Pharmacy Automation Systems Market Share, Analysis, Trends & Forecasts to 2022

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The high demand and requirements for safety, accuracy, industry standards, coupled with competency in the pharmaceutical industry by manufacturers, healthcare professionals, regulatory authorities, and consumers is expected to play a significant role in growth of this market. Increase in life expectancy, ageing population, and a significant paradigm shift from centralized to decentralized pharmacies. Moreover the need for reducing medication errors, by increasing the efficiency of work within the organization, thereby improving productivity, are attributed as the major reasons to encourage the development of the pharmacy automation market. Pharmaceutical industry is expected to grow at a robust rate due the progression of better healthcare facilities and technologies. Proper administration of medicine should be carried out in order to measure its success rates. These systems are expected drive medication management, by providing right medication dose to the patient at appropriate time. This factor is expected to be a major challenge of healthcare management and can be overcome by adopting pharmacy automation systems. Get PDF with Technological Trends @ https://www.millioninsights.com/industry-reports/pharmacy-automation-systems-market/request-sample New opportunities in various applications is expected to continue to exist from private, small, and family owned pharmacies to large services such as hospital and mail-order facilities. In emerging economies many small, private pharmacies are still conducting operations and surgeries through manual and semi-manual methods. The opportunity to fully automate these pharmacies with increasing bar coding standards is expected to boost the market growth in such regions at a rapid rate. Technological advancements and innovations owing to increased investment of many pharma companies in research and development can be attributed to growth in automation systems. Technology is expected to transform the traditional style of working to more sophisticated environment through which the automation systems can act effectively and efficiently in particular procedures which require repetition high concentration and complex procedures such as record keeping thereby saving both cost and time. Stringent regulatory norms, high cost of installation,
estricted budget of healthcare establishments, increasing drug prices and lack of awareness of the benefits of the automation systems in emerging economies are the major factors hampering the growth of pharmacy automation. Based on types of technology the market can be segmented into table top counters, automated packaging, dispensing, labeling systems and medication compounding. The automated medication dispensing system is expected to be the largest market segment owing to the increasing demand for timely and automated dispensing of medicine to patients. This system provides computer monitored storage, tracking, recording of medical work, and dispensation more efficiently. These dispensing system can work on several patients at a single time simultaneously thereby allowing the medical practitioner to provide the medicines accurately. Based on end user segment the market can be classified into outpatient, inpatient, retail and other pharmaceutical organizations. In-patient pharmacy automation market has been classified into long term care and acute care setting. Outpatient market is further classified into hospital pharmacies and fast track health centers. In patient segment is expected to have the largest market share owing to longer stay in the hospital and the requirement of healthcare monitoring and facilities. North American is expected to be the largest market of the global pharmacy automation systems market on account of increasing demand for innovative products, presence of R& innovations and penetration of advance IT systems couples with reduction of medical errors and high healthcare regulations. Europe and Asia-Pacific are expected to witness higher growth rate over the forecast period owing to rise in population, increasing awareness of benefits in automation systems, need for enhanced and efficient healthcare facilities, risk free procedures and surgeries. In Asian countries including china and India, the aging population and increase in need for technologically innovative products by the healthcare facilities are expected to steer the market in this region. The key players in the market are McKesson Corporation, Care Fusion Corp., AmerisourceBergen Corporation, TalystInc. Other industry participants include Kirby Lester, ScriptPro LLC, OmnicellInc, and Baxter International Inc. The global is expected to be highly competitive comprising of numerous market players and continuous innovations and developments of new products.
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Pharmacy Automation Systems Market Share, Analysis, Trends & Forecasts to 2022

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