Worldwide Pharmacy Automation Devices Industry to 2026 - Players Include McKesson, Baxter International and Omnicell Among Others
DUBLIN, March 18, 2021 /PRNewswire/ -- The "Global Pharmacy Automation Devices Market By Product, By End Use, By Region, Industry Analysis and Forecast, 2020 - 2026" report has been added to ResearchAndMarkets.com's offering.
The Global Pharmacy Automation Devices Market size is expected to reach $7.9 billion by 2026, rising at a market growth of 12.5% CAGR during the forecast period. Decreased vulnerability to the storage of medication, low medication cost per dose, reduced medication waste, and improved patient security are some of the advantages provided by pharmacy automation devices. The overall efficiency of these systems can be improved due to the advent of RFID, smart dashboards, barcode scanning technology, and data safety in pharmacies for the smooth workflow. With the help of these devices, medication errors & labor costs can be reduced while accuracy & speed can be improved. Using these products, pharmacists' time in nonclinical functions can be reduced & these functions include inventory management. Patient experience can be improved as pharmacists spend more time with patients.
The global healthcare industry is facing a lot of burden due to increasing rates of injuries & deaths because of the errors in the medical prescriptions. In order to prevent & reduce these recurrent medical errors, healthcare service vendors & pharmacists are continuously looking for the efficient and advanced technologies. Additionally, as the number of visitors, patients, and their subsequent security requirements is increasing, the medication distribution is becoming more sophisticated on a regular basis. In order to address these critical issues, emerging technologies like pharmacy automation systems are becoming the most effective equipment. Decreasing the errors in medical prescriptions & enhance patient security is the main goal of these tools. Healthcare service vendors and pharmacists can reduce their losses and scale-up effectiveness and productivity by adopting these pharmacy automation systems.
Due to the COVID-19 pandemic, various companies dealing in pharmacy automation devices observed a reduction in sales revenue. On the other hand, the COVID-19 pandemic is anticipated to raise awareness about the significance of automation in the healthcare and pharmaceutical sector, which, as a result, is expected to boost the pharmacy automation market in the next few years.
Product Outlook
Based on Product, the market is segmented into Medication Dispensing Systems, Packaging and Labeling Systems, Storage and Retrieval Systems, Automated Medication Compounding Systems, and Tabletop Tablet Counters. The medication dispensing systems segment obtained the highest revenue share in 2019. The healthcare facilities & pharmacists face tremendous pressure to adapt to different medication dispensing systems in order to enhance patient care services owing to the rising number of deaths occurred by medication & dispensing errors, along with severe government policies.
End Use Outlook
Based on End Use, the market is segmented into Retail Pharmacy and Hospital Pharmacy. The hospital pharmacy segment is expected to showcase the promising growth rate during the forecast period. This growth is owing to the high utilization of automated drug storage & retrieval systems, automated dispensing cabinets, automated sterile compounding systems, barcoded unit dose packaging systems to improve efficiency and productivity.
Regional Outlook
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. Asia-Pacific is expected to exhibit a substantial growth rate during the forecast period. The growth of the regional market is owing to the increasing requirement to reduce medication errors, technological development by key players, decentralization of pharmacies, and the quickly increasing geriatric population. Moreover, the market is anticipated to witness various growth opportunities due to the advancements in healthcare infrastructure in the developing countries.
The major strategies followed by the market participants are Partnerships and Product Launches. Based on the Analysis presented in the Cardinal matrix; McKesson Corporation, Becton, Dickinson and Company, Baxter International, Inc., and Cerner Corporation are the forerunners in the Pharmacy Automation Devices Market. Companies such as Omnicell, Inc., Kuka AG, ARxIUM, Inc., and ScriptPro, LLC are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include McKesson Corporation, Baxter International, Inc., Becton, Dickinson and Company, ARxIUM, Inc., Omnicell, Inc., Kuka AG (Swisslog Healthcare), Cerner Corporation, Accu-Chart Plus Healthcare Systems, Inc., Pearson Medical Technologies, LLC, and ScriptPro, LLC.
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Key Topics Covered:
Chapter 1. Market Scope & Methodology
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 Global Pharmacy Automation Devices Market, by Product
1.4.2 Global Pharmacy Automation Devices Market, by End Use
1.4.3 Global Pharmacy Automation Devices Market, by Geography
1.5 Methodology for the research
Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.2 Market Composition and Scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints
Chapter 3. Competition Analysis - Global
3.1 Cardinal Matrix
3.2 Recent Industry Wide Strategic Developments
3.2.1 Partnerships, Collaborations and Agreements
3.2.2 Product Launches and Product Expansions
3.2.3 Acquisition and Mergers
3.3 Top Winning Strategies
3.3.1 Key Leading Strategies: Percentage Distribution (2016-2020)
Chapter 4. Global Pharmacy Automation Devices Market by Product
4.1.1 Global Medication Dispensing Systems Market by Region
4.1.2 Global Packaging and Labeling Systems Market by Region
4.1.3 Global Storage and Retrieval Systems Market by Region
4.1.4 Global Automated Medication Compounding Systems Market by Region
4.1.5 Global Other Product Market by Region
Chapter 5. Global Pharmacy Automation Devices Market by End Use
5.1 Global Retail Pharmacy Market by Region
5.2 Global Hospital Pharmacy Market by Region
Chapter 6. Global Pharmacy Automation Devices Market by Region
6.1 North America Pharmacy Automation Devices Market
6.2 Europe Pharmacy Automation Devices Market
6.3 Asia Pacific Pharmacy Automation Devices Market
6.4 LAMEA Pharmacy Automation Devices Market
Chapter 7. Company Profiles
7.1 McKesson Corporation
7.1.1 Company Overview
7.1.2 Financial Analysis
7.1.3 Segmental and Regional Analysis
7.1.4 Research & Development Expense
7.1.5 Recent strategies and developments:
7.1.5.1 Acquisition and Mergers:
7.1.5.2 Product Launches and Product Expansions:
7.2 Baxter International, Inc.
7.2.1 Company Overview
7.2.2 Financial Analysis
7.2.3 Regional Analysis
7.2.4 Research & Development Expense
7.2.1 Recent strategies and developments:
7.2.1.1 Acquisition and Mergers:
7.3 Becton, Dickinson and Company
7.3.1 Company Overview
7.3.2 Financial Analysis
7.3.3 Segmental and Regional Analysis
7.3.4 Research & Development Expense
7.3.5 Recent strategies and developments:
7.3.5.1 Acquisition and Mergers:
7.4 ARxIUM, Inc.
7.4.1 Company Overview
7.4.2 Recent strategies and developments:
7.4.2.1 Partnerships, Collaborations, and Agreements:
7.4.2.2 Product Launches and Product Expansions:
7.5 Omnicell, Inc.
7.5.1 Company Overview
7.5.2 Financial Analysis
7.5.3 Regional Analysis
7.5.4 Research & Development Expenses
7.5.5 Recent strategies and developments:
7.5.5.1 Partnerships, Collaborations, and Agreements:
7.5.5.2 Acquisition and Mergers:
7.5.5.3 Product Launches and Product Expansions:
7.6 Kuka AG (Swisslog Healthcare)
7.6.1 Company Overview
7.6.2 Recent strategies and developments:
7.6.2.1 Partnerships, Collaborations, and Agreements:
7.6.2.2 Product Launches and Product Expansions:
7.6.2.3 Acquisition and Mergers:
7.7 Cerner Corporation
7.7.1 Company Overview
7.7.2 Financial Analysis
7.7.3 Regional Analysis
7.7.4 Research & Development Expense
7.7.5 Recent strategies and developments:
7.7.5.1 Partnerships, Collaborations, and Agreements:
7.8 Accu-Chart Plus Healthcare Systems, Inc.
7.8.1 Company Overview
7.9 Pearson Medical Technologies, LLC
7.9.1 Company Overview
7.10. ScriptPro, LLC
7.10.1 Company Overview
7.10.2 Recent strategies and developments:
7.10.2.1 Partnerships, Collaborations, and Agreements:
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