Pharmacy automation is defined as a mechanical system that performs operations involving the storage, packaging, dispensing, or distribution of medications while enabling control of the operation and electronic documentation of transactions. It enables pharmacies to streamline workflows and reduce the risk of errors.
Advent of Automation Technologies Drives the Pharmacy Automation Market
Innovations in digital technologies have enabled pharmacies to handle high prescription loads safely and efficiently. When pharmacy automation became popular, pill counting was one of the only techniques available in the market. Nowadays, there are several more accessible automation machines available some of them include, automated medication dispensing systems, automated storage and retrieval systems, automated packaging and labeling systems, table-top tablet counters, and automated compounding devices.
Move towards Pharmacy Automation System Over Manual Methods
In the pharmacy system, various processes such as tablet counting, IV dosage fillings, medicine dispensing, etc. were done manually. The manual method used many workers, extra time in completion of the work, errors were common in these processes. But as the benefits offered by pharmacy automation grew clearer, even traditionalist pharmacies have started to make the switch. Automation increases a pharmacyâ€™s efficiency while dramatically reducing its error rate. Also, the costs associated with automation continue to drop, and more pharmacies are realizing that they canâ€™t afford to put off automation any longer.
North America Likely to continue its dominance in Pharmacy Automation Market
From a regional perspective, North America holds the larger share of the pharmacy automation market. Adoption of new automation technologies in hospitals and pharmacies, a surge in the need to reduce prescription & dispensing errors, the need for improving efficiency and management of workflow in the pharmacy, and an increasing number of hospitals and healthcare laboratories in this region are poised to drive the pharmacy automation market.
Competitive Landscape Analysis: Pharmacy Automation Market
Some of the key and emerging players operating in the pharmacy automation market are Becton Dickinson and Company, Omnicell Inc., KUKA AG, Baxter International Inc., Capsa Healthcare, among others.
Companies Adopting both Organic & Inorganic Growth Strategies to Increase their Market Share in Pharmacy Automation Market
Players operating in the pharmacy automation market are adopting both organic and inorganic growth strategies such as collaborations, acquisitions, funding, and new product launches to garner higher market share.
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