Global Pharmacy Automation Market Size is expected to hold a value of USD 6820.73 Million by 2025 and is expected to register a growth of 8.60% between 2019 and 2025.
Pharmacy automation includes automatic processes of handling and dispensing medications. It also involves counting small objects, calculating and mixing powders and liquids for compounding, tracing, and updating customer records in the database along with inventory management. Growing need to minimize medication errors, technological advancements by market players, decentralization of pharmacies, and rising geriatric population are the key factors that are expected to drive the market growth. Moreover, the rising pharmaceutical industry in developing regions is expected to drive the growth of the market.
Pharmacy Automation Market Influencer
The increasing popularity of pharmacy automation products is expected to influence the growth of the global pharmacy automation market during the forecast period.
- Growing need to minimize medication errors is a key factor which is supporting the growth of the market. Medical errors are causing a significant impact on the quality of healthcare. According to the report published by World Health Organization (WHO), in 2017, the cost associated with medication errors has been estimated at USD 42 billion annually or almost 1% of total global health expenditure. Thus, Healthcare providers are concentrating on minimizing medical errors to reduce the cost and for improvement of quality of healthcare services.
- Decentralization of pharmacies is providing favorable conditions for the growth of the market during the forecast period.
- Rising geriatric population is responsible for increasing hospital admissions, thus responsible for a surge in demand for pharmaceutical products.
- Growing awareness and popularity regarding pharmacy automation
- Deeper penetration of pharmacy automation products in the developing markets
- Factors including poor order communication between the physician and pharmacist
- Improper storage practices in pharmacies
- Misunderstanding arising out of the use of similar labels
Pharmacy Automation Market Segmentation
By Product Type
- Automated Medication Dispensing Systems: This segment is bifurcated into centralized, automated dispensing systems and decentralized automated dispensing systems. Automated medication dispensing systems segment is expected to dominate the pharmacy automation market by type owing to the improved inventory management, ideal utilization of space and advantages of automated medication dispensing systems over other systems.
- Automated Packaging and Labeling Systems: Automated packaging and labeling systems segment are classified into automated unit-dose packaging & labeling systems, automated multidose packaging & labeling systems. It is the fastest-growing segment in the global pharmacy automation market.
- Automated Table-top Counters: Automated tabletop counters are portable systems mainly used for counting and filling of tablets, capsules, soft gels, gel caps, lozenges, pills, and other solid oral dosage products in the container.
- Automated Storage and Retrieval Systems: Automated storage and retrieval system are made up of various computer-controlled systems for automatically placing and retrieving loads from defined storage locations.
- Inpatient Pharmacies: Inpatient pharmacy systems are used to provide services to the clinics, wards, and other hospital departments through the unit dose system supply. It is the largest segment in the global pharmacy automation market.
- Outpatient Pharmacies: Outpatient pharmacies are responsible for the delivery of medication-related services to outpatients in the hospital premises, billing, medication reconciliation and dispensing of home care medications.
- Retail Pharmacies: Retail pharmacy can be a supermarket pharmacy, an independent pharmacy, a chain pharmacy, or a mass merchandiser pharmacy. It is the fastest-growing segment in the global pharmacy automation market.
- Americas: The largest regional market, attributed to the increasing adoption of new technologies in the healthcare sector, high expenditure on healthcare, an increasing number of hospitals and healthcare laboratories in the US. According to the data published by Definitive Healthcare's Hospitals and IDNs platform, there were more than 7,200 active hospitals present in the US in the year 2017. The rising number of hospitals is responsible for increasing demand for pharmacy automation systems; thus, it is providing favorable conditions for the growth of the market in the region.
- Europe: The pharmacy automation market in Europe held the second-largest position in 2018 owing to the presence of a strong and well-established pharmaceutical industry and rising adoption of new technologies in the healthcare sector. Moreover, increasing chronic disorders is expected to support the growth of the market during the forecast period.
- Asia-Pacific: The fastest-growing regional market. The growth of the pharmacy automation market in this region is owing to rising per capita disposable income, escalating demand for automation systems in the healthcare sector, and growing pharmaceutical industry in the region. According to the Indian Brand Equity Foundation (Ministry of Commerce & Industry, Government of India), Indian companies exported pharmaceuticals worth USD 17.27 billion from 2017 to 2018 which is expected to grow at a rate of 30% to reach USD 20 billion by 2020. The flourishing pharmaceutical industry is anticipated to provide favorable conditions for the growth of the pharmacy automation market.
- Middle East & Africa: The market is expected to show the lowest growth due to limited access to healthcare facilities and limited developments in the healthcare sector.
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
This table of content is tentative and subject to change as the research progresses.
Please Note: Financial details of company cannot be provided if the information of the company is not available in public domain and or reliable source.