Pharmacy automation devices market is projected to grow USD 8.99 billion from 2014 to 2020

Pharmacy automation involves automation and mechanization of tasks that include distribution and handling medication processes carried out in heath care centers and specialty pharmacy centers. The global pharmacy automation devices industry is projected to grow at a CAGR of 7.3% from 2014 to 2020 and reach over USD 8.99 billion.

Automation systems such as packaging and labeling systems, medication dispensing system, storage and retrieval systems, table-top counters and compounding systems are employed in order improve the efficacy of regular jobs within pharmacies. The market is expected to grow owing to features including system integration that increases productivity and time to clinicians for patient care, thereby lowering medication errors.

Rising demand for pharmaceutical products, progressively growing technology and demand for precise robotic equipment & tools to perform operations at a faster rate are expected to be the key factors for market growth. Untapped growth opportunities in countries such as Brazil, China, and India coupled with escalating demand for automation in pharmacy and healthcare operations is expected to drive growth over the forecast period.

The market was dominated by automated medication dispensing systems in 2013. It accounted for a share of over 47.8% owing to growing demand for accurate medication dispensing systems. Automated dispensing systems have the ability to reduce significantly error rates and the ability to dispense hands-free. They provide storage, recording of medication, distribution to resident care and computer controlled dispensation.

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Automated compounding systems are anticipated to grow rapidly at a CAGR of 8.4% from 2014 to 2020 owing to an increasing demand for mixing of medication and substantial decrease in total time to complete a dose.

The existence of IT healthcare systems and high rate of penetration in healthcare and pharmaceutical units resulted in North America occupying the largest regional market in 2013. It accounted for about 54.8% of the market revenue. Increasing healthcare overheads and R&D relevant to pharmacy automation devices are few factors responsible for its market share.

Asia Pacific is likely to grow at a CAGR of over 9.0% during the forecast period and is the most lucrative regional markets majorly due to improving healthcare infrastructure in emerging economies of China and India. Easy access available to new entrants including multinational pharmaceutical companies and distributors in this region coupled with the introduction of healthcare reforms in these countries is expected to drive market growth.

Key industry players include AmerisourceBergen Corporation, CareFusion Corporation, Accu-Chart Healthcare, ForHealth Technologies, GSE Scale Systems, Fulcrum Inc,McKesson Corporation, Innovation PharmaAssist Robotics, Pearson Medical Technologies, Health Robotics SRL, Kirby Lester, MedDispence, Pyxis Pharmacy Automation Systems, Medacist, MTS Medication Technologies, OmnicellInc, Cerner Corporation, Rice Lake Weighing Systems, Baxter International Inc., Aesynt Inc., ScriptPro LLC, Parat Systems Pharmacy Automation, Yuyama Co. Ltd, Swisslog Holding Ltd,Talyst Inc. and ScriptPro LLC.

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Pharmacy automation devices industry is projected to grow at a CAGR of 7.3% from 2014 to 2020 and reach over USD 8.99 billion

Pharmacy automation involves automation and mechanization of tasks that include distribution and handling medication processes carried out in heath care centers and specialty pharmacy centers. The global pharmacy automation devices industry is projected to grow at a CAGR of 7.3% from 2014 to 2020 and reach over USD 8.99 billion.

Automation systems such as packaging and labeling systems, medication dispensing system, storage and retrieval systems, table-top counters and compounding systems are employed in order improve the efficacy of regular jobs within pharmacies. The market is expected to grow owing to features including system integration that increases productivity and time to clinicians for patient care, thereby lowering medication errors.

Rising demand for pharmaceutical products, progressively growing technology and demand for precise robotic equipment & tools to perform operations at a faster rate are expected to be the key factors for market growth. Untapped growth opportunities in countries such as Brazil, China, and India coupled with escalating demand for automation in pharmacy and healthcare operations is expected to drive growth over the forecast period.

The market was dominated by automated medication dispensing systems in 2013. It accounted for a share of over 47.8% owing to growing demand for accurate medication dispensing systems. Automated dispensing systems have the ability to reduce significantly error rates and the ability to dispense hands-free. They provide storage, recording of medication, distribution to resident care and computer controlled dispensation.

View summary of this report, Click Here 

Automated compounding systems are anticipated to grow rapidly at a CAGR of 8.4% from 2014 to 2020 owing to an increasing demand for mixing of medication and substantial decrease in total time to complete a dose.

The existence of IT healthcare systems and high rate of penetration in healthcare and pharmaceutical units resulted in North America occupying the largest regional market in 2013. It accounted for about 54.8% of the market revenue. Increasing healthcare overheads and R&D relevant to pharmacy automation devices are few factors responsible for its market share.

Asia Pacific is likely to grow at a CAGR of over 9.0% during the forecast period and is the most lucrative regional markets majorly due to improving healthcare infrastructure in emerging economies of China and India. Easy access available to new entrants including multinational pharmaceutical companies and distributors in this region coupled with the introduction of healthcare reforms in these countries is expected to drive market growth.

Key industry players include AmerisourceBergen Corporation, CareFusion Corporation, Accu-Chart Healthcare, ForHealth Technologies, GSE Scale Systems, Fulcrum Inc,McKesson Corporation, Innovation PharmaAssist Robotics, Pearson Medical Technologies, Health Robotics SRL, Kirby Lester, MedDispence, Pyxis Pharmacy Automation Systems, Medacist, MTS Medication Technologies, OmnicellInc, Cerner Corporation, Rice Lake Weighing Systems, Baxter International Inc., Aesynt Inc., ScriptPro LLC, Parat Systems Pharmacy Automation, Yuyama Co. Ltd, Swisslog Holding Ltd,Talyst Inc. and ScriptPro LLC.

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Pharmacy automation devices industry is projected to grow at a CAGR of 7.3% from 2014 to 2020 and reach over USD 8.99 Billion

Pharmacy automation involves automation and mechanization of tasks that include distribution and handling medication processes carried out in heath care centers and specialty pharmacy centers. The global pharmacy automation devices industry is projected to grow at a CAGR of 7.3% from 2014 to 2020 and reach over USD 8.99 billion.

Automation systems such as packaging and labeling systems, medication dispensing system, storage and retrieval systems, table-top counters and compounding systems are employed in order improve the efficacy of regular jobs within pharmacies. The market is expected to grow owing to features including system integration that increases productivity and time to clinicians for patient care, thereby lowering medication errors.

Rising demand for pharmaceutical products, progressively growing technology and demand for precise robotic equipment & tools to perform operations at a faster rate are expected to be the key factors for market growth. Untapped growth opportunities in countries such as Brazil, China, and India coupled with escalating demand for automation in pharmacy and healthcare operations is expected to drive growth over the forecast period.

The market was dominated by automated medication dispensing systems in 2013. It accounted for a share of over 47.8% owing to growing demand for accurate medication dispensing systems. Automated dispensing systems have the ability to reduce significantly error rates and the ability to dispense hands-free. They provide storage, recording of medication, distribution to resident care and computer controlled dispensation.

 view summary of this report, click the link below: 
http://www.grandviewresearch.com/industry-analysis/pharmacy-automation-market

Automated compounding systems are anticipated to grow rapidly at a CAGR of 8.4% from 2014 to 2020 owing to an increasing demand for mixing of medication and substantial decrease in total time to complete a dose.

The existence of IT healthcare systems and high rate of penetration in healthcare and pharmaceutical units resulted in North America occupying the largest regional market in 2013. It accounted for about 54.8% of the market revenue. Increasing healthcare overheads and R&D relevant to pharmacy automation devices are few factors responsible for its market share.

Asia Pacific is likely to grow at a CAGR of over 9.0% during the forecast period and is the most lucrative regional markets majorly due to improving healthcare infrastructure in emerging economies of China and India. Easy access available to new entrants including multinational pharmaceutical companies and distributors in this region coupled with the introduction of healthcare reforms in these countries is expected to drive market growth.

Key industry players include AmerisourceBergen Corporation, CareFusion Corporation, Accu-Chart Healthcare, ForHealth Technologies, GSE Scale Systems, Fulcrum Inc,McKesson Corporation, Innovation PharmaAssist Robotics, Pearson Medical Technologies, Health Robotics SRL, Kirby Lester, MedDispence, Pyxis Pharmacy Automation Systems, Medacist, MTS Medication Technologies, OmnicellInc, Cerner Corporation, Rice Lake Weighing Systems, Baxter International Inc., Aesynt Inc., ScriptPro LLC, Parat Systems Pharmacy Automation, Yuyama Co. Ltd, Swisslog Holding Ltd,Talyst Inc. and ScriptPro LLC.

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Medical automation market growth is expected to reach USD 79.4 billion by 2024

The global medical automation market is expected to reach USD 79.4 billion by 2024, according to a new report by Grand View Research, Inc. The increasing demand for accuracy and reproducibility required during medical procedures is the high impact rendering driver for the medical automation market. 

The rising adoption of these devices is attributed to the advantages associated with automated systems. For example, the automation of tedious tasks such as sampling, monitoring of quality, quantity, packaging and labeling, and scanning of medicines and devices, have reduced human efforts and increased speed and accuracy, which has led to increased dependency on these automated systems. 

Medical Automation Market Growth

Moreover, the growing global prevalence of chronic conditions such as diabetes, cancer, arthritis, and chronic obstructive pulmonary disease (COPD) is further pushing the demand for therapeutic, laboratory and pharmacy automated medication systems, which are faster and more productive. As per the World Health Organization (WHO) estimates, cardiovascular diseases (CVDs) is the leading cause of mortality around the globe; in addition, an exponential rise has been witnessed in the diabetes cases from 108 million in 1980 to 422 million in 2014. The aforementioned factors are responsible for creating the need for automated medical equipments over the forecast period. 

Furthermore, with the advent of technologically advanced defibrillators and ablation therapies, this market is expected to gain swift growth in its market share in the near future. For instance, automation in the following pharmacy-based functions, medication dispensing, storage, and retrieval enables traceability and tracking, which in turn improves patient safety and reduces errors. Furthermore, there is an increased focus on incorporating automation in hospitals due to the associated benefits, such as reduction of errors and operational costs; these factors altogether are expected to present this market with high growth opportunities in the near future.

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Further key findings from the study suggest:

• The therapeutic segment was observed to dominate in terms of revenue share in 2015owing to the high usage rate of automated devices in the non-surgical procedures, such as external defibrillators, an implantable cardioverter, and wearable/ implantable drug pumps 

• On the other hand, the medical logistics and training segment is expected to grow at a lucrative CAGR of over 10.0%. The rising adoption of advanced systems, such as Pneumatic Tube Systems (PTS) used in material transportation and Real Time Location System (RTLS) in location-tracking, contributes towards the overall medical automation market growth during the forecast period. 

• The research laboratories and institutes segment is also identified as a lucrative segment due to, the rising demand for automated research laboratories that are helpful in the detection and the treatment of chronic diseases. These laboratory automated systems help in reducing demand and supply gaps by mechanization, which yields rapid results and increases overall productivity. This is expected to further enhance its usage over the forecast period. 

• With an aim to address the increasing demand for advanced molecular diagnostic techniques in cancer, the Leiden University Medical Center have recently succeeded in isolating DNA and RNA from small tissue samples using a high-throughput, fully automated solution by Siemens. Innovations like these are expected to present the market with significant growth opportunities. 

• Some key players in this industry include Accuray, Inc., Tecan Group Ltd., Medtronic Plc., Swisslog Holding AG, GE Healthcare, Intuitive Surgical, Inc., Stryker Corporation, Siemens AG, Koninklijke Philips N.V., and Danaher Corporation. 

• These industry players are adopting strategies such as technological innovation, new product launches, and strategic collaborations including mergers and acquisitions to capitalize untapped opportunities. For instance, in July 2015, Medtronic Plc. acquired RF Surgical Systems, Inc., for further expansion of its business and with the aim of capturing a huge market share of the medical automation market in the coming years. 

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http://www.grandviewresearch.com/industry-analysis/medical-automation-market