The corporate intelligence studies predict that the global pharmacy automation market will expand at an incredible growth rate of 7.8 % over the forecast period of 2022 to 2027.
The corporate intelligence studies predict that the global pharmacy automation market will expand at an incredible growth rate of 7.8 % over the forecast period of 2022 to 2027.
It also informs the readers that the initial evaluation of the global pharmacy automation market was placed at US$ 4,697.67 million at the base year of the study i.e. 2021.
Furthermore, the report also projects that the global pharmacy automation market will surpass the evaluation of US$ 6,983.16 million by the end of the forecast period i.e. 2027.
The growth within the global pharmacy automation market was particularly high over the period of COVID-19 pandemic, owing to the high rate of COVID-19 infections, triggering massive demand for various medical products and medications.
Furthermore, the demand in the global pharmacy automation market is also driven by the rising requirement for novel drug prescription filling products and equipment as well as the increasing need to reduce the errors while distributing medications.
The rising pool of geriatric population as well as the increasing decentralization of pharmacies also provides excellent growth and development opportunities for the participants and stakeholders in the global pharmacy automation market.
Need for precision has always marked the medical world and with pharmacy automation at least one part got ticked off. These systems can count packages, track patient information and even update it, and this is the reason why the global pharmacy automation market is set to see an upward growth curve.
It will experience a steady CAGR (Compound Annual Growth Rate) over the forecast period of 2017-2025 and that will generate lucrative growth opportunities. It will also translate to a higher market worth.
Some of the primary factors of growth for global pharmacy automation market are listed below:
- There is a shift towards digital across all industry verticals and healthcare is no different, As, the benefits of automation come to for, there is a harder push for it to be adopted. And, as automation is proving fruitful in medication dispensation, compounding systems, labeling, and so much more, it will ensure the market moves on to a higher trajectory. It also does well to storage and retrieval systems, which can be quite crucial when needed.
- A rise in investment in healthcare development in countries such as India and China will lead to creation of high growth opportunities, ready to be tapped into. There is also a trend of medical tourism observed in these areas because while quality is decent, prices here are extremely low and what is required is pharmacy automation market players to swoop in and carve out their share of potential growth. It is a similar case with Brazil.
Pharmacy automation is a mechanical based process that includes handling and distribution of medications in hospitals and pharmacies. It completes the tasks involving counting of objects and instruments such as medicines and syringes. It can maintain other information of patients including tracking and updating information. Owing to these features, many of hospitals and pharmacies have adopted the system. High adoption of automation systems is driving growth of the global pharmacy automation market.
Rising need for errors free medication is a primary booster for driving growth of the pharmacy automation market. Additionally, advantages of automation systems over conventional method due to advancements in the system are expected to propel growth of the market over forecast period. Increasing focus on the infrastructural developments for offering advanced healthcare solutions in emerging countries is supporting growth of the market. However, stringent regulations and high initial investment are crimping growth of the global pharmacy automation market.
The National Coordinating Council for Medication Error Reporting and Prevention, states that nearly 0.1 million people die annually due to medical errors in hospitals. To ensure the safety of patients and to improve healthcare services reducing medical errors is important. As a solution, BD medical – a part of Beckon, Dickinson, and Company – one of the leading players in the pharmacy automation market has unveiled its BD Cato Medication Workflow software. It has an optional camera base and visual documentation hardware which provide visual document informing syringe, vial, and IV container during each gravimetric step coupled with its barcode scanner that provides ergonomically scanning zone.
This system is expected to boost the demand and encourage other players to offer such advancements in future.
Global Pharmacy Automation Market: Overview
Pharmacy automation is gaining steady traction as it has enabled seamless operations of innumerable tasks in pharmacies and healthcare industry. Introduction of automation has ensured lesser number of errors in medication management, thereby ensuring patient safety. Analysts predict that the global pharmacy automation market is likely to grow at a handsome CAGR in the near future institutions and organizations are increasingly focused toward offering patients quality healthcare. Products such as automated medication dispensing systems are likely to be popular due to their accuracy and timely dispensing of medications of patients seeking treatment. These systems have significantly reduced the chances of human errors in prescribing dosages and medications.
Global Pharmacy Automation Market: Key Trends
The shifting interest in technology due to growing awareness about its benefits are expected to propel the growth of the global pharmacy automation market in the near future. The pharmacy automation market will be driven by adoption on automation systems such as medication dispensing systems, packaging and labeling systems, table-top counters and compounding systems, and storage and retrieval systems among others in the healthcare industry. The increasing understanding about benefits of using these systems such as better productivity and efficiency and lower rate of errors has led to higher investments in automation of pharmacies.
The improving healthcare infrastructure in developing countries of China, India, and Brazil has opened up a plethora of growth opportunities for the global market. The rise of the medical tourism industry in developing countries and massive untapped medical needs have offered the pharmacy automation market a significant scope for growth in these regions.
Global Pharmacy Automation Market: Market Potential
Product innovation and upgradation are the key strategies being adopted by players in the global pharmacy automation market to stay ahead of the intensifying competition. Recently, Omnicell, Inc. announced that users of its AcuDose-Rx® Automated Dispensing Cabinets will now be able to upgrade the product to XT Series, while using the installed software. The new improvements will allow users to have better security, capacity, and speed for its dispensing cabinets. The customers will be able to enjoy added benefits such as Guiding Lights that help the user reach the exact locations of medications in the cabinet and smart drawer designs that will have metal locking lids for better security and capacity. The company plans to continue adding products to its portfolio that will increase operational efficiency in the long-run to retain and expand their consumer base.
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Global Pharmacy Automation Market: Regional Outlook
From a geographic point of view, the global pharmacy automation market is segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. According to the research report, North America held the largest share in the global market and is expected to dominate the global market dynamics in the coming years. The well-established healthcare infrastructure that has upped the number of prescriptions in the region are fuelling the growth of the North America pharmacy automation market. The regional market is also being driven by the growing pool of geriatrics and focus toward improving efficiency in healthcare management. Emerging economies in Latin America and Asia Pacific are also expected to show a steady growth in the global pharmacy automation market in the near future. The increasing investments in healthcare, widening patient pool, and growing demand for quality care are expected to fuel the growth of the pharmacy automation market in the developing regions.
Key Players Mentioned in this Report are:
The leading players operating in the global pharmacy automation market are Becton, Dickinson, and Company, Cerner Corporation, Omnicell, Inc., Capsa Healthcare, Parata Systems LLC, ScriptPro LLC, Baxter International, Inc., KUKA AG, TCGRx Pharmacy Workflow Solutions, ARxIUM Inc., Talyst systems LLC, and RxSafe, LLC.
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