The size of the pharmacy automation system market in Latin America was around USD 0.46 Billion in 2023. It is expected to grow at a CAGR of 8.4% to reach USD 0.68 Billion by 2028. It captures 10% of the global market.
The development of enhanced robots, the rising incidence of chronic diseases, particularly cancer, increased awareness of medical errors, and a paradigm shift toward automation are a few of the factors predicted to boost the growth rate of the pharmacy automation systems market in the Latin American region. Technological advancements in automation, particularly software, are crucial in pharmacy automation. In addition to the systems that dispense medication, the software is required for patient data management and storage, information exchange between healthcare personnel and patients, and workflow management. Electronic health records (EHR) are used with workflow management systems and robotic equipment to achieve pharmacy automation.
The usage of contemporary robots in various industries is one of the primary factors driving up demand for pharmacy automation year after year. In addition, as people become increasingly interested in automating the pharmaceutical storage and dispensing process, the need for pharmacy automation has grown.
Most healthcare facilities and pharmacies choose automated measures to prevent the virus from spreading. Additionally, the demand for prescription drugs has increased, presenting an opportunity to change pharmacy automation systems to reduce infection rates.
Some healthcare professionals and providers are wary of using or accepting any IT-based pharmacy management system despite the advantages. Regulatory approvals are given based on the device's class, varying from one country to the next. In addition, several state boards of pharmacies have different laws regarding automated dispensing devices (ADDs) in healthcare professions. These boards are responsible for the regulation and management of pharmacy practice and the licensure of pharmacists in the state.
This research report on the Latin America pharmacy automation systems market has been segmented and sub-segmented into the following categories:
By Product:
By End User:
By Region:
The Latin American pharmacy automation system market maintains a moderate part of the industry due to an increase in the incidence of various chronic illnesses and the growing number of patients across the region. The rapid rise in the number of patients, demand for quality care, and effective up-gradation of the healthcare IT infrastructure are expected to positively impact the need for pharmacy automation systems market in Latin America.
In Latin America, Mexico and Brazil are expanding rapidly and competitively. As a result of the rising expense of healthcare and the growing elderly population. The allocation of a large amount of healthcare funding to assisted living facilities and hospitals to deliver medicines to the elderly can help boost market demand.
KEY MARKET PLAYERS:
The key market participants in the Latin America Pharmacy Automation System Market leaders are Becton, Dickinson, and Company (U.S.), Omnicell, Baxter International, Inc. (U.S.), ScriptPro LLC (U.S.), KUKA AG (Germany), TCGRx Pharmacy Workflow Solutions (U.S.), RxSafe, Inc. (U.S.), Cerner Corporation (U.S.), Capsa Healthcare (U.S.), Parata Systems LLC (U.S), LLC (U.S.), ARxIUM Inc. (U.S.) and Talyst Systems LLC. (U.S.).
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