North America Pharmacy Automation Market to Observe Utmost CAGR of 9.9% by 2030
North America Pharmacy Automation Market report offers better solution for refining the business strategies to thrive in this competitive market place. A number of trustworthy sources such as journals, websites, and annual reports of the companies, white papers, and mergers have been referred for assembling the data and information mentioned in this industry report. Information and data provided through this industry analysis document can be very decisive for HEALTHCARE industry when it comes to dominating the market or creating a mark in the market as a new emergent. The research study performed in the realistic North America Pharmacy Automation Market business report also helps to understand the various drivers and restraints impacting the market during the forecast period.
In addition, the implementation of technological innovations and the advancement of automated systems with improved pharmacy automation systems lead to higher success rates and new applications of devices with higher demand for innovative products for prescription medicines for compounding, dispensing, storing, and labeling are driving the market growth over the forecast period. However, it is anticipated that factors such as reluctance in implementing pharmacy automation systems due to their high cost would restrict their adoption, which is expected to restrain the market growth.
The North America pharmacy automation market is supportive and aims to reduce medication dispensing errors and improve patient safety. Data Bridge Market Research analyzes that the North America pharmacy automation market will grow at a CAGR of 9.9% during the forecast period of 2023 to 2030.
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Market Overview:
Pharmacy automation plays a significant role in modern healthcare as it allows medicine to be conveniently delivered and distributed in the hospital pharmacy or retail pharmacy. Automation of the pharmacy helps to reduce the error in the medication. It prevents errors such as missing medication information, missing patient information, dispensing formulations, prescription errors, tracking therapy, and others that can occur during the manual process. One of the most common types of errors is incorrect labeling information and instructions. To improve healthcare facilities and services and to ensure patient safety, it is vital to reduce prescription error, which is why the pharmacy automation system is used in quite important ways to eliminate storage, inventory, usage, and retrieval error. The use of pharmacy automation is highly acceptable and beneficial in increasing the efficiency and accuracy of pharmacies. Furthermore, the need for preventing medication errors and the rising geriatric population across the globe are likely to boost the market growth in the forecast period.
Fundamental Aim of this Market Report
- Factors influencing This Market Size and growth rate.
- Major alterations to this market in the near future.
- Notable Market rivals around the world.
- Future Scope and Product Outlook
- Future-promising emerging markets.
- The Market Presents Difficult Challenges and Threats.
DRIVERS
- Growing Need to Minimize Medication Errors
Medical errors are the leading cause of death in countries, further leading to increased hospitalization worldwide. Medication errors are of various types that include errors in the chain of pharmacological and pharmaceutical patient care: prescription errors, dispensing errors, administration errors, transcription errors, prescribing faults, and ‘across settings’ errors.
A medication mistake can occur due to a number of variables, such as inadequate order coordination between the doctor and pharmacist, improper storage practices in pharmacies, and misunderstandings arising from the use of identical labels.
Dispensing errors include any anomalies or deviations from the prescribing order, such as dispensing the wrong dose, drug, dosage type, incorrect amount, or insufficient, incorrect, or inadequate labeling. The misleading or insufficient instruction for use, improper planning, packaging, or storage of medication before dispensing is also considered a medication error.
In a pharmacy that fills 250 prescriptions per day, errors occur at a rate of 4 per day, amounting to an estimated 51.5 million errors out of 3 billion prescriptions filled annually across the nation.
- Rising Demand for Pharmaceuticals
The escalating demand for pharmaceuticals is observed across the globe due to the surging incidence of chronic diseases such as cancers, diabetes, obesity, and asthma among others. The people suffering from these diseases are dependent on one or the other medication prescribed to them by their physicians.
Also, the aging population is increasing North America due to the availability of better healthcare facilities. Increased research and development leading to the launch of effective and novel medications oriented to specific diseases further aids in the surging demand for pharmaceuticals.
Moreover, the emergence of COVID-19 also has increased the demand for various medications worldwide which include vitamin-C tablets and hydroxychloroquine, among others leading to a significant rise in the demand for pharmaceuticals.
Recent Developments
- In January 2023, AmerisourceBergen Corporation announced the completion of its acquisition of PharmaLex Holding GmbH. The acquisition of PharmaLex enhances AmerisourceBergen Corporation’s growth strategy by advancing its leadership in specialty services and North America platform of pharma manufacturer services capabilities.
- In February 2022, Baxter announced that it has received authorization from the Common Vulnerability and Exposures (CVE) program to be a CVE Numbering Authority.
Some of the major market players operating in the North America pharmacy automation market are OMNICELL, INC., Cerner Corporation, Capsa Healthcare, ScriptPro LLC, RxSafe, LLC., MedAvail Technologies, Inc., Asteres Inc., InterLink AI, Inc., BD, Baxter, Fullscript, McKesson Corporation, Innovation Associates, AmerisourceBergen Corporation, UNIVERSAL LOGISTICS HOLDINGS, INC.
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North America Pharmacy Automation Market
PRODUCT
- SYSTEMS
- SOFTWARE
- SERVICES
On the basis of product, the market is segmented into systems, software, and services.
PHARMACY TYPE
- INDEPENDENT
- CHAIN
- FEDERAL
On the basis of pharmacy type, the market is segmented into independent, chain, and federal.
PHARMACY SIZE
- LARGE SIZE PHARMACY
- MEDIUM SIZE PHARMACY
- SMALL SIZE PHARMACY
On the basis of pharmacy size, the market is segmented into large size pharmacy, medium size pharmacy, and small size pharmacy.
APPLICATION
- DRUG DISPENSING AND PACKAGING
- DRUG STORAGE
- INVENTORY MANAGEMENT
On the basis of application, the market is segmented into drug dispensing and packaging, drug storage, and inventory management.
END USER
- INPATIENT PHARMACIES
- OUTPATIENT PHARMACIES
- RETAIL PHARMACIES
- ONLINE PHARMACIES
- CENTRAL FILL/MAIL ORDER PHARMACIES
- PHARMACY BENEFIT MANAGEMENT ORGANIZATIONS
- OTHERS
On the basis of end user, the market is segmented into inpatient pharmacies, outpatient pharmacies, retail pharmacies, online pharmacies, central fill/mail order pharmacies, pharmacy benefit management organizations, and others.
DISTRIBUTION CHANNEL
- DIRECT TENDER
- THIRD PARTY DISTRIBUTOR
On the basis of distribution channel, the market is segmented into direct tender and third party distributor.
Key highlights of this Market report:
- Growth rate
- Remuneration prediction
- Consumption graph
- Market concentration ratio
- Secondary industry competitors
- Competitive structure
- Major restraints
- Market drivers
- Regional bifurcation
- Competitive hierarchy
- Current market tendencies
- Market concentration analysis
What benefits does the DBMR study is going to provide?
- Latest industry influencing trends and development scenario
- Open up New Markets
- To Seize powerful market opportunities
- Key decision in planning and to further expand market share
- Identify Key Business Segments, Market proposition & Gap Analysis
- Assisting in allocating marketing investments
Table of Contents:
- Introduction
- Market Segmentation
- Executive Summary
- Premium Insights
- Market Regulations
- Market Overview
Continued…
Browse Detailed Summary of Research Report with TOC: https://www.databridgemarketresearch.com/toc/?dbmr=north-america-pharmacy-automation-market&Shri
Key Benefits of the Report:
- This study presents the analytical depiction of this industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of this market share.
- The current market is quantitatively analyzed to highlight the market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed this industry analysis based on competitive intensity and how the competition will take shape in the coming years.
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