North America Pharmacy Automation Equipment Market
The pharmacy automation involves mechanization of tasks and processes performed in pharmacy or other health care settings. The objective is to reduce errors in medical prescriptions and optimize patient safety. Also, automation systems can help pharmacies streamline the workflow, reduce the risk of mistakes, and improve direct patient-care activities.
Strategic insights for the North America Pharmacy Automation Equipment provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 2,631.31 Million |
| Market Size by 2028 | US$ 4,565.50 Million |
| Global CAGR (2021 - 2028) | 8.2% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The geographic scope of the North America Pharmacy Automation Equipment refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
The North America pharmacy automation equipment market is expected to reach US$ 4,565.50 million by 2028 from US$ 2,631.31 million in 2021; it is estimated to grow at a CAGR of 8.2% from 2021 to 2028. The market growth is attributed to the factors such as increasing medication errors and rising demand for upgraded healthcare services. However, the problems associated with automated dispensing systems like excessive use of overrides in cabinets and allergic reactions to patients is expected to be restrain the market growth.
A medication error involves inappropriate and ineffective medication dispensing that has a potential to harm the patient. A few common medication errors are dispensing a wrong drug, dispensing incorrect quantity of a drug, dispensing wrong drug strength, and omission of items. Every year, the US Food and Drug Administration (FDA) receives over 100,000 reports that are associated with medication errors. In a hurry to complete their duties, healthcare professionals sometimes develop a lapse of judgment, which leads to a medication error. Another major cause of medication error is distortion. Distortions can cause due to poor writing, abbreviations use, misunderstood symbols, or improper translation. Thus, the increasing number of medication errors is likely to boost the adoption of pharmacy automation equipment in coming years. Moreover, tools such as automated medication dispensing systems helps pharmacy and nursing staff perform their jobs efficiently without compromising on patient safety or care quality. Hence, increasing demand for upgraded healthcare services owing to surging geriatric population and increasing prevalence of chronic diseases would drive the growth of the North America pharmacy automation equipment market during the forecast period.
North America has been witnessing a growing number of COVID-19 confirmed cases since its outbreak. The North America pharmacy automation equipment market is experiencing a positive impact of the outbreak due to the increasing infection rate from the healthcare workers to the patients and the rising demand for medications across the region. Therefore, the healthcare facilities and pharmacies are preferring automated systems to reduce the spread of the virus. There has also been an increasing demand for prescription drugs sale that has been increasing rapidly, which is creating an opportunity to adapt the pharmacy automation systems to reduce the infection rate. Thus, the rising need to minimize medication errors and the decentralization of pharmacies equipment to manage the outbreak drive the market growth.
The North America pharmacy automation equipment market, by type, is segmented into automated medication dispensing systems, automated packaging & labeling systems, automated storage & retrieval systems, automated compounding devices, and tabletop tablet counters. The automated medication dispensing systems segment held the largest share of the market in 2020, whereas the automated compounding devices segment is anticipated to register the highest CAGR in the market during the forecast period.
By end user, the North America pharmacy automation equipment market is segmented into hospital pharmacy, retail pharmacy, and others. The hospital pharmacy segment held the largest share of the market in 2020, whereas the retail pharmacy segment is estimated to register the highest CAGR in the market during the forecast period.
A few of the primary and secondary sources associated with this report on the North America pharmacy automation equipment market are Centers for Disease Control and Prevention (CDC), U.S. Food and Drug Administration (FDA) and Institute for Safe Medication Practices (ISMP).
The North America Pharmacy Automation Equipment Market is valued at US$ 2,631.31 Million in 2021, it is projected to reach US$ 4,565.50 Million by 2028.
As per our report North America Pharmacy Automation Equipment Market, the market size is valued at US$ 2,631.31 Million in 2021, projecting it to reach US$ 4,565.50 Million by 2028. This translates to a CAGR of approximately 8.2% during the forecast period.
The North America Pharmacy Automation Equipment Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America Pharmacy Automation Equipment Market report:
The North America Pharmacy Automation Equipment Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Pharmacy Automation Equipment Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Pharmacy Automation Equipment Market value chain can benefit from the information contained in a comprehensive market report.
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