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 US 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 US 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 US pharmacy automation devices market.
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