A report by The Insight Partner’s on the Pharmacy Automation Equipment Market discusses the growth of the market in great detail. It discusses thoroughly all factors promoting and deterring the market. The report also focuses on the competitive dynamics in the market by monitoring the strengths and weaknesses of prominent contributors and their key products.
The pharmacy automation equipment market was valued at US$ 4,984.70 million in 2020 and is projected to reach US$ 9,195.36 million by 2028; it is expected to grow at a CAGR of 8.0% from 2021 to 2028.
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The List of Companies
Increasing Medication Errors Drive Pharmacy Automation Equipment Market Growth
A medication error involves inappropriate and ineffective dispensing of medicines that can harm patients. Common medication errors include dispensing a wrong drug, incorrect drug quantity, wrong drug strength, and item omission. Every year, the US Food and Drug Administration (FDA) receives over 100,000 reports associated with medication errors. Further, as per the study Medication Errors, published in StatPearls in June 2020, every year, ~7,000–9,000 people die in the US due to medication errors. Similarly, as per the estimates of the study “Prevalence and Economic Burden of Medication Errors in the NHS In England,” published in 2018, ~237 million medication errors occur in the NHS, while avoidable adverse drug reactions (ADRs) lead to hundreds of deaths. ~75% of the medication errors occur due to distractions as the healthcare professionals are engaged in multiple tasks, including examining the patient, speaking to consultants, speaking to patient family members, and conversing with insurance professionals. Sometimes, a lapse of judgment, due to an urge to complete the duty early, also leads to a medication error. Another major cause of medication error is distortion caused due to poor writing, abbreviation usage, misunderstood symbols, or improper translation. Moreover, illegible writing has been a major concern faced by both pharmacists and nurses since many years. Thus, the increasing number of medication errors is boosting the adoption of pharmacy automation equipment.
Research report has been compiled by studying the market in-depth along with drivers, opportunities, restraints & other strategies as well as new-developments that can help a reader to understand the exact situation of the market along with the factors that can limit or hamper the market growth and the report also has been updated with Impacts & effects of Coronavirus pandemic and how it has influenced consumer behavior & the growth of the market as well as industries.
The COVID-19 outbreak is currently going the world over, the Pharmacy Automation Equipment Market report covers the impact of the corona-virus on top company’s growth. This research report categorizes as the key players in the Pharmacy Automation Equipment market and also gives a comprehensive study of Covid-19 impact analysis of the market by regions like (Americas, Europe APAC, and EMEA).
The report offers key drivers that propel the growth in the global Pharmacy Automation Equipment market. These insights help market players in devising strategies to gain market presence. The research also outlined the restraints of the market. Insights on opportunities are mentioned to assist market players in taking further steps by determining the potential in untapped regions.
This report focuses on the global Pharmacy Automation Equipment market with the future forecast, growth opportunity, key market, and key players. The study objectives are to present the Pharmacy Automation Equipment market development in North America, Europe, China, Japan, Southeast Asia, India, and Central & South America.
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