Major Market Developments

• In 2016, BD launched a software for Pyxis ES System. This product ensures patient safety and workflow benefits for health systems’ medication management

• In 2015, BD acquired CareFusion Corporation, a global medical technology company with a comprehensive portfolio of products in the areas of medication management, infection prevention, operating room & procedural effectiveness, and respiratory care.

• In 2017, Omnicell launched Omnicell VBM 200F. It fills and checks SureMed multiple medication blister cards.

• In 2016, Omnicell launched Omnicell XT Automated Dispensing Cabinets, designed with modern hardware technology and features that bring improvements in workflow efficiency, medication accountability, and patient safety.

• In 2016, Omicell launched SureMed by Omnicell Guided Packing software. This software is designed to increase pharmacists’ accuracy in filling SureMed multiple medication blister cards and help pharmacists strengthen their patient-facing solutions.

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The overall pharmacy automation system market is estimated to grow at a CAGR of 8.2% from 2017 to 2022 to reach USD 5.38 Billion by 2022.

Market growth can be attributed to the growing need to minimize medication errors, rapid decentralization of pharmacies, rising geriatric population and rising labor cost.

On the other hand, reluctance among the healthcare organizations to adopt pharmacy automation systems is expected to restrain the overall market growth to a certain extent during the forecast period. The base year considered for the study is 2017, and the forecast has been provided for the period between 2018 and 2023.

The high costs of implementation of pharmacy automation systems and stringent regulations that delay product launches can inhibit growth of this market. Despite their benefits, a number of healthcare professionals and providers are reluctant to adopt or accept any IT-based approach for pharmacy management. Many pharmacists do not feel the need for assistance and are therefore, reluctant to adopt pharmacy automation systems as part of their dispensing regimen. Moreover, for small hospitals and pharmacies, the cost of implementation is too high. This situation has resulted in large-scale reluctance to shift to pharmacy automation systems. As a result, it can be expected to hinder market growth during the forecast period.

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The major players in the pharmacy automation market are Becton, Dickinson, and Company (U.S.), Omnicell, Inc. (U.S.), Cerner Corporation (U.S.), Capsa Healthcare (U.S.), Parata Systems LLC (U.S), Baxter International, Inc. (U.S.), ScriptPro LLC (U.S.), KUKA AG (Germany), TCGRx Pharmacy Workflow Solutions (U.S.), RxSafe, LLC (U.S.), ARxIUM Inc. (U.S.) and Talyst systems LLC. (U.S.). These players are increasingly undertaking mergers and acquisitions, and product launches to develop and introduce new technologies and products in the market.