Pharmacy Automation Market Values, Trend Analytics and Forecast to 2025
Pharmacy Automation Market Analysis
Global pharmacy automation market is predicted to touch USD 6820.73 million at a healthy 8.60% CAGR between 2019- 2025, as per the recent Market Research Future (MRFR) analysis. Pharmacy automation comprises automatic processes to handle and dispense medications. This also includes counting small objects, mixing and calculating liquids and powders for compounding, updating, and tracing records in the database and inventory management.Automated storage and retrieval systems, automated table-top counters, automated packaging and labeling systems, automated medication dispensing systems, and others are the different pharmacy automation product types that have wide applications in retail pharmacies, outpatient pharmacies, and inpatient pharmacies.
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Various factors are propelling the global pharmacy automation market growth. According to the latest MRFR report, such factors include rising geriatric population, decentralization of pharmacies, technological advances by market players, and growing need for minimizing medication errors.
On the contrary, improper storage practices in pharmacies, misunderstanding from similar labels, and the impact of the COVID-19 pandemic are factors which may limit the global pharmacy automation market growth over the forecast period.
Pharmacy Automation Market Segmentation
The MRFR report provides an inclusive segmental analysis of the global pharmacy automation market based on end user and product type.
By product type, the pharmacy automation market is segmented into automated storage and retrieval systems, automated table-top counters, automated packaging and labeling systems, automated medication dispensing systems, and others. Of these, the automated medication dispensing systems segment will lead the market over the forecast period for its advantages over other systems, ideal use of space, and enhanced inventory management. This segment is further segmented into decentralized automated dispensing systems and centralized automated dispensing systems. The automated packaging & labeling systems are further segmented into automated multidose packaging and labeling systems and automated unit-dose packaging and labeling systems.
By end user, the global pharmacy automation market is segmented into retail pharmacies, outpatient pharmacies, and inpatient pharmacies. Of these, the inpatient pharmacies will dominate the market over the forecast period. Growing need to augment the accuracy and efficiency of pharmacies is adding to the growth of the segment.
Pharmacy Automation Market Regional Analysis
Based on the region, the global Pharmacy Automation Market report covers the growth opportunities and recent trends across the Americas, Europe, the Asia Pacific (APAC), & the Middle East and Africa (MEA). Of these, the Americas will spearhead the market over the forecast period. The increasing number of hospitals, rise in healthcare laboratories in the US, high expenditure on healthcare, and rising adoption of latest technologies in the healthcare industry are adding to the global pharmacy automation market growth in the region.
The global pharmacy automation market in Europe is predicted to have the second-largest share over the forecast period. Rising chronic disorders, increasing use of new technologies in the healthcare domain, and the presence of a well-established & strong pharmaceutical industry are adding to the global pharmacy automation market growth in the region.
The global pharmacy automation market in the APAC region is predicted to grow at a fast pace over the forecast period. The flourishing pharmaceutical industry, burgeoning demand in the healthcare sector, and increasing per capita disposable income are adding to the global pharmacy automation market growth in the region.
The global pharmacy automation market in the MEA is predicted to have the smallest share over the forecast period for limited developments in the healthcare industry and limited access to healthcare facilities.
Pharmacy Automation Market Key Players
Eminent players profiled in the global pharmacy automation market report include Yuyama Co., Ltd, KUKA AG, Cerner Corporation, Becton, Dickinson, and Company, Scriptpro LLC, RxSafe, LLC, Omnicell Inc., Arxium Inc., Parata Systems, and Capsa Healthcare. Industry players have incorporated several strategies to stay ahead in the competition, such as mergers, acquisitions, joint ventures, collaborations, and others.
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