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(Medical-NewsWire.com, October 11, 2018 ) According to the new market research report “Pharmacy Automation Market by Product (Medication Dispensing System (Robot, Carousel), Packaging & Labeling System (Unit Dose, Multi Dose), Tabletop Counter, Storage System), End User (Inpatient, Outpatient, Retail Pharmacy) - Global Forecast to 2022", published by MarketsandMarkets™, The Pharmacy Automation Market witnessed healthy growth rate during the last decade and is expected to grow at a CAGR of 8.2% between 2017 and 2022 to reach USD 5.38 Billion by 2022. The growth in this market is mainly attributed to factors such as growing need to minimize medication errors, rapid decentralization of pharmacies, rising geriatric population, and rising labor cost.
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The global pharmacy automation market is segmented on the basis of product, end users and regions. The study also provides product portfolio assessment which compares offerings of major market players; value chain analysis; market penetration rate in various geographies; market dynamics; industry trends; and business strategy matrix for pharmacy automation market.
In 2016, automated medication dispensing systems accounted for the largest share of the pharmacy automation market. The factors such as improved medication safety, better inventory management, improved storage capacity with optimal utilization of space, and potential time and cost savings are the major drivers of market growth.
The inpatient pharmacies end user segment accounted for the largest share of pharmacy automation systems market. The increasing need for improved accuracy and efficiency of pharmacy units in hospitals and the growing need to minimize the waiting time in inpatient pharmacies are key market drivers in this end-user segment.
The leading position of McKesson can mainly be attributed to its well-established position in the pharmaceutical distribution business in the U.S. and Canada as well as its strong portfolio of pharmacy automation systems. In the last few years, the company has launched several products such as EnterpriseRx (a next-generation pharmacy software system), Your Pharmacy Online (a mobile application), ExpressRx Track (a pharmacy automation solution), ScanAbility (Barcode Medication Administration Analytics Tool), and McKesson Ambulatory Pharmacy Solutions, to name a few. These products have helped to reinforce the company’s product portfolio, thereby giving it a competitive advantage over other players in the market.
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The key strategies implemented by major players in the global pharmacy automation systems market were acquisitions, new product launches, agreements, collaborations, and partnerships and expansions. Most companies in the pharmacy automation systems market adopted the strategy of new product launches to increase their market presence and strengthen their product portfolios. This strategy was adopted by leading players like CareFusion Corporation (U.S.), Mckesson Corporation (U.S.), Omnicell, Inc. (U.S.), ScriptPro LLC (U.S.), Kirby Lester LLC. (U.S.), Swisslog Holdings AG (Switzerland), and Talyst, Inc. (U.S.). Agreements, collaborations, and partnerships were also important growth strategies adopted by leading market players in order to increase revenues and sustain long-term growth in the pharmacy automation systems market. Thus, with continuous innovations and new products launches MacKesson Corporation (U.S.) and CareFusion Corporation (U.S.) still dominates the global pharmacy automation market.
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