Global Pharmacy Automation Market

Global Pharmacy Automation Market Overview:

 Pharmacy automation is the mechanical process of handling and distributing medications. It includes the automation of everyday tasks and procedures performed in a pharmacy or other healthcare settings. Incorporating automated services within pharmacies worldwide has significantly improved the efficacy and security of storing, filling, administering, packaging, and labeling prescription medications. Although, pharmacy automation is a time-consuming task in a pharmacy, such as dispensing, packaging, tracking, updating, and retrieving medication. It also includes managing customer information, medical history, and interaction with drugs, but the traditional pharmacies have started to make the switch. Pharmacy automation eases out the activities which the pharmacists have been performing manually for a long.

Global Pharmacy Automation Market Insights

The global pharmacy automation market size was valued at USD 5.34 billion in 2020 and projected to reach USD 8.73 billion by 2027, growing at a CAGR of 9.01% during the forecast period, 2021-2027. The major factors are the growing demand to reduce medication errors and the decentralization of pharmacies. Additionally, the increase in the geriatric population and growing incidence of chronic diseases coupled with the increasing dispensation of medications will spur the global pharmacy automation industry in the future periods. Furthermore, the advantages of pharmacy automation systems over manual methods and rising awareness & popularity regarding pharmacy automation is expected to witness remarkable growth of the pharmacy automation market. The increasing demand to reduce the labor cost and the increasing adoption of automation technologies to reduce the operating costs is expected to propel the demand for pharmacy automation over the coming years. Moreover, the rise in the penetration of pharmacy automation products in hospitals & pharmacies and improved healthcare infrastructure in emerging nations positively impacts the market for pharmacy automation. Furthermore, the increasing demand for transparent & effective tracking systems and the development of automated systems with improved features fuel the need for the pharmacy automation market. The growing advantage of a pharmacy automation system, including improved data workflow, faster prescription processing, safety benefits, reduction in cost, and inventory discrepancies, will bolster the global pharmacy automation market share. Additionally, the rapidly expanding customer base and increasing healthcare demands in the developing world propelling the growth of the pharmacy automation market across the globe.

Growth Driver

Rising need to reduce the medication errors

The rising demand to minimize medication errors is expected to drive the growth of the market. Medical errors are causing a notable impact on the quality of healthcare. These errors include failure in the drug prescription & dispensing process, dangerous storage practices in pharmacies, confusion emerging out of similar labels, and poor order communication between the physician and pharmacist. Therefore, to reduce these errors and prevent loss, automated systems are considered one of the most efficient solutions. The implementation of radio frequency identification, smart dashboards, barcode scanning technology, and data security in pharmacies for seamless workflow is expected to improve their overall performance. According to the World Health Organization globally, the cost related to medication errors has been estimated at USD 42 billion annually, about almost 1% of total global health expenditure. Medication errors cause at least one death every day and injure approximately 1.3 million people annually in the USA alone. Thus, Healthcare providers are concentrating on minimizing medical errors to reduce costs and improve the quality of healthcare services. Approximately 0.1 million people die yearly from medical errors that occur in hospitals.  Hence, to promote healthcare services and ensure the safety of patients, it is necessary to reduce medication errors. However, the high capital investment for pharmacy automation systems is expected to restrain the market growth to a certain extent during the forecast period.

COVID-19 Impacts Insights

Recently, the outbreak of COVID-19 has vigorously affected the healthcare system of developed and developing countries globally. The growing nervousness regarding the shortage of essential medical life-saving devices and other necessary medical supplies to prevent the spread of this virus and provide optimum care to the infected also widens. However, the covid-19 pandemic has created awareness regarding the need for automotive and robots in the pharmaceutical industries. These factors will enhance the demand for pharmacy automation in the healthcare industry.

Type Segmental Analysis

 Based on the type, the global pharmacy automation market is segregated into automated medication dispensing, automated packaging and labeling, automated storage & retrieval, automated medication compounding, and table top tablet counters. Automated medication dispensing segment is estimated to witness the highest growth over the analysis timeframe. It is attributed to the benefits, including better inventory management, improved medication safety, improved storage capacity with optimal utilization of space, and potential time & cost savings. The automated medication compounding will grow significantly due to the rising applications in sterile compounding.

Application Segmental Analysis

Based on the application, the global pharmacy automation market is classified into inpatient pharmacy, outpatient pharmacy, retail pharmacy, and others. The retail pharmacy segment is expected to be the highest revenue share for pharmacy automation during the forecast period. The segment’s growth is primarily attributed to the growing number of chain pharmacies, the increasing need to minimize dispensing errors, and pharmacists’ rising workload. In addition, the rising applications of pharmacy automation solutions in inventory tracking, cutting down costs & errors, prescription filling, and streamlining operations are expected to drive the market growth. The inpatient pharmacy will witness a lucrative growth rate in the estimated period. Inpatient pharmacy systems are employed to provide services to the wards, clinics, and hospital departments through the unit dose system supply. The market growth can be attributed to the increasing usage of automated sterile compounding systems, automated dispensing cabinets, automated drug storage, and retrieval systems to enhance productivity and efficiency.

Region Segmental Analysis

By geography, the global pharmacy automation market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America is estimated to project considerable growth over 2020-2026. It is owing to the presence of a large number of pharmacy automation companies, the increasing number of drug prescriptions at pharmacies, and the rising demand for medication & drugs to be dispensed without cross-contamination and errors. The Asia Pacific will capture a prominent share of the pharmacy automation market by 2027. Due to the rising geriatric population, continually improving healthcare infrastructure, and mounting health care expenditures in emerging countries such as India and China.

Competitor Analysis

Companies such as BD, Baxter International, TOSHO, Takazono, Omnicell, YUYAMA, Swisslog, Willach Group, Innovation, Parata, TCGRx, ScriptPro, Talyst, Cerner and Kirby Lester are the key players in the global pharmacy automation market.

Key Stakeholders

• Market research and consulting firms
• Industry associations
• Global pharmacy automation healthcare manufacturing firm and providers
• Research organizations and consulting companies
• Organizations, associations, and alliances related to pharmacy automation
• Regulatory bodies
• Suppliers
• Retailers

The objective of the Research

• Market modeling starts with identifying a target market where historical data exists. A Market can include prediction problems, economic factors, analyzing customer behavior, and identifying new patterns from past events, which helps our client to have deep dive into the market.
• Product analysis involves steps such as examining product features, costs, availability, quality, and other aspects. Product analysis is conducted to understand potential buyers and measure competition in the market.
• Market Trend and Economic Factors Analysis helps in assessing potential changes to an economy’s inflation rate, taxes, interest rates, exchange rates, trading regulations, and excise duties that can or have a major effect on the target market.
• Market Segmental Analysis defines in-depth scenario of the target market by the process of grouping consumers into naturally existing created segments of consumers who share similar product preferences or characteristics
• The geographical mapping approach helps our clients to understand national or international markets because different consumers in different regions have different needs wants, and cultural characteristics that can be specifically targeted. 

Market Modelling

By Type

• Automated Medication Dispensing
• Automated Packaging and Labeling
• Automated Storage andRetrieval
• Automated Medication Compounding
• Table Top TabletCounters

 By Application

• Inpatient Pharmacy
• Outpatient Pharmacy
• RetailPharmacy
• Other

 By Region

• North America
• Europe
• Asia Pacific
• South America
• Middle East & Africa

Companion Diagnostics Market

Global Sterile Filtration Market

Global Flow Cytometry Market

Global Gene Panel Market

Global High Resolution Melting Analysis Market

Global High-Content Screening Market

Global Synthetic Stem Cells Market

Global Genetic Toxicology Testing Market

Global Flow Cytometry Market

Global Aseptic Sampling Market