North America Pharmacy Automation Equipment Market Forecast to 2028 – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “North America Pharmacy Automation Equipment Market Forecast to 2028 – COVID-19 Impact and Regional Analysis By Type and End User” report has been added to ResearchAndMarkets.com’s offering.
The automated compounding devices segment by type is estimated to lead the market growth during the forecast period.
According to this study, the North America pharmacy automation equipment market is expected to reach US$ 4,565.50 million by 2028 from US$ 2,437.88 million in 2020 and is estimated to grow at a CAGR of 8.2% from 2021 to 2028
The automated medication dispensing systems segment held the largest share of the market in 2020, whereas the automated compounding devices segment is anticipated to register the highest CAGR in the market during the forecast period. A medication error involves inappropriate and ineffective medication dispensing that has a potential to harm the patient.
A few common medication errors are dispensing a wrong drug, dispensing incorrect quantity of a drug, dispensing wrong drug strength, and omission of items. Every year, the US Food and Drug Administration (FDA) receives over 100,000 reports that are associated with medication errors. In a hurry to complete their duties, healthcare professionals sometimes develop a lapse of judgment, which leads to a medication error.
Another major cause of medication error is distortion. Distortions can cause due to poor writing, abbreviations use, misunderstood symbols, or improper translation. Thus, the increasing number of medication errors is likely to boost the adoption of pharmacy automation equipment in coming years. Moreover, tools such as automated medication dispensing systems helps pharmacy and nursing staff perform their jobs efficiently without compromising on patient safety or care quality.
Hence, increasing demand for upgraded healthcare services owing to surging geriatric population and increasing prevalence of chronic diseases would drive the growth of the North America pharmacy automation equipment market during the forecast period.
The North America pharmacy automation equipment market is experiencing a positive impact of the outbreak due to the increasing infection rate from the healthcare workers to the patients and the rising demand for medications across the region. Therefore, the healthcare facilities and pharmacies are preferring automated systems to reduce the spread of the virus.
There has also been an increasing demand for prescription drugs sale that has been increasing rapidly, which is creating an opportunity to adapt the pharmacy automation systems to reduce the infection rate. Thus, the rising need to minimize medication errors and the decentralization of pharmacies equipment to manage the outbreak drive the market growth.
The market growth is attributed to the factors such as increasing medication errors and rising demand for upgraded healthcare services. However, the problems associated with automated dispensing systems like excessive use of overrides in cabinets and allergic reactions to patients is expected to be restrain the market growth.
Key Topics Covered:
1.1 Scope of the Study
1.2 The Publisher’s Research Report Guidance
1.3 Market Segmentation
2. Pharmacy Automation Equipment Market- Key Takeaways
3. Research Methodology
4. North America Pharmacy Automation Equipment Market- Market Landscape
4.2 PEST Analysis
4.3 Expert Opinion
5. Pharmacy Automation Equipment Market- Industry Dynamics
5.1 Market Drivers
5.1.1 Increasing Medication Errors
5.1.2 Increasing Demand for Healthcare Services
5.2 Market Restraints
5.2.1 Problems Associated with Automated Dispensing Systems
5.3 Future Trends
5.3.1 Technological Developments
5.4 Impact Analysis
6. Pharmacy Automation Equipment Market- North America Analysis
6.1 North America Pharmacy Automation Equipment Market Revenue Forecast and Analysis
7. Pharmacy Automation Equipment Market Analysis – By Type
7.2 Pharmacy Automation Equipment Market Revenue Share, by Type (2020 and 2028)
7.3 Automated Medication Dispensing Systems
7.4 Automated Storage & Retrieval Systems
7.5 Automated Packaging & Labelling Systems
7.6 Tabletop Tablet Counters
7.7 Automated Compounding Devices
8. Pharmacy Automation Equipment Market – By End-User
8.2 Pharmacy Automation Equipment Market, by End-User, 2020 and 2028 (%)
8.3 Hospital Pharmacy
8.4 Retail Pharmacy
9. Pharmacy Automation Equipment Market Analysis and Forecasts To 2028 – Analysis
9.1 North America: Pharmacy Automation Equipment Market
9.1.2 North America: Pharmacy Automation Equipment Market, by Country, 2020 & 2028 (%)
10. Impact Of COVID-19 Pandemic on North America Pharmacy Automation Equipment Market
10.1 North America: Impact Assessment of COVID-19 Pandemic
11. Pharmacy Automation Equipment Market- Industry Landscape
11.2 Organic Developments
11.3 Inorganic Developments
12. Company Profiles
- Talyst LLC (Swisslog Healthcare)
- Baxter International Inc.
- Capsa Healthcare
- OMNICELL INC.
- Cerner Corporation
- MCKESSON CORPORATION
- ScriptPro LLC
- YUYAMA Co., Ltd
For more information about this report visit https://www.researchandmarkets.com/r/wpus54