Pharmacy Automation Market Size Worth $ 6820 Million By 2025 at 8.6% CAGR – Report by Market Research Future (MRFR)
Pharmacy Automation Market Insights and Industry Analysis by Product Type (Automated Medication Dispensing Systems, Automated Packaging and Labeling Systems, Automated Table-top Counters, Automated Storage and Retrieval Systems), End-User (Inpatient Pharmacies, Outpatient Pharmacies, Retail Pharmacies), and Region, Competitive Market Size, Share, Trends, and Forecast
New York, US, June 18, 2021 (GLOBE NEWSWIRE) -- Pharmacy Automation Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Pharmacy Automation Market- Information by Product Type, End User, and Region - Forecast till 2025” the market is predicted to reach USD 6820 Million By 2025, at 8.6% CAGR.
Market Scope:
During the forecast period, the rising popularity of pharmacy automation products is expected to have an impact on the global pharmacy automation market's growth. The use of RFID, barcode scanning technologies, a smart dashboard, and data protection in pharmacies for a more streamlined workflow is expected to improve overall performance. Furthermore, these instruments improve accuracy and speed while lowering labour costs and drug errors. This drugs also help pharmacists save time on nonclinical tasks including resource control. Patients would have a better experience if pharmacists spent more time with them.
Market Drivers and Growth Influencers:
- The rising need to reduce prescription mistakes.
- Technical advances by industry players.
- Decentralisation of pharmacies.
- Rising geriatric population is responsible for increasing hospital admissions.
Market Restraints:
- Misunderstandings caused by similar labelling and poor storage practises in pharmacies.
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Competitive Landscape
The major market players are profiled in MRFR report are:
- Capsa Healthcare
- Parata Systems
- Arxium Inc.
- Omnicell Inc.
- RxSafe, LLC
- Scriptpro LLC
- Becton Dickinson, and Company
- Cerner Corporation
- KUKA AG
- Yuyama Co., Ltd.
Increased mergers and acquisitions, as well as an increase in the number of partnerships between businesses to extend their product capacities, are projected to propel the industry forward. Aside from mergers and acquisitions, industry leaders use significant developments in R&D, as well as the introduction of new technologies or product changes, to achieve a strategic advantage in the market.
COVID-19 Impact Analysis:
The pandemic of COVID-19 is expected to raise awareness of the importance of automation in the healthcare and pharmaceutical industries, which will undoubtedly propel the pharmacy automation market in the coming years. This is due to an increase in the transmission of infection from healthcare staff to patients, as well as an increase in the global demand for drugs. As a result, to minimise the transmission of the infection, healthcare facilities and pharmacies have favoured electronic processes. In addition, there has been an increase in the market for prescription medications, which has provided an incentive to adapt pharmacy automation systems to reduce infection rates.
Browse In-depth Market Research Report (90 pages) on Pharmacy Automation: https://www.marketresearchfuture.com/reports/pharmacy-automation-market-8775
Segmental Analysis
By product type, the market has been segmented into Automated Medication Dispensing Systems, Automated Packaging and Labeling Systems, Automated Table-top Counters, Automated Storage and Retrieval Systems and others. Because of the better inventory control, optimal room usage, and advantages of automated drug dispensing systems over other systems, the automated medication dispensing systems segment is expected to dominate the pharmacy automation market by form. The rising number of deaths related to prescription and dispensing mistakes, along with strict government policies, is putting strain on healthcare institutions and pharmacists to implement different medication dispensing programmes in order to improve patient safety.
By End-User, the market has been segmented into inpatient pharmacies, outpatient pharmacies, retail pharmacies, and others. A discount pharmacy, an independent pharmacy, a chain pharmacy, or a mega merchandiser pharmacy are both examples of retail pharmacies. In the global pharmacy automation industry, it is the fastest-growing sector. The use of these solutions in retail pharmacies is being driven by the the applications of these solutions in prescription filling, reducing costs and mistakes, product management, and streamlining operations.
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Regional Overview
North America is the main regional market, owing to the growing introduction of emerging technology in the healthcare industry, high healthcare spending, and an increasing increase of hospitals and healthcare labs in the United States. The growing number of hospitals is driving up demand for pharmacy automation systems, creating favourable conditions for the market's development in the area. The market for pharmacy automation systems in North America is expected to be driven by technological advances in drug delivery in hospitals and pharmacies. Concerns about insufficient inventory control can drive the expansion of high-volume dispensing cabinets in the field, as it contributes to a high cost of inventory keeping, which can place a strain on retailers.
Due to the emergence of a robust and well-established pharmaceutical industry and growing deployment of emerging technology in the healthcare sector, Europe's pharmacy automation market ranked second in 2018. Furthermore, the market's growth is projected to be supported by an increase in chronic disorders over the projected period.
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The fastest-growing regional market is Asia-Pacific. The rising per capita disposable income, escalating demand for automation systems in the healthcare sector, and a the pharmaceutical industry in the country are both contributing to the growth of the pharmacy automation market in this region. The flourishing pharmaceutical industry is expected to provide favourable conditions for the pharmacy automation market's expansion. The rising need to reduce prescription errors, pharmacy decentralisation, player technology advances, and the increasingly increasing geriatric population are projected to drive market growth.
Owing to inadequate access to healthcare services and restricted advances in the healthcare industry, the Middle East and Africa market is projected to expand the slowest.
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