The market size of the Global Pharmacy Automation Market in the year 2021 is valued at 5.93 billion and is predicted to reach 11.76 billion by the year 2030 at an 8.13% CAGR during the forecast period.
The advantages of pharmacy automation technology include increased patient safety, decreased reliance on pharmaceutical shortages, reduced medicine waste and decreased cost per dosage. The market is anticipated that total efficiency will increase due to pharmacies utilizing RFID, barcode scanning, smart dashboards, and data security for a more fluid workflow. Businesses are under increased external pressure to increase transparency and use cutting-edge technology as a result of the challenging and unprecedented problem of managing corporate compliance in a digital environment. Recent technology developments in pharmacy automation have made various automated solutions possible. The benefits over the forecast period include quicker prescription processing, fewer pharmaceutical errors and inventory issues, and lower pharmacy costs. Additionally, enhancements to the most significant rising healthcare infrastructure will probably create new opportunities for market growth. On the other hand, significant capital costs and rigid informal standards are substantial roadblocks to market expansion in the coming years.
Additionally, in quest of new prospects over the future years, pharmacy automation companies are expanding their footprint throughout emerging regions. The pharmacy automation market will also be driven by the rising need for specialized drug prescription filling solutions, the aim to lower medication errors, and the decentralization of pharmacies. However, constraints such as a reluctance to accept pharmacy automation systems due to the high cost of the pharmacy automation system are expected to hinder pharmacy automation system adoption, limiting the market's growth during the forecast period. The requirement to reduce medication errors, manual drug dispensing, and the advancement of advanced parts innovation is driving the pharmacy automation system market. In addition, the rise in work costs and an increase in the geriatric population have fueled the expansion of the pharmacy automation market over the upcoming years.
The pharmacy automation market is segmented on product and end users. Based on product type, the market is segmented as automated medication dispensing and storage systems, automated packaging and labeling systems, automated tabletop counters, automated medication compounding systems and other pharmacy automation systems. Based on application, the market is divided into automated packaging and labeling systems, tabletop counters, medication compounding systems, and other pharmacy automation systems. Based on end users, the market is divided into inpatient pharmacies, outpatient pharmacies, retail pharmacies, hospital settings, pharmacy benefit management organizations, and mail-order pharmacies.
Based on product, the automated medication dispensing and storage systems segment is a major contributor to the pharmacy automation market.
The automated medication dispensing and storage systems segment is anticipated to grow at the most significant rate during the forecast period. The recycled content packaging provides better use of eco-friendly resources and techniques, driving the segment's growth during the forecast period. Recycled content packaging uses plastic, metal, paper, and glass, which manufacturers reuse as raw materials to make new packaging products.
The retail pharmacies segment witnessed growth at a rapid rate.
Retail pharmacies hold the largest share of the market during the forecast period. Retail pharmacies include supermarkets, chains, mass merchandisers, and independent pharmacies. The expanding need to prevent dispensing errors, the expansion in retail pharmacies and the increased pressure on pharmacists contribute to the segment's growth. Furthermore, key technological companies like Microsoft, IBM, and Google are working on automation and cloud solutions for the pharmaceutical and healthcare industries to overcome security gaps and secure healthcare and pharmaceutical manufacturing networks from outside threats.
The North American pharmacy automation market holds a significant regional revenue share.
North America region is growing at the highest CAGR during the forecast period. The increased number of drug prescriptions at pharmacies because of the aging population is related to the rise of North America's pharmacy automation system market. Additionally, the markets for pharmacy automation equipment in North America are expected to rise because of technological advances in drug administration in hospitals and pharmacies. Increased concerns about insufficient inventory management may encourage the development of high-volume dispensing cabinets in the region, as this will increase the cost of maintaining items, putting merchants under financial hardship. The market for pharmacy automation equipment in North America is projected to be driven by technological developments in drug administration in hospitals and pharmacies. In addition, during the forecast period, Asia Pacific is expected to grow the fastest. The increased need to reduce pharmaceutical errors, pharmacy decentralization, player technical improvements, and the rapidly growing geriatric population are expected to drive market expansion.
Some major key 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), Baxter International Inc. (US), Capsa Healthcare (US), Cerner Corporation (US), Yuvama Co., Ltd, (Japan), ARxIUM Inc. (US), Parata Systems, LLC (US), RXsafe, LLC (US), ScriptPro LLC (US), Pearson Medical Technologies, LLC (US), Medical Packaging Inc., LLC (US),Tension Corporation (US), Noritsu Pharmacy Automation (US), Euclid Medical Products (US), TouchPoint Medical Solutions (US), Meditech Pharmacy Management Solutions (Beligum).