Pharmacy Automation Market to Reach A CAGR of 10.0% By The Year 2030
Market Definition
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.
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Pharmacy Automation Market Analysis and Insights
The rising incidence of accidents and deaths due to medical drug errors puts tremendous pressure on the general healthcare sector. Both healthcare professionals and pharmacists are searching for more effective and accurate solutions to avoid such frequent medical malfunctions. In addition, with the increasing number of patients, visitors, and their respective safety needs, the drug delivery system becomes more complicated each passing day. In order to tackle this serious issue, advanced technologies such as pharmacy automation systems are now emerging as the most powerful tools. The goal of these instruments is to reduce medical prescription errors and maximize patient safety. Therefore, implementing such pharmacy automation systems helps healthcare service providers and pharmacists minimize their losses and improve quality and productivity.
The global pharmacy automation market is supportive and aims to reduce medication dispensing errors and improve patient safety. Data Bridge Market Research analyzes that the global pharmacy automation market will grow at a CAGR of 10.0% during the forecast period of 2023 to 2030.
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Global Pharmacy Automation Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints, and challenges. All of this is discussed in detail below:
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.
Competitive Landscape and Global Pharmacy Automation Market Share Analysis
The global pharmacy automation market competitive landscape provides details of competitors. Details included are company overview, company financials, revenue generated, market potential, investment in R&D, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points provided are only related to the companies' focus on the market.
Some of the major market players operating in the global pharmacy automation market are ARxIUM, 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, Takazono Corporation, TOSHO Inc., Willach Group, BIQHS.
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