A Comprehensive Study on Europe Pharmacy Automation Market
Europe pharmacy automation market is projected to grow at a CAGR of 5.92% during the forecast period to reach a total market size of US$1.905 billion in 2022 from US$1.349 billion in 2016. Rising healthcare costs is the major factor driving the demand for pharmacy automation in Europe. Growing focus on disease prevention and management, coupled with an increasing need for reducing medication errors is further escalating the demand for pharmacy automation solutions and services in the region. Countries such as Spain and France have the strictest level of regulation regarding pharmacy and healthcare facilities.
Stringent Regulatory standards - Market Driver
Stringent regulations in pharmacy industry are fuelling the growth of Europe pharmacy automation market. Regulatory standards set for the manufacturing and distribution of drugs and medicines is boosting the need for automation in pharmacy industry to eliminate the chances of wrong medicine being manufactured or counterfeit medicine being distributed. In Great Britain, General Pharmaceutical Council sets standards for pharmacists, pharmacy technicians, and registered pharmacies, focusing on safe and effective outcomes for patients and the public. In Europe, the biggest risk factor facing the healthcare industry is the increased overall cost due to ambient supply chain temperature control measures required by the European Medicines Association and all European regulatory authorities. Strict laws and standards against counterfeit drugs are also leading to augmenting demand for pharmacy automation. Pharmacy automation enables the accurate and efficient packaging of medications while incorporating bar code verification as an anti-counterfeit measure.we have completed all segments of this market in market research and analysis report.
Europe Pharmacy Automation Market By Application
By application, Europe pharmacy automation market is segmented as an automated medication dispensing system, automated packaging and labeling system, automatic storage and retrieval system, robotic dispensing system, IV pharmacy, and others. Automated medication dispensing system accounted for significant market size in 2016 and is projected to maintain a substantial position throughout the forecast period. Robotic dispensing system market will grow at a high CAGR of XX.XX% during the forecast period
Robotic Dispensing System
The market for robotic dispensing system will grow at the highest CAGR of X.XX% during the forecast period to reach a total market size of US$X.XXX billion in 2022 from US$X.XXX billion in 2016.
Rising incidents of deaths and injuries due to medication prescription errors are constantly putting pressure on healthcare providers and pharmacists to deploy more effective technologies. Thus, the demand for robotic dispensing systems is escalating in order to optimize prescription fulfillment, improve efficiency, and deliver enhanced patient-centered consultations. In June 2016, Yaskawa introduced the RX Unit Workcell, an automated robotic pharmacy order fulfillment system which can handle thousands of different kinds of pre-packaged medicine with 100% verification for mail-order delivery direct to customers or to central fill locations.
Bargaining Power of Suppliers - Porter's Five Force Analysis
The Europe pharmacy automation market is consolidated, with top few players accounting for the major market share. Because of intense competition among pharmacy automation solution providers, switching cost from one supplier to another is low. The substitute of pharmacy automation are pharmacists. However, the growing need to eliminate drug errors and improve productivity will displace pharmacists with robotics and automation solutions in the coming years. Established players are focusing on strategic moves such as product launch, acquiring other companies, and getting into partnerships and agreements to increase their distribution channels for automation solutions.Omnicell’s fourth generation Omnicell G4 hardware solutions on the Unity platform reduce the risk of human error while saving time by eliminating the need for repetitive entry of drug formularies in multiple systems. Moreover, the company acquired Ateb in December 2016 to improve patient care and outcomes by simplifying the management of chronic conditions through increased access to medication adherence solutions.
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