Vietnam Pharmacy Automation Device Market Report 2023 to 2030

Vietnam Pharmacy Automation Device Market Analysis

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The Vietnam Pharmacy Automation Device Market was valued at $27.5 Mn in 2023 and is predicted to grow at a CAGR of 10.13% from 2023 to 2030, to $54 Mn by 2030. Vietnam Pharmacy Automation Device Market is growing due to Adoption of Electronic Health Records, Growing Need to Minimize Medication Errors, Rising Demand for Pharmaceuticals. The market is primarily dominated by players such as Kawasaki Heavy Industries Ltd., Fanuc Corporation, Kuka Ag, Mitsubishi Electric Corporation, Becton Dickinson and Co, Capsa Solutions LLC, McKaesson Corporation; Pearson Medical Technologies.

ID: IN10VNMD014 CATEGORY: Medical Devices GEOGRAPHY: Vietnam AUTHOR: Najib Shaikh

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Vietnam Pharmacy Automation Device Market Executive Summary

Vietnam Pharmacy Automation Device Market is at around $27.5 Mn in 2023 and is projected to reach $54 Mn in 2030, exhibiting a CAGR of 10.13% during the forecast period.

Prescription medicine distribution, packaging, counting, and sorting can all be done electronically with the use of pharmacy automation systems. Systems for pharmacy automation have many advantages, such as improved output, precision, and reduced labour expenses. Chemists can use the dispensing equipment to track and synchronize patient prescriptions instead of having to enter them manually. When it comes to administering pharmaceuticals, pharmacies run a big risk because there's always a chance of several mistakes and contamination. Pharmacy administration can benefit from pharmacy automation systems in a number of ways, including enhanced inventory control, better space savings, increased medication security, and faster and more accurate processing.

The penetration rate of pharmacy automation devices in Vietnam is relatively low but steadily increasing, driven by the need to enhance efficiency and reduce medication errors. Adoption is estimated to grow at a CAGR of around 8-10% over the next few years. These devices can improve dispensing accuracy by up to 99.9% and increase workflow efficiency by 50-60%. Several companies and startups are active in this market, including international players like BD and Omnicell, as well as local startups such as Meditech and TPH. This growing adoption reflects a broader trend toward technological integration in Vietnam healthcare. The market, therefore, is driven by significant factors like Adoption of Electronic Health Records, Growing Need to Minimize Medication Errors, and Rising Demand for Pharmaceuticals. However, Lack of Standardization, High Cost, Complexity, and Integration Issues restrict the growth and potential of the market.

ScriptPro MedStation, a brand-new medication management system, was launched by ScriptPro LLC, a provider of pharmacy automation solutions.

Vietnam Pharmacy Automation Device Market Report 2023 to 2030

Market Dynamics

Market Growth Drivers

Adoption of Electronic Health Records: The widespread adoption of electronic health records, now used by 85% of healthcare providers globally, coupled with government initiatives promoting pharmacy automation systems, has been a key driver of market growth. This regulatory support has catalysed the organic expansion of these systems and the overall market. Additionally, the increasing demand for superior healthcare services and the growing recognition of automation's benefits among both healthcare professionals and patients are fuelling this expansion. Consequently, these regulatory measures and rising adoption rates have substantially reinforced the market's stability and its potential for future growth.

Growing Need to Minimize Medication Errors: Medical errors are a major killer, responsible for roughly 10% of global deaths. This alarming statistic highlights the need for improved medication safety. Many factors contribute to these errors, such as communication gaps between doctors and pharmacists, improper storage practices, and look-alike drug confusion. These errors can also occur during preparation, packaging, or storage of medications before they reach patients. Inaccurate or unclear instructions further add to the risk. Pharmacy automation offers a promising solution by reducing human error and ensuring medication accuracy throughout the entire process.

Rising Demand for Pharmaceuticals: A global epidemic of pharmaceutical dependence is spreading. This increase is the result of multiple factors. First, a startling 60% of people worldwide suffer from chronic diseases like diabetes and cancer, which are become more and more widespread. Many times, these illnesses necessitate long-term pharmaceutical use. Second, as people live longer and may require more medical care, the world's population is aging. Last but not least, improvements in research and development are producing new, focused medications for particular ailments, which is driving up the need for pharmaceuticals even more.

Market Restraints

Lack of Standardization: The lack of widely accepted protocols and interoperability standards creates obstacles for smooth communication and data sharing among various automation systems. This fragmentation hampers the ability to scale and integrate pharmacy automation solutions effectively, resulting in compatibility issues and integration difficulties for pharmacies. Furthermore, the absence of standardized procedures impedes the development of comprehensive automation strategies.

High Cost: Pharmacies must make a sizable upfront investment in pharmacy automation systems, which includes paying for staff training, equipment, and installation. Costs associated with such systems can run from $100,000 to $500,000, which presents a major financial obstacle, particularly for small and medium-sized pharmacies with limited resources. The whole cost of ownership is increased by following expenses after the original purchase, such as upkeep and potential upgrades. In pharmacies, the adoption rate of automation technology may be considerably slowed by this large financial barrier. In addition, the necessary capital investment might be too high in locations with tight financial limitations or healthcare budgets, which would prevent market penetration.

Complexity and Integration Issues: Many pharmacies may not possess the necessary technical know-how for these integrations, potentially leading to disruptions in their daily workflows. Additionally, concerns about system malfunctions or operational downtime during the integration phase can make pharmacies reluctant to embrace automation technologies. The ongoing challenge of operating and maintaining these interconnected systems further increases operational complexity, potentially slowing down widespread adoption of such technologies in the pharmacy sector.

Regulatory Landscape

In Vietnam, the regulatory landscape for the pharmacy automation device market is governed primarily by the Drug Administration of Vietnam (DAV) and the Department of Medical Equipment and Health Works (DMEHW). The DAV oversees drug-related regulations, ensuring compliance with national standards for drug safety, efficacy, and quality. The DMEHW, on the other hand, regulates the medical equipment sector, including pharmacy automation devices, ensuring that these devices meet stringent safety and performance criteria. Both entities work together to streamline approval processes, enforce regulations, and promote technological advancements in the healthcare sector. This collaborative regulatory framework aims to enhance the efficiency and reliability of pharmacy automation solutions, supporting the overall improvement of healthcare services in Vietnam.

Competitive Landscape

Key Players

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

Kawasaki Heavy Industries Ltd.
Fanuc Corporation
Kuka Ag
Mitsubishi Electric Corporation
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

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

Vietnam Pharmacy Automation Device Market Segmentation

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.