Market Overview
The rising need to reduce pharmaceutical errors, rapid decentralisation of pharmacies, rising geriatric population, and rising labour costs are projected to drive the pharmacy automation industry. Reluctance among healthcare organisations to embrace pharmacy automation systems, on the other hand, is likely to limit overall market growth to some amount during the forecast period. According to Market Research Future, the Pharmacy Automation Market is expected to increase from USD 3.63 billion in 2022 to USD 5.38 billion by 2022, with a Compound Annual Growth Rate (CAGR) of 8.2%.
Furthermore, the growing demand for specialised medicine prescription filling solutions, the growing desire to reduce medication errors, and the decentralisation of pharmacies are all driving the pharmacy automation industry.
Pharmacy Automation Market Key Players
- Capsa Healthcare
- Parata Systems
- Arxium Inc.
- Omnicell Inc.
- RxSafe, LLC
- Scriptpro LLC
- Becton, Dickinson, and Company
- Cerner Corporation
- KUKA AG
- Yuyama Co., Ltd
- Others
Market Segmentation
The pharmacy automation market is divided into automated packaging and labelling systems, automated medication dispensing systems, automated tabletop counters, automated storage plus retrieval systems, automated medication compounding systems, and other pharmacy automation systems, depending on the type of product. In 2016, automated drug dispensing systems dominated the pharmacy automation industry. Benefits like better inventory management, increased medicine safety, and greater storage capacity with optimal space usage and possible time and cost savings provide for a major portion of the segment.
Retail pharmacies will be the fastest expanding end-user category in the pharmacy automation market during the projection period. Inpatient pharmacies, pharmacy benefit management organisations, outpatient pharmacies, mail-order pharmacies, and retail pharmacies are the several types of end consumers in the market. Factors pushing the use of pharmacy automation systems in retail pharmacies include:
- A growing desire to reduce dispensing errors.
- An increase in the number of retail pharmacies.
- An increase in pharmacist workload.
Regional Classification
Americas: The United States has the largest regional market, owing to increased acceptance of new technology in the healthcare sector, an increase in hospitals, high healthcare spending, and healthcare laboratories.
Europe: Due to the presence of a strong and well-established pharmaceutical industry and increased acceptance of new technologies within the healthcare sector, Europe's pharmacy automation market placed 2nd in 2018.
Asia-Pacific: Due to the presence of a strong and quite well pharmaceutical industry and increased acceptance of new technologies within the healthcare sector, Europe's pharmacy automation market placed 2nd in 2018.
Middle East & Africa: The market is predicted to grow at the slowest rate because of restricted access to healthcare facilities and limited improvements in the healthcare sector.
Industry News
The complicated and unprecedented issue of managing corporate compliance in a digital environment has raised external pressure on businesses to improve transparency and employ cutting-edge technology. Thanks to recent technological breakthroughs in the pharmacy automation field, numerous automating solutions are now available.
Faster prescription processing, fewer pharmaceutical errors and inventory problems, and lower pharmacy costs are just a few of the benefits. Swisslog Healthcare will introduce The Open Pharmacy platform in June 2020 to assist pharmacies in becoming health centres. It allowed community pharmacies to overcome obstacles and adapt to changing trends as well as expectations. The aforementioned causes are projected to increase demand for these automation systems in the years ahead.
End-users can better manage expenses and enhance efficiency across the continuum of care by digitising processes and streamlining workflow, resulting in better outcomes and performance and allowing them to reallocate time to focus on patient care.
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