The global Pharmacy automation system market is expected to witness significant demand over the forecast period. The increasing demand for productivity, system integration, cost reduction, and increasing efficiency of work is expected to drive the market growth. Reducing medication errors, within the pharmacies thereby providing additional time to pharmacists for patient care is attributed as the major driving factor for the market growth over the forecast period.
Pharmacy automation system is a mechanical system that executes tasks without human interference in healthcare industry. Pharmacy automation system improves the efficiency of resource utilization and medication distribution by integrating different departments such as nursing, laboratory, medication records and imaging. These systems provide efficient care to the patients by preventing medical errors and adverse drug events by checking the correct dosage. Pharmacy automation is evolving as a sophisticated technology, and pharmacists need to be educated and trained in order to effectively monitor these automated systems.
The high demand and requirements for safety, accuracy, industry standards, coupled with competency in the pharmaceutical industry by manufacturers, healthcare professionals, regulatory authorities, and consumers is expected to play a significant role in growth of this market. Increase in life expectancy, ageing population, and a significant paradigm shift from centralized to decentralized pharmacies. Moreover the need for reducing medication errors, by increasing the efficiency of work within the organization, thereby improving productivity, are attributed as the major reasons to encourage the development of the pharmacy automation market.
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Pharmaceutical industry is expected to grow at a robust rate due the progression of better healthcare facilities and technologies. Proper administration of medicine should be carried out in order to measure its success rates. These systems are expected drive medication management, by providing right medication dose to the patient at appropriate time. This factor is expected to be a major challenge of healthcare management and can be overcome by adopting pharmacy automation systems.
New opportunities in various applications is expected to continue to exist from private, small, and family owned pharmacies to large services such as hospital and mail-order facilities. In emerging economies many small, private pharmacies are still conducting operations and surgeries through manual and semi-manual methods. The opportunity to fully automate these pharmacies with increasing bar coding standards is expected to boost the market growth in such regions at a rapid rate.
Technological advancements and innovations owing to increased investment of many pharma companies in research and development can be attributed to growth in automation systems. Technology is expected to transform the traditional style of working to more sophisticated environment through which the automation systems can act effectively and efficiently in particular procedures which require repetition high concentration and complex procedures such as record keeping thereby saving both cost and time. Stringent regulatory norms, high cost of installation, restricted budget of healthcare establishments, increasing drug prices and lack of awareness of the benefits of the automation systems in emerging economies are the major factors hampering the growth of pharmacy automation.
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