Pharmacy Automation Market- Growth Opportunities by Manufacturers, Regions, Type and Application; Trends Forecast to 2026
Pharmacy automation is a process where handling and distribution of medications takes place in hospital pharmacy or at retail pharmacy by means of automation. Pharmacy automation includes any pharmacy task that involves counting of small objects such as tablets or capsules, measuring and mixing of powders and liquids for compounding, tracking and updating customer information in databases such as personally identifiable information (PPI), drug interaction risk detection, medical history and inventory management.
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Increasing need to reduce medication errors and development of automated systems with improved features is a major factor driving pharmacy automation market growth. According to the National Coordinating Council for Medication Error Reporting and Prevention (NCC MERP), approximately 0.1 million approximately people die annually from medical errors that occur in hospitals.
Similarly, according to the Institute of Medicine survey in 2014, due to medication errors 1 out of 131 outpatient and 1 out of 854 inpatient deaths each year’s globally. Furthermore, according World Health Organization (WHO) studies in 2016, in United Kingdom, 12% of primary care patient affected by monitoring or prescribing error of medicine over the course of a year and its increases to 31% in older patient who is 75 year and older who is receiving more than 5 drug during 12 months period.
Increase in need to reduce medication errors and development of automated systems with improved features is expected to propel growth of pharmacy automation market
Pharmacy automation play a major role in today’s modern healthcare system, as pharmacy automation reduce error that can be happen during manual process such as missing drug information, missing patient information, dispensing the formulation, prescription error, monitoring therapy and others. Wrong label information and instructions are one of the most common types of errors. According to the National Coordinating Council for Medication Error Reporting and Prevention (NCC MERP), approximately 100 million people die annually from medical errors that occur in hospitals. It is necessary to reduce medication error in order to improve healthcare facilities and services and to ensure the patient safety, therefore used of pharmacy automation system in very important in order to minimize error related to storage, medication, usage and retrieval dispensing.
Increasing adoption of pharmacy automations in North America is expected to bolster the market growth
North America holds dominant position in the global pharmacy automation market, owing to high adoption rate of pharmacy automation system in medical settings due to growth in aging population in North America and increase in insurance coverage in the U.S. has elevated the burden from healthcare system of the country. Growing technological advancements in healthcare IT infrastructure to reduce medication errors and rise in demand for quality care of patient in U.S. is expected to boost the pharmacy automation market. According to the survey by The HIMSS Analytics Database in 2015, adoption of health IT hardware, software and infrastructure has increased in U.S., more than 5,400 non-federal U.S. hospitals adopting pharmacy automation which included nearly 40,000 U.S. healthcare facilities.
Moreover, adoption of bar code medication administration (BCMA) playing vital role in minimizing medication error in U.S., BCMA make sure that the right medication received by right patient at the point of administration. According to the survey by The HIMSS Analytics Database in 2015, there is a reduction in incidence of medication error by more than 50%, and the risk of adverse drug events by 11% or approximately 20 events per day compare to last years.
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Major players operating in the global Pharmacy Automation market include, Becton, Dickinson and Company, McKesson Corporation, Yuyama Co., Ltd., Omnicell, Inc., ScriptPro LLC, Cerner Corporation, Capsa Healthcare, Baxter International, Inc., KUKA AG, TCGRx Pharmacy Workflow Solutions, RxSafe, LLC, ARxIUM Inc. Swisslog Holdings AG and Talyst systems LLC