The automation task performed in healthcare and medical sector is known as pharmacy automation and the devices used for automation are called as pharmacy automation device market. Increasing prevalence of medical error deaths is the prime driver of this market over the forecast period. Pharmacy automation devices such as clinical decision support system, electronic health record and computerized physician order entry helps in monitoring patients continuously to provide a better understand of his health conditions.
Rising adoption of medical automation coupled with high investment in research and development is boosting the growth of this market in coming five years. Rapidly increasing population base, growing awareness about advanced pharmacy and growing demand to minimize medical error are the main driver of this market. Moreover, increasing demand for minimal invasive and noninvasive surgical procedures with integrated medical automated systems is also likely to trigger the growth of this market by 2020.
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Strict medical rule and regulation regarding medical automation and high cost of implementation for automated tools are some of the contracting factors of pharmacy automation device market. The market is anticipated to have lucrative growth opportunity owing to rising awareness about pharmacy automation and increasing personal disposable income of customer in the emerging nations.
Product Insight
By product, the global pharmacy automation device market is segmented into medication dispensing systems, packaging & labeling systems, storage & retrieval systems, medication compounding systems and tabletop counters. The automated medication dispensing system provides computer controlled storage, dispensation, tracking, and recording of medical work more efficiently. The dispensing cabinets can work several patients simultaneously and therefore it allows the medical practitioner to provide the medicines accurately and keep its record in the system. Medication dispensing system market was consisted the largest market share in 2013 owing to growing demand of automated and timely dispensing healthcare medicines.
It is also noticed that the automated medication dispensing systems are more adopted in large sized hospitals in comparison with medium or small sized hospitals. The possible reason can be that the budget of large size hospitals is much more than small or medium size hospitals and therefore they can afford purchase highly automated devices. Packaging and labeling instruments includes sealers, deblistering machines, fillers and sealers and printing solutions. This market is expected to witness lucrative growth in coming future owing to strong government and FDA rules and regulation regarding medication packaging and labeling segments.
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End Use Insight
By end use the market is bifurcated into hospital pharmacy and retail pharmacy. Hospital pharmacy market is expected to witness significant growth over the forecast period owing to involvement of high investment cost. It is further classified into bar-code medication dispensing, central pharmacy automation solutions, ordering and receiving automation solutions, point-of-care automation solutions, pharmacy robots, preparation and packaging automation solutions, medication dispensing nursing stations and carts.
Regional Insight
Regionally, North America was the dominant market in 2013, in terms of revenue. Owing to increasing geriatric population base, rising demand for reducing medical error rates in healthcare industry and continuously upgradation in technology are the main reasons expecting domination over the forecast period. Asia Pacific region is anticipated to show the highest growth rate by 2020 owing to rising awareness about medical automation, increasing disposable income and growing rate of target of target based population.
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