North America Pharmacy Automation Equipment Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Automated Medication Dispensing Systems, Automated Packaging & Labeling Systems, Automated Storage & Retrieval Systems, Automated Compounding Devices, and Tabletop Tablet Counters) and End User (Hospital Pharmacy, Retail Pharmacy, and Others)
Market Introduction
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.
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Market Overview and Dynamics
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.
Key Market Segments
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.
Major Sources and Companies Listed
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).
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NORTH AMERICA PHARMACY AUTOMATION EQUIPMENT MARKET SEGMENTATION
By Type
- Automated Medication Dispensing Systems
- Automated Packaging & Labeling Systems
- Automated Storage & Retrieval Systems
- Automated Compounding Devices
- Tabletop Tablet Counters
By End User
- Hospital Pharmacy
- Retail Pharmacy
- Others
By Country
- US
- Canada
- Mexico
Company Profiles
- Talyst LLC (Swisslog Healthcare)
- AmerisourceBergen
- Baxter International Inc.
- Capsa Healthcare
- OMNICELL INC.
- Cerner Corporation
- MCKESSON CORPORATION
- ScriptPro LLC
- BD
- YUYAMA Co., Ltd
Introduction
1.1 Scope of the Study
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
1.3.1 North America Pharmacy Automation Equipment Market – By Type
1.3.2 North America Pharmacy Automation Equipment Market – By End User
1.3.3 North America Pharmacy Automation Equipment Market– By Country
2. Pharmacy Automation Equipment Market– Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. North America Pharmacy Automation Equipment Market– Market Landscape
4.1 Overview
4.2 PEST Analysis
4.2.1 North America PEST Analysis
4.3 Expert Opinion
5. Pharmacy Automation Equipment Market– Industry Dynamics
5.1 Market Drivers
5.1.1 Increasing Medication Errors
5.1.2 Increasing Demand for Healthcare Services
5.2 Market Restraints
5.2.1 Problems Associated with Automated Dispensing Systems
5.3 Future Trends
5.3.1 Technological Developments
5.4 Impact Analysis
6. Pharmacy Automation Equipment Market– North America Analysis
6.1 North America Pharmacy Automation Equipment Market Revenue Forecast and Analysis
7. Pharmacy Automation Equipment Market Analysis – By Type
7.1 Overview
7.2 Pharmacy Automation Equipment Market Revenue Share, by Type (2020 and 2028)
7.3 Automated Medication Dispensing Systems
7.3.1 Overview
7.3.2 Automated Medication Dispensing Systems: Pharmacy Automation Equipment Market – Revenue and Forecast to 2028 (US$ Million)
7.4 Automated Storage & Retrieval Systems
7.4.1 Overview
7.4.2 Automated Storage & Retrieval Systems: Pharmacy Automation Equipment Market – Revenue and Forecast to 2028 (US$ Million)
7.5 Automated Packaging & Labelling Systems
7.5.1 Overview
7.5.2 Automated Packaging & Labelling Systems: Pharmacy Automation Equipment Market – Revenue and Forecast to 2028 (US$ Million)
7.6 Tabletop Tablet Counters
7.6.1 Overview
7.6.2 Tabletop Tablet Counters: Pharmacy Automation Equipment Market – Revenue and Forecast to 2028 (US$ Million)
7.7 Automated Compounding Devices
7.7.1 Overview
7.7.2 Automated Compounding Devices: Pharmacy Automation Equipment Market – Revenue and Forecast to 2028 (US$ Million)
8. Pharmacy Automation Equipment Market – By End-User
8.1 Overview
8.2 Pharmacy Automation Equipment Market, by End-User, 2020 and 2028 (%)
8.3 Hospital Pharmacy
8.3.1 Overview
8.3.2 Hospital Pharmacy: Pharmacy Automation Equipment Market – Revenue and Forecast to 2028(US$ Million)
8.4 Retail Pharmacy
8.4.1 Overview
8.4.2 Retail Pharmacy: Pharmacy Automation Equipment Market – Revenue and Forecast to 2028 (US$ Million)
8.5 Others
8.5.1 Overview
8.5.2 Others: Pharmacy Automation Equipment Market – Revenue and Forecast to 2028 (US$ Million)
9. Pharmacy Automation Equipment Market Analysis and Forecasts To 2028 – Analysis
9.1 North America: Pharmacy Automation Equipment Market
9.1.1 Overview
9.1.2 North America: Pharmacy Automation Equipment Market, by Country, 2020 & 2028 (%)
9.1.3 US: Pharmacy Automation Equipment Market – Revenue and Forecast to 2028 (USD Million)
9.1.3.1 US: Pharmacy Automation Equipment Market – Revenue and Forecast to 2028 (USD Million)
9.1.3.2 US: Pharmacy Automation Equipment Market, by Type– Revenue and Forecast to 2028 (USD Million)
9.1.3.3 US: Pharmacy Automation Equipment Market, End User – Revenue and Forecast to 2028 (USD Million)
9.1.4 Canada: Pharmacy Automation Equipment Market – Revenue and Forecast to 2028 (USD Million)
9.1.4.1 Canada: Pharmacy Automation Equipment Market – Revenue and Forecast to 2028 (USD Million)
9.1.4.2 Canada: Pharmacy Automation Equipment Market, by Type– Revenue and Forecast to 2028 (USD Million)
9.1.4.3 Canada: Pharmacy Automation Equipment Market, End User – Revenue and Forecast to 2028 (USD Million)
9.1.5 Mexico: Pharmacy Automation Equipment Market – Revenue and Forecast to 2028 (USD Million)
9.1.5.1 Mexico: Pharmacy Automation Equipment Market – Revenue and Forecast to 2028 (USD Million)
9.1.5.2 Mexico: Pharmacy Automation Equipment Market, by Type – Revenue and Forecast to 2028 (USD Million)
9.1.5.3 Mexico: Pharmacy Automation Equipment Market, End User – Revenue and Forecast to 2028 (USD Million)
10. Impact Of COVID-19 Pandemic on North America Pharmacy Automation Equipment Market
10.1 North America: Impact Assessment of COVID-19 Pandemic
11. Pharmacy Automation Equipment Market– Industry Landscape
11.1 Overview
11.2 Organic Developments
11.2.1 Overview
11.3 Inorganic Developments
11.3.1 Overview
12. Company Profiles
12.1 Talyst LLC (Swisslog Healthcare)
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 AmerisourceBergen
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Baxter International Inc.
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 Capsa Healthcare
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 OMNICELL INC.
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 Cerner Corporation
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 MCKESSON CORPORATION
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4
12.7.5 Financial Overview
12.7.6 SWOT Analysis
12.7.7 Key Developments
12.8 ScriptPro LLC
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
12.9 BD
12.9.1 Key Facts
12.9.2 Business Description
12.9.3 Products and Services
12.9.4 Financial Overview
12.9.5 SWOT Analysis
12.9.6 Key Developments
12.10 YUYAMA Co., Ltd
12.10.1 Key Facts
12.10.2 Business Description
12.10.3 Products and Services
12.10.4 Financial Overview
12.10.5 SWOT Analysis
12.10.6 Key Developments
13. Appendix
13.1 About the Insight Partners
13.2 Glossary of Terms
LIST OF TABLES
Table 1. US: Pharmacy Automation Equipment Market, by Type– Revenue and Forecast to 2028 (USD Million)
Table 2. US: Pharmacy Automation Equipment Market, End User – Revenue and Forecast to 2028 (USD Million)
Table 3. Canada: Pharmacy Automation Equipment Market, by Type– Revenue and Forecast to 2028 (USD Million)
Table 4. Canada: Pharmacy Automation Equipment Market, End User – Revenue and Forecast to 2028 (USD Million)
Table 5. Mexico: Pharmacy Automation Equipment Market, by Type – Revenue and Forecast to 2028 (USD Million)
Table 6. Mexico: Pharmacy Automation Equipment Market, End User – Revenue and Forecast to 2028 (USD Million)
Table 7. Organic Developments Done by Companies
Table 8. Inorganic Developments Done by Companies
Table 9. Glossary of Terms, Pharmacy Automation Equipment Market
LIST OF FIGURES
Figure 1. Pharmacy Automation Equipment Market Segmentation
Figure 2. Pharmacy Automation Equipment Segmentation, By Country
Figure 3. North America Pharmacy Automation Equipment Market Overview
Figure 4. Automated Medication Dispensing Systems Held Largest Share of Type Segment in Pharmacy Automation Equipment Market
Figure 5. United States to Show Remarkable Growth During Forecast Period
Figure 6. North America: PEST Analysis
Figure 7. Pharmacy Automation Equipment Market Impact Analysis of Drivers and Restraints
Figure 8. North America Pharmacy Automation Equipment Market– Revenue Forecast and Analysis – 2020- 2028
Figure 9. Pharmacy Automation Equipment Market Revenue Share, by Type (2020 and 2028)
Figure 10. Automated Medication Dispensing Systems: Pharmacy Automation Equipment Market – Revenue and Forecast to 2028 (US$ Million)
Figure 11. Automated Storage & Retrieval Systems: Pharmacy Automation Equipment Market – Revenue and Forecast to 2028 (US$ Million)
Figure 12. Automated Packaging & Labeling Systems: Pharmacy Automation Equipment Market – Revenue and Forecast to 2028 (US$ Million)
Figure 13. Tabletop Tablet Counters: Pharmacy Automation Equipment Market – Revenue and Forecast to 2028 (US$ Million)
Figure 14. Automated Compounding Devices: Pharmacy Automation Equipment Market – Revenue and Forecast to 2028 (US$ Million)
Figure 15. Pharmacy Automation Equipment Market, by End-User, 2020 and 2028 (%)
Figure 16. Hospital Pharmacy: Pharmacy Automation Equipment Market – Revenue and Forecast to 2028 (US$ Million)
Figure 17. Retail Pharmacy: Pharmacy Automation Equipment Market – Revenue and Forecast to 2028 (US$ Million)
Figure 18. Others: Pharmacy Automation Equipment Market – Revenue and Forecast to 2028 (US$ Million)
Figure 19. North America: Pharmacy Automation Equipment Market, by Key Country – Revenue (2020) (USD Million)
Figure 20. North America: Pharmacy Automation Equipment Market, by Country, 2020 & 2028 (%)
Figure 21. US: Pharmacy Automation Equipment Market – Revenue and Forecast to 2028 (USD Million)
Figure 22. Canada: Pharmacy Automation Equipment Market – Revenue and Forecast to 2028 (USD Million)
Figure 23. Mexico: Pharmacy Automation Equipment Market – Revenue and Forecast to 2028 (USD Million)
Figure 24. Impact of COVID-19 Pandemic in North American Country Markets
- Talyst LLC (Swisslog Healthcare)
- AmerisourceBergen
- Baxter International Inc.
- Capsa Healthcare
- OMNICELL INC.
- Cerner Corporation
- MCKESSON CORPORATION
- ScriptPro LLC
- BD
- YUYAMA Co., Ltd
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