Global Pharmacy Automation Devices Market: Size, Trends & Forecasts (2017-2021)
Scope of the Report
The report entitled “Global Pharmacy Automation Devices Market: Size, Trends & Forecasts (2017-2021)” provides a detailed analysis of the global pharmacy automation devices market by value and by segments. The analysis includes market size in terms of value, market share by segment and penetration rate.
The report also provides brief country analysis of the US, Korea and India. Geographically, North America is the largest market for pharmacy automation devices market and is expected to dominate the market in the forecasted period also.
Furthermore, the report also assesses the key opportunities available in the market and outlines the market dynamics that are and will be accountable for growth of the industry. Growth of the global pharmacy automation devices market has also been forecasted for the period 2017-2021, taking into consideration previous growth outlines, growth drivers and the existing and forthcoming trends.
The competition in the global pharmacy automation devices market is fragmented with several players, such as McKesson, AmerisourceBergen, Health Robotics, Omnicell, Cerner, Care Fusion etc. Further the key players of the global pharmacy automation devices market: McKesson, AmerisourceBergen, Omnicell and JVM co. Ltd. are profiled with their financial information and respective business strategies.
Automation in pharmacy is related with the process of handling and distribution of medications in pharmacy or other health care centres and involve the task of counting and dispensing of tablets, measuring and mixing powders and liquids for compounding, inventory management etc. Technological innovations in pharmaceutical industry make it obligation for hospitals and pharmacies to adopt the automation process in order to reduce the medication errors, high labour cost and increasing need for accurate and standardized drugs in order to decline in number of deaths which occurred due to incorrect amount of medications.
On the basis of technology, pharmacy automation devices are broadly categorized into five types: Auto Dispensing Cabinets, Table-Top Tablet Counters, Automated Compounding Systems, Automated Packaging and Labeling System, and Automated Storage and Retrieval System. Each device/system performs a number of different tasks. Two major end-users of the automation devices are: Retail Pharmacy and Hospital Pharmacy.
Global pharmacy automation devices market has increased at a significant CAGR during the years 2014-2016, and the projections are made that the market would rise tremendously in the next four years i.e. 2017 to 2021. The growth of the pharmacy automation devices market is expected due to technological innovations, improvement in medical services accessibility, growing aging population, rising labor cost at pharmacies, growth opportunities in emerging economies etc. Yet the market faces some challenges which are obstructing the growth of the market. Some of the major challenges faced by the market are high cost of implementation and installation, intense competition among vendors, stringent government regulations etc.