Pharmacy Automation Industry IS Dominated by North America

In 2021, the pharmacy automation industry was USD 5,782.1, which will touch USD 10,337.7 million by 2030, growing at a CAGR of 7.5% during 2022–2030, as per a market research report by P&S Intelligence.

To learn more about this report: https://bit.ly/3lTvkVe

The industry will grow more rapidly in developing nations, comprising of a considerable elderly population. Additionally, the rate at which the aging of the population is escalating is much higher as compared to the past. As per WHO, one in six people globally will be aged 60 or above by the end of this decade.

The foremost reason for hospital readmissions is the errors related to drug- and distribution issues. Throughout the process of production, distribution, and administration of pharmaceuticals, the misperception resulting from similar labels and prescriptions, insecure procedures of drug storage, and poor order communication among doctors and pharmacists  are key reasons for medication errors.

One of the most-effective ways of reducing these glitches these errors is with the help of automated systems. In the years gone by, ADCs and ADMs have effectively decreased the count of errors associated with medication dispensing in hospitals.

Medication dispensing & storage system s had the largest share with about 45%. This has a lot to do with these systems' improved safety features and accuracy in drug distribution, which decrease the possibility of patients getting incorrect medicines.

Moreover, they support in reducing the costs and making the management of inventory more efficient, by regulating storage. Patients receiving the wrong prescriptions not just are susceptible to health issues, but also considerable financial crunches.

Retail pharmacies have substantial share of the pharmacy automation market. The increase in the acceptance of retail dispensaries and the reduction of price brought by the automation of their procedures are accountable for this.

The growth of the industry is also because of the fact that throughout the pandemic, only grocery shops, healthcare facilities, and a few essential setups were permitted to open. This, in line, gave players the idea of investing in this industry, as it is a future business alternative.

Inpatient pharmacy accounted for the largest share of 40%, in the recent past. This was because of the increasing responsibility of healthcare providers for decreasing the frequency of medication distribution errors and, eventually, disregard them to the core.

North America dominated the industry , accounting for half of the total revenue. The main reasons for this are the developed healthcare system, presence of industry mavens, enhancements in methodologies of patient management, and disposition of cutting-edge practice management systems.

It is because of the rising requirement for specialized drugs all over the world, the demand for pharmacy automation services will further increase in the coming years.