LONDON, Jan. 19, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s research on the pharmacy automation devices market forecasts the rise in medicine wastage to propel the growth of the pharmacy automation devices market going forward. Automated dispensing machines enable physicians to treat critically ill patients more efficiently by offering convenient access to medications for emergencies during and after pharmacy hours without producing any medicine wastage. Therefore, pharmacies are adopting automated devices to reduce their waste, which increases demand for the market. For instance, in October 2021, according to the report published by the National Library of Medicine, a US-based library of medicine, pharmaceutical supplies were the most wasteful class of medications, accounting for 37.1% of total waste. The highest class of pharmaceutical dosage form was tablet and injection, with overall wastage rates of 20.78% and 16.49%, respectively. The overall pharmaceutical wastage rate was 3.68%, amounting to USD 159,762.66 and the main cause of wastage (92.05%) was expiry. The rate of pharmaceutical waste in health centers was nearly twice that of hospitals. Therefore, the rising medicine wastage is driving the pharmacy automation devices market growth.
The global pharmacy automation devices market size is expected to grow from $4.96 billion in 2022 to $5.52 billion in 2023 at a compound annual growth rate (CAGR) of 11.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The pharmacy automation devices market share is expected to reach $8.24 billion in 2027 at a CAGR of 10.6%.
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Product innovation is the key trend gaining popularity in the pharmacy automation devices market. Major companies operating in the pharmacy automation devices market are focused on developing new and innovative solutions to meet customer demand. For instance, in August 2021, Innovative Associates, a US-based software-enabled pharmacy automation devices firm, launched smartPod and iA Therapy Management Solutions to Diminish Prescription Filling Process Inefficiencies. SmartPod is an iA next-generation robot that provides revolutionary scale in a central fill pharmacy setting. SmartPod is an innovative autofill device with built-in modularity that enables pharmacy providers to change and scale their centralized fulfillment solutions to match demand. iA provides a treatment management solution for pharmacy providers looking for alternatives to the traditional bottle or vial dispensing methods using the BD RowaTM Pouch Packaging Solution. Using iA's intelligent pharmacy operations software Innovative Associates aims to design a patient's prescriptions in easy-to-open adherence pouch packs. This service can be centralized in a single fulfillment location.
Major players in the pharmacy automation devices market are Omnicell Inc., McKesson Co., Baxter International Inc., ScriptPro LLC, Becton Dickinson & Company, Cerner Corporation, ARxIUM, Capsa Healthcare, Script Pro, Deenova S.R.L., Swisslog Healthcare, RxSafe LLC, Yuyama Co., Ltd., Accu Chart Plus Healthcare Systems Inc., Amerisource Bergen Corp., Talyst LLC, Medacist Solutions Group, Kirby Lester, TouchPoint Medical, Kuka AG (Swisslog Healthcare), Danaher Corporation, and Lonza Group.
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North America was the largest region in the pharmacy automation devices market in 2022. The regions covered in the pharmacy automation devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The global pharmacy automation devices market is segmented by product into medication dispensing systems, packaging and labeling systems, storage and retrieval systems, automated medication compounding systems, tabletop tablet counters; by end-user into retail pharmacy, inpatient pharmacies, outpatient pharmacies, pharmacy benefit management organizations and mail-order pharmacies
Pharmacy Automation Devices Market Global Report 2023 by The Business Research Company provides insights on the pharmacy automation devices market size, pharmacy automation devices market segments, pharmacy automation devices market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
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