United Kingdom Pharmacy Automation Devices Market to Be Dominated by Retail Pharmacies Till 2027
The increasing healthcare
expenditure and the technological development in pharmacy automation devices is
expected to stimulate market over the forecast years, 2023-2027.
According to TechSci Research report, “United Kingdom Pharmacy Automation Devices Market By Region, Competition Forecast & Opportunities, 2027”, the United Kingdom pharmacy automation devices market is
expected to witness growth at a significant rate in 2023-2027. Pharmacy
automation devices comprises of six type of products including medication
dispensing cabinets, packaging & labelling machines, IV pharmacy, robotic
dispensing machines, carousel Storage, tablet splitters. Medication dispensing
cabinet is automated cabinet utilized in hospitals and outpatient pharmacies it
is widely utilized in decentralized pharmacies that aids to provide formulary
across health system to support nurses and pharmacists. Automation devices
offer numerous benefits including optimum medication prescription, categorized
according to age, and gender assist in lowering dosage errors, unnecessary
wastage of medics, and allows the proper supply of the drugs as per the
requirements of patients with improved patient safety.
The shifting preferences across the
pharmaceutical industry towards decentralized pharmacy services and pharmacy
automation rationalizing operations is accelerating the growth of the pharmacy
automation equipment market. The pharmacy automation equipment market can
leverage key opportunities such as the escalating demand for specialty drugs
and technological evolution to reach its projected growth. With this, the
elevating adoption in automated solutions, extensive investments in the
adoption of healthcare IT infrastructure, and growing healthcare spending are some
of the significant growth-inducing factors for the pharmacy automation devices market.
Various initiatives undertaken by public and private bodies to minimize
medication errors are projected to flourish the market growth. The growing
mergers and acquisitions along with the increase in the number of partnerships
between companies to extend their product capabilities, are estimated to
witness the growth of the pharmacy automation market. The leading market
players, particularly in emerging nations, are focusing on ongoing product
development while supplying products at competitive rates. This, in turn, is
expected to drive the market growth in the forecast period.
However, the unwillingness to adopt pharmacy
automation systems on account of the high cost of pharmacy automation system is
anticipated to limit the growth of the pharmacy automation devices market in
the forthcoming years.
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The United Kingdom pharmacy automation
devices market is segmented into product type, end use, regional distribution,
and competitive landscape.
Based on product type, the market is
segmented into medication dispensing systems, packaging & labeling systems,
storage & retrieval systems, automated medication compounding systems,
tabletop tablet counters. Medication dispensing systems is projected to hold
the market in the forecast years, 2023-2027. It is due to the various benefits
offered by this segment including enhanced medication safety, better inventory
management, and improved storage capacity with optimal utilization of space,
potential time, and cost savings. All these factors support the segmental
growth.
Based on end use, the market is divided
into hospitals pharmacy and retail pharmacy. Retail pharmacy automation segment
is expected to dominate the market in the forecast period, 2023-2027. It is
attributed to the factor that increase in need of reducing dispensing errors, significant
increase in number of retail pharmacies, and elevated workload on pharmacists
are propelling the segmental growth.
To various key market players operating in the United Kingdom pharmacy automation devices market is:
- Becton Dickinson U.K.
Limited
- Willach Pharmacy Solutions
- Cerner Corporation United
Kingdom
- Omnicell Limited
- McKesson UK
- Mediwell Systems Ltd.
- Deenova United Kingdom
Limited
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“Pharmacy automation devices play a crucial role in
modern healthcare as it offers easy administration and distribution medication
in pharmacies. Moreover, the introduction of technological upgradations of
automated systems with enhanced pharmacy automation systems further led to
higher success rate and wide range of applications of the device with
escalating demand of innovative products to compound, dispense, store and label
prescription medications. These factors are propelling growth of the pharmacy
automations devices market. Additionally, the growing mergers and acquisitions
among key players in the marketplace, along with the new product launches also
positively impact the market growth for pharmacy automation devices. The
emergence of RFID, scanning technology, smart dashboards, and seamless workflow
technologies is projected to stimulate the growth of the pharmacy automation
devices market till
2027” said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm”.
“United
Kingdom 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, 2027 has
analyzed the future growth potential of United Kingdom 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 assist decision makers take sound investment decisions.
Besides, the report also identifies and analyzes the emerging trends along with
significant drivers, challenges, and opportunities in United Kingdom pharmacy
automation devices market.
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