Pharmacy Automation Systems Market to Log 7.3% CAGR Driven by Emphasis on Reducing Medical Errors
The rising incidence of death and injuries caused due to errors in prescription medicine is consistently putting pressure on pharmacists and healthcare providers to deploy the latest and most effective technologies. Furthermore, with an increasing number of patients visiting clinics, hospitals, or private consultancies of doctors due to the growing prevalence of various ailments, the medication distribution system is becoming more complex. The latest automated technologies are, therefore, emerging as the most effective solution to reduce medication errors, thereby enhancing patient safety. Besides, installing automated systems will also allow healthcare providers and pharmacists to lower their overall pharmacy costs.
Pharmacy Automation Systems Market Description:
According to a market study published by Transparency Market Research, the global pharmacy automation systems market, which stood at US$4.7 bn in 2011, it anticipated to reach US$7.8 bn by 2018. If the figures hold true, the market will exhibit a positive CAGR of 7.3% between 2012 and 2018.
Mounting Pressure on Healthcare Providers to Reduce Errors in Prescription Medication Drives Market
With the introduction of the latest technologies, automation is available for functions such as compound preparation, tablet counting, medication packaging, prescription management, inventory management, and dispensing. It is possible to realize the complete benefits of each of the aforementioned systems after the relevant technologies are assimilated cohesively. The global market for pharmacy automation is anticipated to expand in response to the growing prevalence of chronic ailments requiring high and complicated doses of medicines and the mounting pressure to prevent the incidence of medication errors.
The demand from the market is also augmented by the escalating healthcare expenditure, rising drug prices, and reducing medical reimbursement facilities. These factors escalate the pressure on healthcare providers to reduce their pharmacy costs. Furthermore, implementation of stringent government regulations pertaining to drug compounding, labeling, and packaging also fuels demand from the global pharmacy automation systems market.
Rising Cost of Deploying Novel Technologies Hampers Market
On the flip side, the rising cost of the implementation of these novel technologies is a major challenge faced by pharmacies, which adversely impacts the market. Nevertheless, vendors operating in the pharmacy automation systems market may capitalize on the available market opportunities by developing cost-effective technologies for mid- and small-sized hospitals.
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North America Dominates Global Pharmacy Automation Systems Market
Error in prescription medicine dispensing is one of the leading causes of death in North America, after cancer, cardiac arrests, and strokes. Canada reports the death of almost 10,000 people due to error in prescription medication dispensing, while in the U.S. such medication errors have taken lives of a staggering 100,000 people and resulted in more than two million injuries. Medication errors also inflate the overall cost incurred by patients as well as healthcare providers.
Hence, an increasing number of pharmacists and healthcare providers across the key regional markets for pharmacy automation systems are investing in automated technologies. This will not only help them reduce medication errors, but will also help them improve patient safety. Presently, North America is the largest market for pharmacy automation systems, followed by Europe. North America is also likely to remain the largest market for pharmacy automation systems in the near future.