The Worldwide Pharmacy Automation Industry is Expected to Reach $8.2 Billion by 2027 – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “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” report has been added to ResearchAndMarkets.com’s offering.

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.

The growth in this market is attributed to the growing need to minimize medication errors, rapid decentralization of pharmacies, and growing focus on automation to reduce labor costs. However, the stringent regulations that delay product launches can inhibit the growth of this market.

Based on product, the automated medication dispensing and storage systems segment holds the largest market 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 increasing occurance of medication errors and implementation of stringent regulatory guidelines for patient safety and medication dispensing across regions. Automated medication dispensing and storage systems allow the care providers to dispense medication faster and more accurately with the help of in-built advanced features that allow medication storage, picking, dispensing, and labelling.

Based on type, the robots/robotic automated medication dispensing segment accounted for the largest share of the automated medication dispensing and storage market

Based on type, the automated medication dispensing and storage systems market is segmented into robots/robotic automated dispensing systems, carousels, and automated dispensing cabinets (ADCs). In 2021, robot/robotic automated medication dispensing systems accounted for the largest share of this market. These systems lower the rate of errors by increasing the administration accuracy rate by incorporating robots with single/multiple robotic arms that handle the filling, storing, and dispensing of medications, thereby reducing the chances of manual errors.

The retail pharmacies end-user segment is expected to register the highest CAGR during the forecast period

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. The retail pharmacies segment is expected to register the highest growth during the forecast period. This is mainly due to the growing need to incorporate automated solutions in order to achieve faster workflow and maintain record accuracy. Pharmacy automation systems and solutions help in integrating and managing the entire pharmacy inventory and supply workflows. Moreover, these solutions also assist the pharmacists in maintaining dispensed medication records and faster prescription filling, thereby making the workflow for accurate and limiting the chances of errors.

North America accounted for the largest share of the pharmacy automation market in 2021

North America accounted for the largest share of the pharmacy automation market in 2021. Factors such as stringent regulatory standards for medication dispensing & patient safety, and the presence of top pharmacy automation system manufacturers in the US region are expected to contribute to the growth of the pharmacy automation market in North America.

Market Dynamics

Drivers

• Growing Need to Minimize Medication Errors
• Decentralization of Pharmacies
• Rising Geriatric Population Leading to Increased Adoption of Automated Dispensing Systems
• Growing Focus on Automation to Reduce Labor Costs
• Increasing Specialty Drug Dispensing

Restraints

• Reluctance to Adopt Pharmacy Automation Systems
• High Initial Capital Investments
• Lack of Skilled Personnel

Opportunities

• Increasing Awareness Among Pharmacists
• Untapped Emerging Markets
• Healthcare Cost-Reduction Measures

Challenges

• Stringent Regulatory Procedures
• Risk of Cross-Contamination

Companies Profiled

• Beckton, Dickinson and Company
• Omnicell, Inc.
• Kuka Aktiengesellschaft (Swisslog Healthcare)
• Baxter International Inc.
• Capsa Healthcare
• Cerner Corporation
• Yuyama Co., Ltd.
• Arxium, Inc.
• Parata Systems, LLC
• Rxsafe, LLC
• Scriptpro, LLC
• Pearson Medical Technologies, LLC
• Medical Packaging Inc., LLC
• Tension Corporation
• Noritsu Pharmacy Automation
• Euclid Medical Products
• Touchpoint Medical Solutions
• Meditech Pharmacy Management Solutions
• Innovation Associates
• Mckesson Corporation
• Willach Group
• Staubli International
• Medavail
• Pharmacy Automation System
• Deenova Srl

For more information about this report visit https://www.researchandmarkets.com/r/n4he4i

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