The North America pharmacy automation market is estimated to be valued at US$2.718 billion in 2019.
Changes in the U.S. healthcare industry and regulatory environment enhance efficiencies, reduce costs and improve patient outcomes, significantly bolstering the demand for pharmacy automation solutions and services in the region. The presence of major market players in the region also contributes to this regional market growth. A growing aging population, increasing number of chronic disease patients, and availability of less storage space are further augmenting the market demand for pharmacy automation systems in North America during the forecast period.
Research and Development by key market players to augment the market growth.
The presence of the key market players in the region is one of the main parameters propelling the growth of the market. The research and development investment by these players is pointing at the opportunities in the market. As per US Congressional Budget Office, in 2019, the pharmaceutical industry, in the United States, spent $83 billion on R&D, the amount is approximately 10 times what the industry spent per year in the 1980s, adjusted for inflation.
Growing penetration of chronic diseases and the rising geriatric population to increase market demand.
The number of prescriptions has been rising because of the growing penetration of chronic diseases and the rising geriatric population. Hence, the costs need to be controlled, especially in times of the Pandemic when the virus is so widespread in the region. According to US Centers for Medicare and Medicaid Services, National Healthcare Expenditure in the US grew 4.6% to $3.8 trillion in 2019, amounting to $11,582 per person which accounted for 17.7% of Gross Domestic Product.
The rising number of medication errors propel the demand for pharmacy automation solutions.
Consecutively, the number of medication errors is also predicted to rise. According to National Center for Biotechnology Information, each year, 7,000 to 9,000 people die because of a medication error in the United States. Moreover, hundreds of thousands of other patients experience an adverse reaction or medication complications but often do not report. The total cost of treating patients with medication-associated errors exceeds $40 billion each year in the United States. This is leading to the growth of the market share of pharmacy automation.
|Market size value in 2019||US$2.718 billion|
|Growth Rate||CAGR of during the forecast period|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Application, End-user, And Geography|
|Regions covered||United States, Canada, Mexico|
|Companies covered||Omnicell, McKesson, Capsa Healthcare, Parata Systems, Baxter|
|Customization scope||Free report customization with purchase|
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