Pharmacy Automation Market is expected to reach $5.38 Billion by 2022, at a CAGR of 8.2% from 2017

The major factors that are expected to be driving the pharmacy automation market are the growing need to minimize medication errors, rapid decentralization of pharmacies, rising geriatric population and rising labor cost.

• Pharmacy automation market is estimated to grow from USD 3.63 billion in 2017 to USD 5.38 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 8.2% during the forecast period.

Driver: Growing need to minimize medication errors

Medication errors and dispensing errors are recognized as leading causes of hospital readmissions across the globe. A medication error can occur due to a variety of factors such as poor order communication between the physician and pharmacist, dangerous storage practices in pharmacies, and confusion arising out of the use of similar labels. Automated systems are considered to be one of the most efficient solutions to minimize these errors.

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By product, the automated medication dispensing systems segment accounted for the largest share of the pharmacy automation market

Based on product, the pharmacy automation market is segmented into automated medication dispensing systems, automated packaging and labelling systems, automated table top counters, automated medication compounding systems, automated storage and retrieval systems, and other pharmacy automation systems. Automated medication dispensing systems accounted for the largest share of the pharmacy automation market in 2016.

By end user, the retail pharmacies segment to record the highest CAGR during the forecast period

On the basis of end users the market is classified into inpatient pharmacies, outpatient pharmacies, pharmacy benefit management organization and mail order pharmacies, and retail pharmacies. Retail pharmacies is the fastest growing end user segment in the pharmacy automation market during the forecast period.

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The geographical regions mapped in the report are:

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa

North America to account for the largest market size during the forecast period :

North America is expected to hold the largest market size in the pharmacy automation market during the forecast period, followed by the European region. The large share of the N+0orth American pharmacy automation market can largely be attributed to the increasing number of drug prescriptions at resulting from growth in the aging population.

Some key players mentioned in the research report are:

Becton, Dickinson, and Company (U.S.), Omnicell, Inc. (U.S.), Cerner Corporation (U.S.), Capsa Healthcare (U.S.), Parata Systems LLC (U.S), Baxter International, Inc. (U.S.), ScriptPro LLC (U.S.), KUKA AG (Germany), TCGRx Pharmacy Workflow Solutions (U.S.), RxSafe, LLC (U.S.), ARxIUM Inc. (U.S.) and Talyst Systems, LLC (U.S.).

Challenge: stringency of regulatory procedures

The stringency of regulatory approvals depends on the class to which a particular device belongs; it may vary from one region to another. Several state boards of pharmacies (agencies of a state responsible for the control and regulation of the practice of a pharmacy as well as the licensing of pharmacists in the state) have different requirements for the use of automated dispensing devices (ADDs) in healthcare practices. Thus, manufacturers of automated systems for pharmacies have to adhere to various regulations; ensuring such compliance is a tedious task and can delay product launch.

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