Drug Administration Automation Market - Forecast(2024 - 2030)

Report Coverage

Key Takeaways

• North America dominated the Drug Administration Automation market with a share of 37.16% in the year 2020.
• The factors such as introduction of technological advancements and development of automated systems with improved drug administration automation systems result in higher success rate are amongst the major factor projected to impel growth of Drug Administration Automation market.
• Additionally, factors such as an increase in medication errors and growing patient waiting times, owing to the increasing patient load;, awareness and concerns regarding medication errors and adverse events are increasing among healthcare professionals are to create opportunities paving a way for the growth in the market during forecast period 2021-2026.
  
  

  Global Drug Administration Automation Market, By End Users 2020(%)

  

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Drug Administration Automation Market Segment Analysis - By Product Type

In 2020, on the basis of product type, automated medication dispensing systems segment accounted for the largest segmental revenue of the drug administration automation market. The automated medication dispensing systems segment held the largest market on account of the fact that the increasing number of deaths owing to medication and dispensing errors, coupled with stringent government policies, is creating pressure on healthcare institutes and pharmacists to include various medication dispensing systems for improving patient care services thereby, positively impacting the segment growth. In 2019, according to a survey conducted by Pharmacy Purchasing and Products on pharmacy automation devices, 84.0% of the hospital pharmacies have adopted or planned to adopt automated drug dispensing cabinets.

On the contrary, automated medication compounding systems segment is projected to witness healthy growth throughout the forecast period 2021-2026 with a CAGR of 9.89%. The prime factors supplementing the growth of this segment owing to rising applications in sterile compounding which is anticipated to continue driving the segment growth in the forecast period 2021-2026. Furthermore, automated robotic sterile compounding solutions empower technicians and pharmacists with tools for improving dosage accuracy and making intravenous (IV) pharmacy compounding safer, while reducing costs and enabling compliance, which is anticipated to further fuel the segment growth.

Drug Administration Automation Market Segment Analysis - By End Users

On the basis of end users, retail pharmacies segment accounted for the largest segmental revenue of the drug administration automation market in 2020 and owing to increasing applications of these solutions such as prescription filling, cutting down costs and errors, inventory tracking, capsule endoscopy and streamlining operations are driving the adoption of these solutions in retail pharmacies and is anticipated to further bode well for the segment growth and encourage product development. For instance, automated robotic storage and retrieval systems offered by RxSafe enable retail pharmacies to experience speed, space savings, accuracy, and convenience delivered by the combination of real-time inventory tracking, prescription dispensing, and workflow optimization solutions, are boosting the market growth of the retail pharmacies segment and is to continue during the forecast period 2021-2026.

On the other hand, hospital retail setting segment is projected to dominate over the forecast period 2021-2026 with a CAGR of 9.0%. The hospital retail setting is to witness a healthy growth owing to increasing usage of automated dispensing cabinets, barcoded unit dose packaging systems, automated drug storage and retrieval systems, and automated sterile compounding systems to enhance productivity and efficiency is anticipated to drive the segment growth.

Drug Administration Automation Market Segment Analysis - By Geography

North America is the major region dominating the Drug Administration Automation market with a market share of 37.16% in the year 2020. This can be attributed to the technological advancements in medication management in hospitals and pharmacies are poised to drive the demand for pharmacy automation devices in North America. The U.S. leads the global market in terms of product demand owing to the fact that according to a report by US FDA 2019, every year, and more than 100,000 cases of suspected medication errors continue to be reported in the United States. Additionally, as per a study by Johns Hopkins, in the United States, more than 250,000 deaths occur owing to medication errors annually. Thus, it is considered one of the leading causes of death in the country. Most medication errors occur during prescription and dispensation.

However, Asia-Pacific is projected to be the significant-growing market during the forecast period 2021-2026 owing to growing need to minimize medication errors, decentralization of pharmacies, technological advancements by players, and the rapidly rising geriatric population fosters the growth of the market in the region. Apart from this, the allocation of a large amount of healthcare expenditure for assisted living facilities and hospitals way for fostering the growth of the drug administration automation market in the region.

Drug Administration Automation Market Drivers

Growing Need to Minimize Medication Errors

Drug Administration Automation Market Challenges

Stringency Of Regulatory Procedures

Drug Administration Automation Market Landscape

Acquisitions/Product Launches

• In June 2019, Nike launched a new series of shoes in the market called the ‘Adapt BB’ The shoes have features such as self-lacing that can be controlled through an app on the user’s smartphone.
• In October 2019, Parata Systems launches the next generation of vial-filling robot, Max 2. The Parata Max 2 improves workflow and meets the demands of busy pharmacies across all settings. Max 2 contributes to reduced costs and medication errors by automating up to 80% of a pharmacy’s oral solids with accuracy for drug and dose.

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