United States Pharmacy Automation Devices Market to Grow with a Double Digit CAGR until 2026
Technological advancements in the
medical sector are driving the growth of United States Pharmacy Automation
Devices Market in the forecast period.
According to TechSci report on, “United States Pharmacy Automation Devices Market By Product Type
(Medication Dispensing Systems, Packaging & Labeling Systems, Storage &
Retrieval Systems, Automated Medication Compounding Systems, Tabletop Tablet
Counters), By End Use (Hospital Pharmacy v/s Retail Pharmacy), By Region,
Competition Forecast & Opportunities, 2026”, United
States pharmacy automation devices market
has shown promising growth in historical years until 2020 and is expected to
continue its growth in upcoming forecast years 2021 to 2026. United States
pharmacy automation devices market owes its growth to the factors like prevalence
of pharmacy automation devices to decrease the vulnerability to the storage of
the medication, low medication cost per dose, reduced medication waste, and
improved patient security. Moreover, rising geriatric population and rising
labor cost are some of the major factors behind the esteemed growth of the
United States pharmacy automation devices market in the upcoming five years. Although,
reluctance of the adoption of the advanced technology like pharmacy automation
device may put restrain over the market in the upcoming five years.
Advertisements, and awareness among the end users would help the new market
players and the major market players to establish their market in the future
five years.
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The
United States pharmacy automation devices market is segmented on the basis of
product type, end user, regional distribution, and competitional landscape. Based
on product type, the market is further distributed into medication dispensing
systems, packaging & labeling systems, storage & retrieval systems,
automated medication compounding systems, and tabletop tablet counters.
Medication dispensing systems are automated systems that provide secure
medication storage on patient care units. They contain mini-drawers that are
stocked per patient by the pharmacy. Secure access ensures only authorized
personnel can open the cabinet and only selected quantities of that medication
can be accessed. Increasing number of deaths due to medication errors and
dispensing errors along with stringent government policies are anticipated to
boost the growth of the United States pharmacy automation devices market by
supporting the growth of medication dispensing system. Automated medication
compounding systems are anticipated to register the fastest growing CAGR in the
upcoming years due to rising applications in sterile compounding along with
their advantage by improving dosage accuracy and making Intravenous (IV)
pharmacy compounding safer, while reducing costs and enabling compliance.
Based
on end use, the market is further bifurcated into hospital pharmacy and retail
pharmacy. Retail pharmacy is anticipated to put up the largest demand
anticipated in the next five years and assert its dominance as the leading end
user in the market segment on the account of increasing applications of these
solutions in prescription filling, cutting down costs and errors, inventory
tracking, and streamlining operations. This aspect can be explained with an
example of automated robotic storage and retrieval systems that is offered by
RxSafe enable retail pharmacies to experience speed, space savings, accuracy,
and convenience delivered by the combination of real-time inventory tracking,
prescription dispensing, and workflow optimization solutions. These advance
technologies are supporting the advancing healthcare system of the country.
A
partial list of market players in the United States pharmacy automation devices
market includes, Baxter International, Inc., Becton, Dickinson and Company,
Cerner Corporation, Omnicell, Inc., Capsa Healthcare, LLC, ScriptPro LLC,
RxSafe, LLC, McKesson Corporation, Amerisource Bergen Corporation, Parata
Systems, LLC, among others. These market players hold larger shares of the
market than the new market players. With the advancement of the technology, it
is appropriate to say that the effective research and development of the
technologically advanced medical devices would support the market growth and
benefit the market players as well as the consumers. New market players may
focus on the research and development to provide devices that satisfy the
consumer demand as well as benefits the market players in building their brand
value. Other competitive strategies include mergers & acquisitions and new
product developments.
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“United
States owns one of the best healthcare industries in the world. The presence of
major market players, brand holding manufacturers and exclusive distribution
channel further supports the development of the healthcare sector as well as
the growth of the market in the next five years. Technological advancements in
medication management in hospitals and pharmacies, along with the mergers &
acquisitions, major investments in R&D, and the development of new products
or product modifications would support the growth of the market in the future
five years. Market players must enter the market with profitable strategies,”
said Mr. Karan Chechi, Research Director with TechSci Research, a research
based global management consulting firm.
“United
States Pharmacy Automation Devices Market By Product Type (Medication Dispensing
Systems, Packaging & Labeling Systems, Storage & Retrieval Systems,
Automated Medication Compounding Systems, Tabletop Tablet Counters) By End Use
(Hospital Pharmacy v/s Retail Pharmacy) By Region, Competition Forecast & Opportunities,
2026” has evaluated the
future growth potential of United States pharmacy automation devices market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers, challenges,
and opportunities in United States pharmacy automation devices market.
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