According to the new market research report "Pharmacy Automation Market by Product (Automated Medication Dispensing & Storage Systems, Table-Top Counters, Retrieval Systems, Medication Compounding), End User (Inpatient, Outpatient (Fast-Track Clinics), Retail Pharmacies) - Global Forecast to 2027", published by MarketsandMarkets™, the Pharmacy Automation Market is projected to reach USD 8.2 billion by 2027 from USD 5.6 billion in 2022, at a CAGR of 7.9% during the forecast period.
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Growth in the market is mainly driven by the growing need to minimize medication errors, the rapid decentralization of pharmacies, and the rising geriatric population leading to increased adoption of automated dispensing systems.
The automated medication dispensing and storage system segment accounted for the largest share in 2021
Based on products, the pharmacy automation market is segmented into automated medication dispensing and storage systems, automated packaging and labeling systems, automated tabletop counters, automated medication compounding systems, and other pharmacy automation systems. In 2021, the automated medication dispensing and storage systems segment accounted for the largest share of this market, primarily due to the growing need to manage increasing workloads and reduce medication errors.
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The inpatient pharmacies segment accounted for the largest share of the pharmacy automation market
Based on end users, the pharmacy automation market is segmented into inpatient pharmacies, outpatient pharmacies, retail pharmacies, and pharmacy benefit management organizations and mail-order pharmacies. In 2021, inpatient pharmacies accounted for the largest share of this market. This is due to the increasing use of pharmacy automation dispensing and storage systems, such as automated dispensing cabinets, across inpatient healthcare facilities. As pharmacy automation systems and solutions help ward nurses and other hospital staff dispense medication faster and more accurately than manual methods.
North America holds the largest share of the pharmacy automation market
North America accounted for the largest share of the pharmacy automation market in 2021. Factors such as technological advancements in pharmacy automation systems, growth in the healthcare sector, and the presence of top pharmacy automation system manufacturers in the US are expected to contribute to the growth of the pharmacy automation market in North America.
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The prominent players in the pharmacy automation market are Becton, Dickinson and Company (US), Omnicell, Inc. (US), KUKA AG (Swisslog Healthcare) (Germany), Baxter International Inc. (US), Capsa Healthcare (US), Cerner Corporation (US), Yuyama Co., Ltd. (Japan), ARxIUM Inc. (US), Parata Systems, LLC (US), RxSafe, LLC (US), and ScriptPro LLC (US).
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