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Asia Pacific Pharmacy Automation Market worth $763 million | MarketsandMarkets

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CHICAGO, Aug. 9, 2023 /PRNewswire/ — In the near future, the Asia Pacific pharmacy automation industry is poised to undergo a transformative evolution, driven by rapid technological advancements and growing healthcare demands. With an increasing emphasis on efficient medication management and patient safety, pharmacy automation solutions such as robotic dispensing systems, automated compounding machines, and intelligent inventory management tools are expected to witness widespread adoption across the region’s diverse healthcare landscape. This surge in automation adoption, fueled by the need to minimize medication errors, enhance operational efficiency, and accommodate the rising patient population, will likely lead to streamlined workflows, reduced labor burdens, and improved medication accuracy within pharmacies and healthcare facilities throughout the Asia Pacific region.

Asia Pacific Pharmacy Automation Market in terms of revenue was estimated to be worth $496 million in 2023 and is poised to reach $763 million by 2028, growing at a CAGR of 9.0% from 2023 to 2028 according to a new report by MarketsandMarkets™.

The increasing awareness among pharmacists, healthcare cost-reduction measures, and significant growth potential in emerging markets are some of the key factors that offer opportunities to the market during the forecast period. However, the stringent regulatory procedures, and the risk of cross-contamination are some of the factors challenging the market growth to some extent.

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Asia Pacific Pharmacy Automation Market Scope:

Report Coverage

Details

Market Revenue in 2023

$496 million

Estimated Value by 2028

$763 million

Growth Rate

Poised to grow at a CAGR of 9.0%

Market Size Available for

2021–2028

Forecast Period

2023–2028

Forecast Units

Value (USD Million)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

Product, End user

Geographies Covered

Asia Pacific

Report Highlights

Updated financial information / product portfolio of players

Key Market Opportunities

Increasing awareness among pharmacists

Key Market Drivers

Technological advancements and integration with healthcare systems

 

The automated packaging and labeling systems segment is expected to register a substantial growth in the Asia Pacific pharmacy automation market, by product 

The automated packaging and labeling systems segment is expected to register a substantial growth in the Asia Pacific pharmacy automation market, by component. This growth can be attributed to increasing need to minimize medication errors, reduce labor costs, and increase productivity. The need to improve dispensing accuracy & productivity and lower the overall cost of the process is also a major driver for the automated packaging and labeling systems market.

China is to witness a considerable growth rate during the forecast period.

The market in China is projected to grow at a considerable CAGR during the forecast period. Factors such as rising government initiatives, increasing medical tourism, growing government & private investments expected to bring about the creation of new market participants, growing emergence of various technologically advanced products are anticipated to drive the development of pharmacy automation applications in the China. Along with the abovementioned, the surging aging population, growing healthcare expenditure, urbanization & changing lifestyle, and the growth of e-commerce & online pharmacies will also help to bolster the growth of pharmacy automation market in China.

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Asia Pacific Pharmacy Automation Market Dynamics:

Drivers:

  1.  Technological advancements and integration with healthcare systems

Restraints:

  1.  Lack of skilled personnel

Opportunities:

  1.  Increasing awareness among pharmacists

Challenges:

  1.  Risk of cross-contamination

Key Market Players:

Becton, Dickinson and Company (BD) (US), Yuyama Co., Ltd/Yuyama Mfg Co., Ltd (Japan), Omnicell, Inc. (US), KUKA AG (Swisslog Healthcare) (Germany), TOSHO Co, Inc. (Japan), Oracle Corporation (US), TouchPoint Medical Solutions (US), Takazono Corporation (Japan), Capsa Healthcare (US), ARxIUM, Inc. (US), Mckesson Corporation (US), ATS Corporation (Canada), ScriptPro LLC (US), Hanmi Pharma Co., Ltd. (South Korea), NIHON CHOUZAI Co., Ltd. (Japan), and GETECH (Singapore) are the major players in this market. These companies are majorly focusing on the strategies such as agreements, collaborations, partnerships, and service launches in order to remain competitive and further increase their share in the market.

Recent Developments:

  • In October 2022, Omnicell launched Specialty Pharmacy Services to help health systems establish and optimize specialty pharmacy programs. The offering aimed to improve access to specialty medications, generate financial outcomes through a value-based service model, and provide comprehensive technology and expertise for medication management.
  • In July 2022, BD acquired MedKeeper, a provider of cloud-based pharmacy management applications. This acquisition strengthens BD’s presence in the pharmacy sector and enhances its medication management capabilities, particularly in the preparation of compounded medications.
  • In June 2022, Oracle Corporation completed the acquisition of Cerner Corporation, with approximately 69.2% of Cerner’s outstanding shares being tendered. The acquisition aimed to revolutionize the healthcare industry by combining clinical capabilities with enterprise platforms, analytics, and automation expertise.

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Asia Pacific Pharmacy Automation Market Advantages:

  • Enhanced Patient Safety: Pharmacy automation systems minimize the risk of medication errors through precise dispensing, accurate labeling, and stringent quality checks, ensuring patients receive the correct medications in the right doses.
  • Improved Medication Management: Automation streamlines medication inventory tracking, reducing the likelihood of stockouts and wastage. This enables pharmacies to maintain optimal stock levels and respond more effectively to patient needs.
  • Efficient Workflow: Automated systems handle routine tasks such as prescription filling, pill counting, and compounding, allowing pharmacy staff to focus on more complex patient care activities, thus improving overall efficiency.
  • Reduced Labor Costs: Pharmacy automation reduces the need for manual intervention in repetitive tasks, enabling pharmacies to allocate human resources more efficiently and potentially lowering labor expenses.
  • Quick Service Delivery: Automated prescription processing expedites service delivery, minimizing waiting times for patients and increasing customer satisfaction.
  • Data-Driven Insights: Automation systems collect valuable data on medication usage, patient preferences, and inventory trends, facilitating informed decision-making for pharmacy management and inventory optimization.
  • Regulatory Compliance: Pharmacy automation ensures adherence to regulatory standards and guidelines, reducing the risk of errors that could lead to compliance breaches.
  • Minimized Cross-Contamination: Automated compounding systems maintain sterile conditions, minimizing the risk of contamination during medication preparation.
  • Scalability: As the healthcare industry expands to accommodate a growing population, pharmacy automation can be easily scaled to meet increased demand, ensuring consistent and reliable service.
  • Technological Innovation: The adoption of pharmacy automation encourages the development of new technologies and solutions, fostering a culture of innovation in healthcare and pharmacy management.
  • Remote Access: Some pharmacy automation systems allow remote monitoring and management, enabling pharmacists to oversee operations and make adjustments even when not physically present.
  • Faster Prescription Filling: Automated systems can process a high volume of prescriptions quickly, reducing patient wait times and improving the overall pharmacy experience.

In conclusion, the Asia Pacific pharmacy automation market offers a host of advantages that range from enhancing patient safety and medication management to optimizing workflows and reducing labor costs. These advantages not only benefit pharmacies but also contribute to the overall efficiency and quality of healthcare services across the region.

Related Reports:

Lab Automation Market – Global Forecasts to 2028

Pharmacy Automation Market – Global Forecasts to 2027

Liquid Handling System Market – Global Forecasts to 2027

Intraoperative Imaging Market – Global Forecasts to 2025

Surgical Imaging Market – Global Forecasts to 2025

About MarketsandMarkets™:

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: [email protected]
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Blockchain Press Releases

aelf Leads the Fusion of AI and Blockchain to Shape the Future of Technology

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Singapore-based blockchain pivots to artificial intelligence to unlock new frontiers in blockchain efficiency, scalability, intelligence, and security; and deploys $50 million ecosystem fund to support the AI transformation initiatives.

SINGAPORE, April 12, 2024 /PRNewswire/ — In a transformative move for the blockchain industry, aelf, a pioneering blockchain network, has announced its strategic shift to integrate artificial intelligence (AI) within its blockchain. This significant leap forward marks the beginning of a new phase for the aelf blockchain, transitioning from a decentralised network to a vibrant ecosystem enriched with state-of-the-art AI models and agents, broadening its functionalities and enriching user experiences.

“The integration of computation, LLM (large language model) and agents within the aelf’s blockchain is not just an enhancement; it’s an evolution,” stated Auric, Founder of aelf. “7 years ago, we have identified blockchain’s future and been relentlessly developing modular systems, parallel processing, cross-chain bridges and cloud-native architecture, which are now what the industry has been talking about. Now, we envision AI as the next catalyst for the future of blockchain and are determined to be the first in Asia to bring this evolution to fruition. This AI transformation is about cultivating a self-evolving system—a smarter, self-learning blockchain where each new block is more advanced than the last.”

To nurture and accelerate the convergence of AI and blockchain, aelf Ventures, aelf’s investment arm, will be strategically deploying its $50 million Ecosystem Fund to support innovative AI initiatives seeking blockchain enablement. With the roll-out of developer-friendly toolkits, aelf will further catalyse this AI blockchain innovation by empowering the community to utilise those new technologies for data pre-processing, model training, fine-tuning and deployment, agent development, on-chain deployment and monetization with the aelf blockchain environment.

Existing projects and games on the aelf blockchain are set to integrate these AI capabilities while new projects will benefit from aelf’s robust foundation, offering a dynamic and responsive blockchain ecosystem that delivers enhanced efficiency, strengthened security protocols, and sophisticated intelligent automation.

This AI transformation embodies aelf’s commitment to fostering an environment of continuous innovation and maintaining its position at the forefront of blockchain technology. With a steadfast dedication to expanding its capabilities, aelf remains focused on generating user-centric value and propelling the entire blockchain domain forward.

About aelf

aelf, the pioneer Layer 1 blockchain, features modular systems, parallel processing, cloud-native architecture, and multi-sidechain technology for unlimited scalability. Founded in 2017 with its global hub based in Singapore, aelf is the first in the industry to lead Asia in evolving blockchain with state-of-the-art AI integration, transforming blockchain into a smarter and self-evolving ecosystem.

aelf facilitates the building, integrating, and deploying of smart contracts and decentralised apps (dApps) on its blockchain with its native C# software development kit (SDK) and SDKs in other languages, including Java, JS, Python, and Go. aelf’s ecosystem also houses a range of dApps to support a flourishing blockchain network.

For more information, visit https://aelf.com.

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Blockchain Press Releases

Bitrue Gears Up for 2024 Bitcoin Halving with Trading Competition

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SINGAPORE, April 12, 2024 /PRNewswire/ — Leading cryptocurrency exchange Bitrue unveiled a new competition available to all users on the platform that comes with a total prize up to $850,000 USDT in a recent X announcement.

The contest is being held in honor of the much anticipated Bitcoin Halving – an event that occurs once every four years to regulate the supply of new BTC entering the digital asset economy, and helps ensure long-term value through scarcity of supply.

The competition will rank traders according to their trading volume on the exchange during the contest period. The competition begins on Thursday April 11th and will continue until the halving event occurs (estimated April 20th). The prizepool will increase according to the number of valid participants in the competition, with the grand prize winner set to take home 25% of the total reward (212,500 USDT). All participating users will have a chance to win prizes regardless of their final rank.

With all eyes on this historic event, Bitrue is thrilled to be able to offer an exciting and rewarding way for its 10 million users to mark the occasion and provide them with an opportunity to earn a life changing amount of money. Interested parties should sign up on the Bitrue exchange now in order to be ready for when the contest goes live on April 11th.

About Bitrue

Launched in July 2018, Bitrue is a diversified digital exchange that supports trading, loans and investments. Bitrue aims to utilize blockchain technology to bring financial opportunities to everybody regardless of their location or financial position. It has offices in Asia and Europe, and continues to develop new features at a rapid speed to fully service the new wave of the digital economy. More information is available at Bitrue’s website.

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Blockchain

Financial industry bodies defend permissionless blockchains against Basel Committee’s classification

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Five financial industry bodies have pushed back against the treatment of permissionless blockchains by a global banking supervision authority.

In December, the Basel Committee on Banking Supervision (BCBS) published a report on proposed amendments to bank capital requirements for digital assets, stablecoins, and tokenized assets.

The report classified all permissionless blockchains as high-risk, claiming that some risks could not be mitigated through existing solutions. BCBS was particularly concerned about banks’ lack of control over third parties who conduct most operations on these blockchains. It also warned about their privacy, finality, liquidity, and political, legal, and policy risks.

In response, five global financial industry regulators have defended permissionless blockchains. In a joint response, they stated that the industry “has all necessary expertise and robust compliance frameworks to fully identify, manage and mitigate these risks.”

The five are the International Swaps and Derivatives Association, the Global Financial Markets Association, the Institute of International Finance, the Futures Industry Association, and the Financial Services Forum.

Blockchain’s application in the financial industry is evolving, and regulators must not disincentivize banks from exploring the technology, the regulators stated. By putting up unnecessary hurdles, the BCBS would only push these institutions to the non-regulated shadow banking space, which would be riskier for them.

The regulators further noted that dozens of global banks have conducted successful pilots using permissionless blockchains. These pilots have shed more light on the technology’s application and allowed them to understand and control emergent risks.

The BCBS approach is unfair to blockchain and veers away from the regulator’s long-held “same asset, same risk” approach, they added.

“While we acknowledge that risk mitigation techniques are evolving for permissionless crypto assets…we are confident that solutions already exist in respect of specific use cases,” the five stated.

They believe deciding whether to build on permissionless blockchains should be left to the banks.

The financial sector has been a leader in blockchain adoption, with some, like JPMorgan (NASDAQ: JPM), developing their own permissioned networks, albeit unsuccessfully. However, most have relied on existing solutions to build applications spanning settlement, bond issuance, tokenization, etc.

Source: coingeek.com

The post Financial industry bodies defend permissionless blockchains against Basel Committee’s classification appeared first on HIPTHER Alerts.

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