The increasing healthcare expenditure and the technological development in pharmacy automation devices is expected to stimulate market over the forecast years, 2023-2027.
According to TechSci Research report, “United Kingdom Pharmacy Automation Devices Market By Region, Competition Forecast & Opportunities, 2027”, the United Kingdom pharmacy automation devices market is expected to witness growth at a significant rate in 2023-2027. Pharmacy automation devices comprises of six type of products including medication dispensing cabinets, packaging & labelling machines, IV pharmacy, robotic dispensing machines, carousel Storage, tablet splitters. Medication dispensing cabinet is automated cabinet utilized in hospitals and outpatient pharmacies it is widely utilized in decentralized pharmacies that aids to provide formulary across health system to support nurses and pharmacists. Automation devices offer numerous benefits including optimum medication prescription, categorized according to age, and gender assist in lowering dosage errors, unnecessary wastage of medics, and allows the proper supply of the drugs as per the requirements of patients with improved patient safety.
The shifting preferences across the pharmaceutical industry towards decentralized pharmacy services and pharmacy automation rationalizing operations is accelerating the growth of the pharmacy automation equipment market. The pharmacy automation equipment market can leverage key opportunities such as the escalating demand for specialty drugs and technological evolution to reach its projected growth. With this, the elevating adoption in automated solutions, extensive investments in the adoption of healthcare IT infrastructure, and growing healthcare spending are some of the significant growth-inducing factors for the pharmacy automation devices market. Various initiatives undertaken by public and private bodies to minimize medication errors are projected to flourish the market growth. The growing mergers and acquisitions along with the increase in the number of partnerships between companies to extend their product capabilities, are estimated to witness the growth of the pharmacy automation market. The leading market players, particularly in emerging nations, are focusing on ongoing product development while supplying products at competitive rates. This, in turn, is expected to drive the market growth in the forecast period.
However, the unwillingness to adopt pharmacy automation systems on account of the high cost of pharmacy automation system is anticipated to limit the growth of the pharmacy automation devices market in the forthcoming years.
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The United Kingdom pharmacy automation devices market is segmented into product type, end use, regional distribution, and competitive landscape.
Based on product type, the market is segmented into medication dispensing systems, packaging & labeling systems, storage & retrieval systems, automated medication compounding systems, tabletop tablet counters. Medication dispensing systems is projected to hold the market in the forecast years, 2023-2027. It is due to the various benefits offered by this segment including enhanced medication safety, better inventory management, and improved storage capacity with optimal utilization of space, potential time, and cost savings. All these factors support the segmental growth.
Based on end use, the market is divided into hospitals pharmacy and retail pharmacy. Retail pharmacy automation segment is expected to dominate the market in the forecast period, 2023-2027. It is attributed to the factor that increase in need of reducing dispensing errors, significant increase in number of retail pharmacies, and elevated workload on pharmacists are propelling the segmental growth.
To various key market players operating in the United Kingdom pharmacy automation devices market is:
- Becton Dickinson U.K. Limited
- Willach Pharmacy Solutions
- Cerner Corporation United Kingdom
- Omnicell Limited
- McKesson UK
- Mediwell Systems Ltd.
- Deenova United Kingdom Limited
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“Pharmacy automation devices play a crucial role in modern healthcare as it offers easy administration and distribution medication in pharmacies. Moreover, the introduction of technological upgradations of automated systems with enhanced pharmacy automation systems further led to higher success rate and wide range of applications of the device with escalating demand of innovative products to compound, dispense, store and label prescription medications. These factors are propelling growth of the pharmacy automations devices market. Additionally, the growing mergers and acquisitions among key players in the marketplace, along with the new product launches also positively impact the market growth for pharmacy automation devices. The emergence of RFID, scanning technology, smart dashboards, and seamless workflow technologies is projected to stimulate the growth of the pharmacy automation devices market till 2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm”.
“United Kingdom Pharmacy Automation Devices Market By Product Type (Medication Dispensing Systems, Packaging & Labeling Systems, Storage & Retrieval Systems, Automated Medication Compounding Systems, Tabletop Tablet Counters), By End Use (Hospital Pharmacy v/s Retail Pharmacy), By Region, Competition Forecast & Opportunities, 2027 has analyzed the future growth potential of United Kingdom pharmacy automation devices market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and assist decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with significant drivers, challenges, and opportunities in United Kingdom pharmacy automation devices market.
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