Inpatient pharmacies end user to drive the growth of pharmacy automation market
Northrook, IL -- (SBWIRE) -- 01/24/2020 -- The overall Pharmacy Automation Market is estimated to grow at a CAGR of 8.2% from 2017 to 2022 to reach USD 5.38 Billion by 2022, as per a report by MarketsandMarkets.
Why increasing awareness among pharmacists offer an opportunity?
The systems for managing medicines have remained largely unchanged for decades, while medications have increased in number and complexity, resulting in potentially greater risks for error. In addition, with the traditional methods of operation within pharmacies, pharmacists have witnessed various issues such as an increase in medication errors and growing patient waiting times, due to the increasing patient load. At present, awareness and concerns regarding medication errors and adverse events are increasing among healthcare professionals.
Owing to this, pharmacists have now started implementing technologically advanced automation solutions in pharmacies. These solutions help address the prevailing issues regarding capacity & inventory management and ensure minimization of dispensing and medication errors. Thus, rising awareness regarding the effective management of workload at pharmacies through the implementation of automated systems is expected to provide significant growth opportunities for the pharmacy automation market across the globe.
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How stringent regulatory procedures pose a challenge?
The stringency of regulatory approvals depends on the class to which a particular device belongs; it may vary from one region to another. 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 pharmacies have to adhere to various regulations; ensuring such compliance is a tedious task and can delay product launch.
Since January 2013, the U.S. government has imposed an excise tax of 2.3% on Class I, II, and III medical devices under the Patient Protection and Affordable Care Act (PPACA). This tax is applicable to medical devices manufactured or imported in the U.S. Due to this, the market for some automation devices, including robots, will be affected in the U.S. This tax will result in lower profits for manufacturers as well as lower reimbursements from payers for procedures that use these devices. This may hinder growth of the U.S. pharmacy automation market.
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