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Pharmacy Automation Market Analysis
Global pharmacy automation market is expected to exhibit a solid 8.6% CAGR over the forecast period from 2019 to 2025, according to the latest research report from Market Research Future (MRFR). The global pharmacy automation market is profiled in detail in the latest research report from Market Research Future, which provides a thorough breakdown of the market conditions, including historical market standings and figures as well as projections for the market’s growth over the forecast period from 2019 to 2025. The global pharmacy automation market is expected to reach a valuation of USD 6.8 billion by 2025.
Pharmacy automation refers to automation of the processes of handling and dispensing medications. The global pharmacy automation market is likely to grow rapidly over the forecast period due to the growing investment in the pharmacy market in the last few years. Pharmacies have enjoyed steady investment in the last few years, leading to a growing demand for pharmacy automation. The rising geriatric population is likely to drive the demand for advanced pharmacy procedures in the next few years due to the growing demand for medications of various kinds. This is likely to be a key driver for the global pharmacy automation market over the forecast period.
The increasing need to minimize medication errors is also likely to be a major driver for the pharmacy automation market over the forecast period. Currently, human operators, however skilled, present a risk of mistakes, which can have catastrophic consequences due to the sensitive nature of the materials handled. This can be avoided entirely by bringing about automation of the pharmacy sector. Automated pharmacy processes eliminate the risk of mistakes, making pharmacy operations safer and more precise than before. The growing demand for personalized medication is also likely to be a major driver for the pharmacy automation market.
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Pharmacy Automation Market Competitive Analysis:
Leading players in the pharmacy automation market include Capsa Healthcare, Parata Systems, Arxium Inc., Omnicell Inc., RxSafe LLC, Scriptpro LLC, Becton Dickinson and Company, Cerner Corporation, Kuka AG, and Yuyama Co. Ltd.
Pharmacy Automation Market Segmentation:
The global pharmacy automation market is segmented on the basis of product type, end use, and region.
By product type, the global pharmacy automation market is segmented into automated medication dispensing systems, automated packaging and labeling systems, automated tabletop counters, and automated storage and retrieval systems. The automated medication dispensing systems segment is further subsegmented into centralized and decentralized systems, whereas automated packaging and labeling systems are further subsegmented into unit-dose and multi-dose packaging and labeling systems. The automated packaging and labeling systems segment is the fastest growing segment of the global pharmacy automation market.
By end use, the global pharmacy automation market is segmented into inpatient pharmacies, outpatient pharmacies, retail pharmacies, and others. The inpatient pharmacies segment is the largest in the global pharmacy automation market.
Pharmacy Automation Market Regional Analysis:
The Americas hold the largest share in the global pharmacy automation market, followed by Europe. The increasing adoption of new technologies in the healthcare sector in North America is the major reason for the dominance of the Americas in the global pharmacy automation market. The increasing number of hospitals and healthcare laboratories in North America is also a major factor in the pharmacy automation market’s strong presence in the region; as of 2017, there were more than 7,200 hospitals in the U.S. This is a major driver for the pharmacy automation market in North America. The growing healthcare sector in Mexico, Brazil, Costa Rica, Argentina, and other emerging countries is likely to remain a key driver for the pharmacy automation market in the Americas, as these emerging regions have made strong investments in the healthcare sector in recent years. The growing geriatric population in North America is also a major driver for the pharmacy automation market in the region.
Asia Pacific is the fastest growing regional market for pharmacy automation, due to the growing healthcare sector in India, China, Japan, South Korea, and other emerging APAC economies.
Adapting to the effects of the recent novel COVID-19 pandemic, the Global Pharmacy Automation Market report has been modified keeping in mind of the changes in production styles, a glut in the supply chain, and new marketing campaigns.
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