Global Pharmacy Automation Systems Market Assessment & Forecast: 2015-2019

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Feb 04, 2016, 03:58 ET

NEW YORK, Feb. 4, 2016 /PRNewswire/ -- The new report "Global Pharmacy Automation Systems Market Assessment, Forecast: 2015-2019" by Spearhead Acuity Business Research & Consulting Group, reveals that North America lead pharmacy automation systems market with a share of 52.0% in 2014 that translated into revenues worth US$ 2,320.4 million.

North America and European hospitals and clinics generated the largest revenues in 2014 contributing to a total share of over 80%. Aging population, presence of large hospital chains as well as pharmacy chains and purchase power for healthcare technology helped these two regions to be early adopters and innovators of technology. Identification of new diseases and conditions, innovation and introduction of large number of drugs each year has made it difficult for pharmacists to keep track manually thus inclining them towards automation with the help of software systems and well as hardware components. Increasing footfall in pharmacies over the years has led to a greater demand for automation. The market conventionally has been led by the western countries due to the presence of large number of companies operating within the region. The markets for Asia-Pacific, Latin America and Africa will prove to be a challenge for adoption of the technology primarily due to lack of purchase power.

This report includes market insights into the end-users of pharmacy automation such as independent pharmacies, healthcare institutions such as hospitals, retail pharmacy chains and government healthcare facilities. Increasing number of large groups or chains of pharmacies and hospitals has increased buying power of expensive pharmacy automation. Crude estimates suggest the presence of over 5 million pharmacies across the world rising each year. However, healthcare facilities such as hospitals and nursing homes remained the largest buyers of pharmacy automation systems and are able to sustain the costs of installation due to greater amount of investment and purchase power as compared to independent pharmacies or chains. North America has over 75,000 pharmacies and more than 8,000 hospitals based on internal estimates and continue to show great promise for the adoption of pharmacy automation as more independent pharmacies install dispensing systems.

The scope of research also focuses on various types of automation technologies used in healthcare such as automated dispensing for liquid and solid doses, packaging & labelling, storage and retrieval systems, compounding systems and the most conventional form of automation- the tablet counters.

The pharmacy automation market is quite mature in several parts of the world such as North America and Europe. The use of pharmacy automation dramatically increased as the benefits and advantages far outweighed the costs in the long run. By 2000, approximately 70% of all hospitals possessed counting machines to make the pharmacist's task easier. Written prescriptions were one of the major sources for confusion and medication errors in the past, and this gave rise to need for devising the system where pharmacists, nurses and physicians would be on the same page. In future, automation will be seen both in centralized and decentralized forms and highly customized according to the needs of clients. The increasing shortage of jobs in the medical field, consolidation of technology companies and healthcare industry as a whole will lead to massive loss as automation begins to quietly exclude human involvement.

Read the full report: http://www.reportlinker.com/p03605170-summary/view-report.html

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