Malaysia Pharmacy Automation Device Market Analysis

Malaysia Pharmacy Automation Device Market Analysis


$ 3999

The Malaysia Pharmacy Automation Device Market was valued at $8.8 Mn in 2023 and is predicted to grow at a CAGR of 10.1% from 2023 to 2030, to $17.3 Mn by 2030. Malaysia Pharmacy Automation Device Market is growing due to Growing Healthcare Expenses, Increased Medication Errors, Technological Advancements. The market is primarily dominated by players such as Amerisource Bergen Corporation, Accu-Chart Plus Healthcare Systems, Omnicell, Inc., McKesson Corporation; Pearson Medical Technologies, Baxter; Talyst, LLC, Scriptpro LLC.

ID: IN10MYMD014 CATEGORY: Medical Devices GEOGRAPHY: Malaysia AUTHOR: Najib Shaikh

Buy Now

Malaysia Pharmacy Automation Device Market Executive Summary

Malaysia Pharmacy Automation Device Market is at around $8.8 Mn in 2023 and is projected to reach $17.3 Mn in 2030, exhibiting a CAGR of 10.1% during the forecast period.

The Pharmacy Automation market is a subset of the larger E-Healthcare industry. It focuses on the automation of pharmacy processes, such as the filling of prescriptions, inventory management, and drug dispensing. Automation of these processes can help reduce costs, improve accuracy, and increase efficiency. It can also help reduce the risk of medication errors, which can have serious consequences for patients. For this reason, the pharmacy automation system plays a crucial role in reducing errors related to storage, inventory, usage, and retrieval. Pharmacy automation is a perfectly acceptable and helpful way to improve the accuracy and efficiency of pharmacies.

The penetration rate of pharmacy automation devices in Malaysia is increasing steadily, with adoption rates varying across different regions and healthcare facilities. These devices significantly enhance efficiency and effectiveness by reducing medication errors by up to 80% and increasing operational throughput by 50%. Several companies, including established players like BD (Becton, Dickinson, and Company) and Omnicell, alongside startups such as PharmaC Systems and MediAide Solutions, are actively involved in developing and supplying pharmacy automation solutions tailored to Malaysian healthcare settings. This diverse market presence underscores the growing importance and investment in pharmaceutical automation technologies within the country. The market, therefore, is driven by significant factors like Growing Healthcare Expenses, Increased Medication Errors, and Technological Advancements. However, Complexity and Integration Issues, High Costs, and Security Concerns restrict the growth and potential of the market.

Baxter announced that it had received authorization from the Common Vulnerability and Exposures (CVE) program to be a CVE Numbering Authority.

Malaysia Pharmacy Automation Device Market Report 2023 to 2030

Market Dynamics

Market Growth Drivers

Growing Healthcare Expenses: Malaysia's healthcare bill is on the rise, hitting 50 billion in 2023. This growth is fueled by investments in hospitals, clinics, and other services.  As the population grows, the healthcare system needs to keep pace.  One key to efficiency and cost savings Pharmacy automation.  These devices streamline medication dispensing, minimize errors, and optimize inventory.  The benefits are two-fold: better care for patients with fewer mistakes and reduced costs for pharmacies facing competition. This automation trend is a win-win for Malaysia's healthcare system.

Increased Medication Errors: Hospitalization rates have increased in tandem with medical errors, which rank as the leading cause of death in many countries and account for almost 10% of deaths worldwide. These mistakes can be caused by a variety of things, such as inadequate order coordination between doctors and pharmacists, inappropriate pharmacy storage practices, and label misinterpretations. Dispensing errors include any departures from the prescribed regimen, including improper dosage, quantity, or delivery of drug, as well as inadequate or erroneous labeling. Inadequate or deceptive usage instructions along with improper medicine preparation, packaging, or storage prior to delivery can also contribute to medication mishaps.

Technological Advancements: A wave of innovation is transforming pharmacies. Advanced automation systems, powered by robotics, AI, and the Internet of Things (IoT), are becoming increasingly common. These high-tech devices deliver a double benefit: they streamline pharmacy operations, boosting efficiency and accuracy in medication management. This translates to a competitive edge for pharmacies, allowing them to meet stricter regulations and deliver the high-quality, safe healthcare that patients deserve.

Market Restraints

Complexity and Integration Issues: Getting pharmacy automation to work smoothly with existing software can be challenging. The different systems need to talk to each other seamlessly, which can be tricky. 56% of pharmacies report struggling with these integrations.  Many pharmacies simply don't have the tech staff on hand to handle it, and the worry of glitches or downtime during the process can be scary enough to make them ditch automation altogether.  On top of that, keeping all these integrated systems running smoothly adds another layer of complexity, potentially slowing down wider adoption.

High Cost: Pharmacy automation can have significant initial expenses, which might be a barrier for smaller players in particular. The cost to set up these systems might range from $100,000 to $500,000. This is a costly item for small and medium-sized pharmacies who have tight finances. In addition, there are continuous expenses for upkeep and improvements. This hefty upfront cost may act as a significant deterrent, preventing automation technology from spreading as quickly. The expense of automation may be prohibitive in areas with limited financial resources or healthcare budgets, which would further restrict its uptake.

Security Concerns: Automation in pharmacies has two drawbacks. The devices themselves become targets for hackers even while it simplifies operations.  Pharmacies have a legitimate concern about safeguarding sensitive patient data. Although it costs money, strong security is necessary to stop breaches.  Pharmacies, particularly those with low cybersecurity capabilities, may be discouraged by the cost and resource commitment associated with implementing and maintaining strong safeguards.  The adoption of automation may be completely halted by these security concerns.

Regulatory Landscape

In Malaysia, the pharmacy automation device market operates under the regulatory oversight of the National Pharmaceutical Regulatory Agency (NPRA). NPRA ensures compliance with stringent standards and regulations to guarantee the safety, efficacy, and quality of automated devices used in pharmacies. These devices streamline medication dispensing, inventory management, and patient record-keeping processes, enhancing operational efficiency and patient safety in healthcare facilities nationwide. NPRA regulatory framework includes rigorous assessment and approval processes for pharmacy automation devices, aiming to uphold industry standards and promote innovation while safeguarding public health. This regulatory landscape fosters a conducive environment for the adoption and advancement of pharmacy automation technologies across Malaysia's healthcare.

Competitive Landscape

Key Players

Here are some of the major key players in Malaysia Pharmacy Automation Device Market:

  • Amerisource Bergen Corporation
  • Accu-Chart Plus Healthcare Systems, Inc.
  • Omnicell, Inc.
  • McKesson Corporation
  • Pearson Medical Technologies
  • Baxter
  • Talyst, LLC
  • Scriptpro LLC
  • Becton Dickinson and Company
  • Fulcrum Pharmacy Management, Inc
  • Medacist Solutions Group, LLC
  • Aesynt, Inc
  • Capsa Healthcare
  • Cerner Oracle
  • ARxIUM
  • Touchpoint Medical
  • Swisslog Healthcare

1. Executive Summary
1.1 Device Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Regulatory Landscape for Medical Device
1.6 Health Insurance Coverage in Country
1.7 Type of Medical Device
1.8 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Diagnosis
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Malaysia Pharmacy Automation Device Market Segmentation

Based on Product

  • Automated Medication Dispensing Systems
  • Automated Packaging and Labeling Systems
  • Automated Table-Top Counters
  • Automated Storage and Retrieval Systems
  • Other Pharmacy Automation Systems

Based on Pharmacy Type

  • Independent
  • Chain
  • Federal

Based on Pharmacy Size

  • Large Size Pharmacy
  • Medium Size Pharmacy
  • Small Size Pharmacy

Based on Application

  • Drug Dispensing and Packaging
  • Drug Storage
  • Inventory Management

Based on End-user

  • Retail Pharmacy
  • Inpatient Pharmacies
  • Outpatient Pharmacies
  • Online Pharmacy

 

Methodology for Database Creation

Our database offers a comprehensive list of healthcare centers, meticulously curated to provide detailed information on a wide range of specialties and services. It includes top-tier hospitals, clinics, and diagnostic facilities across 30 countries and 24 specialties, ensuring users can find the healthcare services they need.​

Additionally, we provide a comprehensive list of Key Opinion Leaders (KOLs) based on your requirements. Our curated list captures various crucial aspects of the KOLs, offering more than just general information. Whether you're looking to boost brand awareness, drive engagement, or launch a new product, our extensive list of KOLs ensures you have the right experts by your side. Covering 30 countries and 36 specialties, our database guarantees access to the best KOLs in the healthcare industry, supporting strategic decisions and enhancing your initiatives.

How Do We Get It?

Our database is created and maintained through a combination of secondary and primary research methodologies.

1. Secondary Research

With many years of experience in the healthcare field, we have our own rich proprietary data from various past projects. This historical data serves as the foundation for our database. Our continuous process of gathering data involves:

  • Analyzing historical proprietary data collected from multiple projects.
  • Regularly updating our existing data sets with new findings and trends.
  • Ensuring data consistency and accuracy through rigorous validation processes.

With extensive experience in the field, we have developed a proprietary GenAI-based technology that is uniquely tailored to our organization. This advanced technology enables us to scan a wide array of relevant information sources across the internet. Our data-gathering process includes:

  • Searching through academic conferences, published research, citations, and social media platforms
  • Collecting and compiling diverse data to build a comprehensive and detailed database
  • Continuously updating our database with new information to ensure its relevance and accuracy

2. Primary Research

To complement and validate our secondary data, we engage in primary research through local tie-ups and partnerships. This process involves:

  • Collaborating with local healthcare providers, hospitals, and clinics to gather real-time data.
  • Conducting surveys, interviews, and field studies to collect fresh data directly from the source.
  • Continuously refreshing our database to ensure that the information remains current and reliable.
  • Validating secondary data through cross-referencing with primary data to ensure accuracy and relevance.

Combining Secondary and Primary Research

By integrating both secondary and primary research methodologies, we ensure that our database is comprehensive, accurate, and up-to-date. The combined process involves:

  • Merging historical data from secondary research with real-time data from primary research.
  • Conducting thorough data validation and cleansing to remove inconsistencies and errors.
  • Organizing data into a structured format that is easily accessible and usable for various applications.
  • Continuously monitoring and updating the database to reflect the latest developments and trends in the healthcare field.

Through this meticulous process, we create a final database tailored to each region and domain within the healthcare industry. This approach ensures that our clients receive reliable and relevant data, empowering them to make informed decisions and drive innovation in their respective fields.

To request a free sample copy of this report, please complete the form below.


We value your inquiry and offer free customization with every report to fulfil your exact research needs.


Last updated on: 15 July 2024
Updated by: Dhruv Joshi

Related reports (by category)


Related reports (by geography)


subscribe to our newsletter
up