A pharmacy automation Market structure is used to drive and adapt mechanically to medicines. The most important factors that guide market growth are drug errors to increase and the growing demand for health care. The pharmacy automation equipment market with various pharmacy and other health institutions, functions with a main objective to reduce medical recipe errors and optimize patient safety. Automation systems also help to simplify the workflow, reduce the risk of errors and improve patient safety. The introduction of RFID, smart dashboard, barcode scanning technology and data security in pharmacies for a seamless workflow is driving market growth. Additionally, these devices reduce labour costs and improve process accuracy and speed. Besides, it significantly offers a high level of precision and accuracy. These factors are anticipated to provide ample new growth opportunities for the market. 

Market Drivers

Medication and dispensing errors are recognized as the leading cause of hospitalization worldwide. Poor organized communication between doctors and pharmacists, unsafe storage practices in pharmacies, and confusion created by similar drug labels and prescriptions when preparing or dispensing drugs or administering drugs are key factors that contribute to medication errors. Automated systems are considered one of the most effective solutions for minimizing these errors. In the past, the successful implementation of automated dispensing cabinets (ADCs) and automatic dispensing machines (ADMs) in hospitals has resulted in a significant reduction in the number of dispensing and medication errors in hospitals.

Market Opportunities

Emerging economies are expected to become a focal point for growth in the pharmacy automation market. Developing countries have a high geriatric population. According to the UN Report on World Population Aging (2019), East and Southeast Asia are expected to see a doubling in the number of geriatric people, with the population aged 65 or older expected to grow from 260.6 million in 2019 to nearly 572.5 million in 2050. This demographic trend is expected to increase patient volume in several Asian countries and drive demand for high-quality patient care and efficient medication delivery. As a result, the demand for pharmacy automation systems in several Asian countries is expected to increase in the coming years. Besides, emerging features and new technologies have gained the major attention of the end user segment and this factor is expected to provide new growth opportunities for the market over the forecast period. 

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Pharmacy Automation Market Segmental Overview

The global Pharmacy Automation Devices market comprises of different market segments like product, end users and geography. 

Pharmacy Automation Market by Product

The automated medication dispensing systems segment is expected to have the highest growth over the forecast period. The high percentage can be attributed to the accuracy of drug delivery and the increased safety provided by these systems, resulting in fewer cases of administering the wrong drugs to patients. It also helps in good inventory management and helps reduce costs by managing storage space. Drugs administered incorrectly to patients are not only harmful to their health but also have a significant impact on the costs incurred. A research article published in StatPearls reports that nearly 9,000 people die each year from errors in their medications. Costs associated with medication errors in patient management exceed $ 40 billion annually. 

Pharmacy Automation Market by End Users

The retail pharmacy segment is expected to dominate the market. This can be attributed to an increase in the number of retail pharmacies in several countries. Automation in pharmacies is revolutionizing cost reduction on multiple levels. 

The hospital pharmacy segment is expected to witness the fastest growth over the forecast period. This is due to the growing need to minimize errors in drug administration in hospitals and clinics. In addition, automation also allows for easy workflow management and is more efficient than its human counterparts. Another aspect is the reduction of drug waste through the stock management of these hospital pharmacies. All these factors have led to the strong growth of the segment.

Competitive Landscape Analysis

The competitive landscape analysis of Pharmacy Automation Devices market is primarily focused on expanding the global growth of pharmacy automation devices through new product innovation, business expansion, increasing presence of a range of manufacturers operating in pharmacy automation devices sector has led the growing demand for the market.  Besides, the market offers a range of products in different applications to fulfil the required demand of consumers, which is further contributing to healthy growth in the market.  

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