Drug Administration Automation Market Size Anticipated to Reach $8,143 Million by 2026
Drug Administration Automation Market size is anticipated to reach $8,143 million by 2026 growing at a CAGR of 8.8% during the forecast period 2021-2026. The drug administration automation industry growth rate is attributed to the rising need to reduce medication errors and development of automated systems with improved features and is anticipated bringing new opportunities. Drug administration automation is a process where handling and distribution of medications takes place in hospital pharmacy or at retail pharmacy by means of automation. Drug administration automation includes any task that involves electronic health record, counting of small objects such as tablets or capsules, measuring and mixing of powders and liquids for compounding, tracking and updating customer information in databases such as medication dispensing system, personally identifiable information (PPI), drug interaction risk detection, medical history and inventory management. The introduction of electronic health record, barcode scanning technology, smart dashboard, and data security in drug administration for seamless workflow is anticipated to further enhance their overall efficiency. Moreover, these devices reduce labor costs and medication errors and enhance accuracy and speed. These automation products further save pharmacists’ time in nonclinical functions, such as inventory management, capsule endoscopy, etc. Pharmacists can spend more time with patients, thereby enhancing the patient experience.
Drug Administration Automation Market Segment Analysis – By Product Type
In 2020, on the basis of product type, automated medication dispensing systems segment accounted for the largest segmental revenue of the drug administration automation market. The automated medication dispensing systems segment held the largest market on account of the fact that the increasing number of deaths owing to medication and dispensing errors, coupled with stringent government policies, is creating pressure on healthcare institutes and pharmacists to include various medication dispensing systems for improving patient care services thereby, positively impacting the segment growth. In 2019, according to a survey conducted by Pharmacy Purchasing and Products on pharmacy automation devices, 84.0% of the hospital pharmacies have adopted or planned to adopt automated drug dispensing cabinets.
On the contrary, automated medication compounding systems segment is projected to witness healthy growth throughout the forecast period 2021-2026 with a CAGR of 9.89%. The prime factors supplementing the growth of this segment owing to rising applications in sterile compounding which is anticipated to continue driving the segment growth in the forecast period 2021-2026. Furthermore, automated robotic sterile compounding solutions empower technicians and pharmacists with tools for improving dosage accuracy and making intravenous (IV) pharmacy compounding safer, while reducing costs and enabling compliance, which is anticipated to further fuel the segment growth.
Request for Sample Report @ https://www.industryarc.com/pdfdownload.php?id=19657
Report Price: $ 4500 (Single User License)
Drug Administration Automation Market Segment Analysis – By End Users
On the basis of end users, retail pharmacies segment accounted for the largest segmental revenue of the drug administration automation market in 2020 and owing to increasing applications of these solutions such as prescription filling, cutting down costs and errors, inventory tracking, capsule endoscopy and streamlining operations are driving the adoption of these solutions in retail pharmacies and is anticipated to further bode well for the segment growth and encourage product development. For instance, automated robotic storage and retrieval systems 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, are boosting the market growth of the retail pharmacies segment and is to continue during the forecast period 2021-2026.
On the other hand, hospital retail setting segment is projected to dominate over the forecast period 2021-2026 with a CAGR of 9.0%. The hospital retail setting is to witness a healthy growth owing to increasing usage of automated dispensing cabinets, barcoded unit dose packaging systems, automated drug storage and retrieval systems, and automated sterile compounding systems to enhance productivity and efficiency is anticipated to drive the segment growth.
Drug Administration Automation Market Segment Analysis – By Geography
North America is the major region dominating the Drug Administration Automation market with a market share of 37.16% in the year 2020. This can be attributed to the technological advancements in medication management in hospitals and pharmacies are poised to drive the demand for pharmacy automation devices in North America. The U.S. leads the global market in terms of product demand owing to the fact that according to a report by US FDA 2019, every year, and more than 100,000 cases of suspected medication errors continue to be reported in the United States. Additionally, as per a study by Johns Hopkins, in the United States, more than 250,000 deaths occur owing to medication errors annually. Thus, it is considered one of the leading causes of death in the country. Most medication errors occur during prescription and dispensation.
However, Asia-Pacific is projected to be the significant-growing market during the forecast period 2021-2026 owing to growing need to minimize medication errors, decentralization of pharmacies, technological advancements by players, and the rapidly rising geriatric population fosters the growth of the market in the region. Apart from this, the allocation of a large amount of healthcare expenditure for assisted living facilities and hospitals way for fostering the growth of the drug administration automation market in the region.
Drug Administration Automation Market Drivers
Growing Need to Minimize Medication Errors
The drug administration automation market is poised to receive upswing owing to growing need to minimize medication errors. Medication errors and dispensing errors are recognized as leading causes of hospital re-admissions across the globe owing to a variety of factors such as poor order communication between the physician and pharmacist, dangerous storage practices in pharmacies, and confusion arising out of the use of similar labels in hospitals for drug administration. Apart from this, owing the COVID -19 outbreaks, the market has been experiencing a positive impact. This can be attributed to the increasing infection rate from the healthcare workers to the patients and the rising demand for medications worldwide. Therefore, healthcare facilities and pharmacies have preferred automated systems to reduce the spread of the virus. There has also been an increasing demand for prescription drugs, which is acting as a driver to adapt the drug automation systems to overcome the infection rate.
Drug Administration Automation Market Challenges
Stringency Of Regulatory Procedures
Despite several drivers, several state boards of pharmacies (agencies of a state responsible for the control and regulation of the practice of a pharmacy as well as the licensing of pharmacists in the state) have different requirements for the use of automated dispensing devices (ADDs) in healthcare practices. Thus, manufacturers of automated systems for drug administrations have to adhere to various regulations; ensuring such compliance is a tedious task and can delay product launch is anticipated to hinder the growth of the global drug administration automation market during the forecast period 2021-2026.
Drug Administration Automation Market Landscape
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Drug Administration Automation Market. In 2020, Drug Administration Automation Market share is fragmented by the top ten players present in the market. Drug Administration Automation Market top 10 companies are Becton, Dickinson and Company, McKesson Corporation, Yuyama Co., Ltd., Omnicell, Inc., ScriptPro LLC, Cerner Corporation, Capsa Healthcare, Baxter International, Inc., KUKA AG, TCGRx Pharmacy Workflow Solutions, RxSafe, LLC, ARxIUM Inc. Swisslog Holdings AG, Talyst systems LLC and others.
Acquisitions/Product Launches
In June 2019, Nike launched a new series of shoes in the market called the ‘Adapt BB’ The shoes have features such as self-lacing that can be controlled through an app on the user’s smartphone.
In October 2019, Parata Systems launches the next generation of vial-filling robot, Max 2. The Parata Max 2 improves workflow and meets the demands of busy pharmacies across all settings. Max 2 contributes to reduced costs and medication errors by automating up to 80% of a pharmacy’s oral solids with accuracy for drug and dose.
Key Takeaways
North America dominated the Drug Administration Automation market with a share of 37.16% in the year 2020.
The factors such as introduction of technological advancements and development of automated systems with improved drug administration automation systems result in higher success rate are amongst the major factor projected to impel growth of Drug Administration Automation market.
Additionally, factors such as an increase in medication errors and growing patient waiting times, owing to the increasing patient load;, awareness and concerns regarding medication errors and adverse events are increasing among healthcare professionals are to create opportunities paving a way for the growth in the market during forecast period 2021-2026.
Related Reports :
A. Drug Delivery Market
https://www.industryarc.com/Report/10599/drug-delivery-market-analysis.html
B. Drug Delivery Technologies Market
https://www.industryarc.com/Research/Drug-Delivery-Technologies-Market-Research-501404
For more Lifesciences and Healthcare Market reports, please click here
About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to [email protected] to discuss more about our consulting services.
Media Contact
Company Name: IndustryARC
Contact Person: Mr. Venkat Reddy
Email: Send Email
Phone: (+1) 970-236-3677
Address:Madhapur
City: Hyderabad
Country: India
Website: https://www.industryarc.com/
