmacy automation devices market.
• The report includes a market overview as well as specific information on emerging markets.
• To provide historical and recent insights.
• To identify the worldwide driving forces and roadblocks
• To determine the market diversification, current trends, developing geographies, new product launches, and investment opportunities
• To estimate and classify the global pharmacy automation devices market according to application, type, and geography.
• To identify and evaluate the top companies operating in the pharmacy automation devices market.

Top Pharmacy Automation Devices Companies Profile Covered in this Report Are:

• 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
• Yuyama Co. Ltd

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Pharmacy Automation Devices Market: Report Scope

Pharmacy Automation Devices Market: Key Growth Drivers

Advancements in healthcare infrastructure in emerging economies are expected to create new opportunities in the market. The rising need to reduce medication errors, increase in the decentralization of pharmacies, growing elderly population, and increasing labor costs are some of the other factors expected to fuel the growth of the pharmacy automation market. Advantages of the pharmacy automation market in terms of industrial pharmacy and the rising use of automated dispensing in pharmacies and hospitals are all driving the pharmacy automation system market.

Moreover, growing mergers and acquisitions among leading market players in this market combined with new product introductions are also boosting the growth of the pharmacy automation devices market. In addition, advancements in medication management solutions such as enhanced pharmacy supply chain management and medication usage, digitization and streamlined workflows, enhanced technology-enabled services to support regulatory compliance, and improved efficiency are also favoring the market growth for pharmacy automation devices.

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Pharmacy Automation Devices Market: Segmentation

• Insight by Product

The medication dispensing systems segment witnessed the largest market share in the global pharmacy automation devices market in 2020. This growth can be attributed to the surge in morbidities due to medication dosing errors. Also, strengthening government guidelines is forcing pharmacists and healthcare institutes to enhance patient care services. Moreover, the automated medication compounding systems segment is expected to generate the fastest growth over the foreseen period owing to increasing applications in sterile compounding.

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Pharmacy Automation Devices Market Report Segmentation

Regional Insights: Pharmacy Automation Devices Market

North America accounted for over 50% market share in the pharmacy automation devices market owing to the factors such as growing technological developments in workflow systems and decreased upfront cost of the automation systems. Also, the rising number of drug prescriptions at pharmacies due to an increase in the elderly population is accelerating the growth of the global pharmacy automation devices market. Rising worries over inadequate inventory management are also expected to fuel the growth of high-volume dispensing cabinets in the region, thus boosting the market growth.

Further, the Asia Pacific region is expected to show lucrative growth during the forecast period owing to the rising need for reducing medication dosing errors, decentralization of pharmacies, technological developments by players, and increasing pressure among the government to provide for needy populations. In addition, developments in healthcare infrastructure in emerging economies are anticipated to offer lucrative opportunities in the pharmacy automation devices market.

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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 PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's 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 PMR's 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 endeavor to deliver value-added business solutions to PMR's customers.

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SOURCE Polaris Market Research