The global pharmacy automation equipment market is anticipated to develop with a CAGR of 7.93% during the forecast years of 2021 to 2028. The market growth is predominantly accredited to the decentralization of pharmacies, the use of automated medication dispensing systems in order to minimize medication errors, the increasing demand for specialty drugs owing to the rise in rare, chronic, and complex diseases.
Pharmacy automation entails decentralized or centralized automated packing, dispensing, labeling, as well as other systems, which helps reduce dispensing errors, in addition to improving the workflow efficiency of hospital nursing staff and pharmacies.
Medication errors are major problems hospitals and pharmacies face, representing a significant threat to patients’ safety. Automated medication dispensing systems may help reduce medication errors, thus, enhancing patient safety. As per a 2018 study funded by the United Kingdom Department of Health Policy Research Program, an estimated number of 237 million medication errors occur in the National Health Service (NHS) in England annually, while avoidable adverse drug reactions (ADRs) lead to hundreds of deaths.
The global pharmacy automation equipment market growth assessment includes the evaluation of North America, the Asia-Pacific, Europe, and Rest of World. North America harbored the highest market share in 2020. The regional market’s growth is facilitated by key drivers like the surging adoption of pharmacy automation equipment in the United States, rising public health awareness, the presence of leading players, and increasing strategic initiatives by the government.
Market participants compete heavily on the basis of technical as well as consumer acquisition, in addition to rising consolidation in pharmacy chains. However, the lack of interoperability between offerings of diversified manufacturers results in a lower ability to bring in consumers from established brands.
Some of the key firms operating in the market are Baxter International Inc, Becton, Dickinson and Company (BD), Pearson Medical Technologies, etc.
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