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Pharmacy Automation Market By Product, Pharmacy Type, Application, Size, Share, Growth, Trends And Forecast

Global Pharmacy Automation Market

Global Pharmacy Automation Market

Pharmacy Automation Market Analysis, Demand, Growth, Technology, Industry Outlook and & Forecasts by 2029

PUNE, MAHARASHTRA, INDIA, June 3, 2022 /EINPresswire.com/ -- Automated medication dispensing systems accounted for the largest share of the pharmacy automation market due to the advantages such as improved medication safety, better inventory management, and increased storage capacity with optimal space utilisation, as well as potential time and cost savings. Data Bridge Market Research analyses that the pharmacy automation market was valued at USD 5.07 billion in 2021 and is further estimated to reach USD 9.88 billion by 2029, and is expected to grow at a CAGR of 8.7% during the forecast period of 2022 to 2029.

Pharmacy automation is gaining traction as it enables the smooth operation of numerous tasks in pharmacies and the healthcare industry. The introduction of automation has resulted in a reduction in the number of errors in medication administration, thereby ensuring patient safety. Because of their accuracy and timely dispensing of medications to patients seeking treatment, products such as automated medication dispensing systems are likely to be popular. These systems have greatly reduced the possibility of human error when prescribing dosages and medications.

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Some of the major players operating in the pharmacy automation market are:

Talyst, LLC. (US)

ARxIUM (US)

OMNICELL, INC. (US)

Cerner Corporation (US)

Capsa Healthcare (US)

Parata Systems, LLC (US)

RxSafe, LLC. (US)

RxMedic Systems, Inc. (US)

MedAvail Technologies, Inc. (Canada)

Asteres Inc. (US)

PerceptiMed, Inc. (US)

BD (US)

Baxter (US)

Fullscript (Canada)

McKesson Corporation (US)

AmerisourceBergen Corporation (US)

vitabook GmbH (Germany)

UNIVERSAL LOGISTICS HOLDINGS, INC., TOSHO co. (Japan)

 Gebr. Willach GmbH (Germany)

Global Healthcare Exchange, LLC. (US)

BIQHS (Portugal)

Grifols, S.A. (Spain)

Market Definition

The automation of common tasks and processes performed in a pharmacy or other healthcare settings is referred to as pharmacy automation. The mechanical process of any pharmacy task, such as counting small objects, measuring and mixing powders and liquids for compounding, and tracking and updating customer information in databases, is referred to as pharmacy automation.

Pharmacy Automation Market Dynamics                                        

Drivers

Rise in the demand to minimize medication errors

Medication and dispensing errors are widely acknowledged as leading causes of hospital readmissions around the world. A medication error can occur due to a number of factors, including poor order communication between the physician and pharmacist, unsafe pharmacy storage practises, and confusion caused by the use of similar labels which as a result will accelerate the market growth.

Technological developments

The introduction of technological advancements and the development of automated systems with improved pharmacy automation systems results in a higher success rate and newer applications of the device with a higher demand for innovative products to compound, dispense, store, and label prescription medications, propelling the growth of the pharmacy automations market.

Increase in the geriatric population

There has been an increase in the global geriatric population. As a result, the prevalence of chronic and life-threatening diseases is increasing, as is the distribution of medications is further anticipated to propel the growth of the market.

Opportunities

In addition, the growing awareness amongst pharmacists is further estimated to provide potential opportunities for the growth of the pharmacy automation market in the coming years.

Restraints/Challenges

On the other hand, the lack in adopting pharmacy automation systems is further projected to impede the growth of the pharmacy automation market in the targeted period. However, the strict regulatory procedures might further challenge the growth of the pharmacy automation market in the near future.

This pharmacy automation market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the pharmacy automation market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

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Covid-19 Impact on Pharmacy Automation Market

The pandemic of COVID-19 has had a huge impact on the pharmacy automation market. With the global infection rate increasing, the global market for central fill pharmacy automation systems and services has grown significantly. Rising government support as a result of individual pharmacies' problems and expanding medication delivery demand paved the way for increased product penetration.

Recent Development

In January 2021, GeniusRx, a digital pharmacy leader, announced a partnership with McKesson to automate its dispensing process while expanding its drug offerings and lowering consumer costs through the latter's Central Fill as a ServiceTM (CFaaS®).

Global Pharmacy Automation Market Scope and Market Size

The pharmacy automation market is segmented on the basis of product, pharmacy type, pharmacy size, application, end user and distribution channel. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product

Systems

Software

Services

On the basis of product, the pharmacy automation market is segmented into systems, software and services.

Pharmacy Type

Independent

Chain

Federal

On the basis pharmacy type, the pharmacy automation market is segmented into independent, chain and federal.

Pharmacy Size

Large Size Pharmacy

Medium Size Pharmacy

Small Size Pharmacy

On the basis pharmacy size, the pharmacy automation market is segmented into large size pharmacy, medium size pharmacy and small size pharmacy.

Application

Drug Dispensing and Packaging

Drug Storage

Inventory Management

On the basis application, the pharmacy automation market is segmented into drug dispensing and packaging, drug storage and inventory management.

End user

Inpatient Pharmacies

Outpatient Pharmacies

Retail Pharmacies

Online Pharmacies

Central Fill/Mail Order Pharmacies

Pharmacy Benefit Management Organizations

Others

On the basis of end user, the pharmacy automation market is segmented into inpatient pharmacies, outpatient pharmacies, retail pharmacies, online pharmacies, central fill/mail order pharmacies, pharmacy benefit management organizations and others.

Distribution Channel

Direct Tender

Third Party Distributor

On the basis of distribution channel, the pharmacy automation market is segmented into direct tender and third party distributor.

Pharmacy Automation Market Regional Analysis/Insights               

The pharmacy automation market is analysed and market size insights and trends are provided by country, product, pharmacy type, pharmacy size, application, end user and distribution channel as referenced above.

The countries covered in the pharmacy automation market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the pharmacy automation market due to the technological developments in medication management in hospitals and pharmacies. Furthermore, the rise in the concerns over inadequate inventory management will further boost the growth of the pharmacy automation market in the region during the forecast period.

Asia-Pacific is projected to observe significant amount of growth in the pharmacy automation market due to the rise in the demand to minimize medication errors, decentralization of pharmacies. Moreover, the technological advancements by players, and the rapidly rising geriatric population is further anticipated to propel the growth of the pharmacy automation market in the region in the coming years.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.  

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Key Pointers Covered in Global Pharmacy Automation Market Industry Trends and Forecast to 2029

Market Size

Top to Bottom Market Analysis

Recent Developments for Market Competitors

Recent Market Value for Different CountriesHealthcare Infrastructure growth Installed base and New Technology Penetration

The pharmacy automation market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for pharmacy automation market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the pharmacy automation market. The data is available for historic period 2010-2020.

Competitive Landscape and Pharmacy Automation Market Share Analysis

The pharmacy automation market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to pharmacy automation market.

FREQUENTLY ASKED QUESTIONS

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Related Reports:

North America Pharmacy Automation Market https://www.databridgemarketresearch.com/news/north-america-pharmacy-automation-market

Middle East and Africa Pharmacy Automation Market- https://www.databridgemarketresearch.com/reports/middle-east-and-africa-pharmacy-automation-market

Asia-Pacific Pharmacy Automation Market - https://www.databridgemarketresearch.com/reports/asia-pacific-pharmacy-automation-market

Europe Pharmacy Automation Market- https://www.databridgemarketresearch.com/reports/europe-pharmacy-automation-market

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