Pharmacy Automation market in terms of revenue was estimated to be worth $5.6 billion in 2022 and is poised to reach $8.2 billion by 2027, growing at a CAGR of 7.9% from 2022 to 2027 according to a latest report published by MarketsandMarkets™. Growth in the market is mainly driven by the rapid decentralization of pharmacies, the rising geriatric population leading to increased adoption of automated dispensing systems, and the growing focus on automation to reduce labor costs. Emerging economies will be the key areas of opportunity for players seeking to expand their presence in the market. However, the stringent regulations that delay product launches can inhibit the growth of this market.

Download an Illustrative overview: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=71522890

Key Market Players

The pharmacy automation market is consolidated at the top with a large number of leading market players based in developed countries. The prominent players operating in this market include Becton, Dickinson and Company (US), Omnicell, Inc. (US), KUKA AG (Swisslog Healthcare) (Germany), Baxter International Inc. (US), Capsa Healthcare (US), Cerner Corporation (US), Yuyama Co., Ltd. (Japan), ARxIUM Inc. (US), Parata Systems, LLC (US), RxSafe, LLC (US), ScriptPro LLC (US), Pearson Medical Technologies, LLC (US), Medical Packaging Inc., LLC (US), Tension Corporation (US), Noritsu Pharmacy Automation (US), Euclid Medical Products (US), TouchPoint Medical Solutions (US), Meditech Pharmacy Management Solutions (Belgium), and Innovation Associates (US).

Pharmacy Automation Market Dynamics

Drivers: Growing need to minimize medication errors

Medication errors and dispensing errors are recognized as leading causes of hospital readmission across the globe. Poor order communication between physicians and pharmacists, dangerous storage practices in pharmacies, and the confusion arising from similar labels and drug prescriptions during the preparation or dispensing of drugs or during drug administration are some key factors contributing to medication errors. Automated systems are considered one of the most efficient solutions to minimize these errors. In the past, the successful implementation of automated dispensing cabinets (ADCs) and automated dispensing machines (ADMs) in hospitals led to significant reductions in the number of dispensing and medication errors in hospitals.

Restraints: High initial capital investments

Despite their benefits, several healthcare professionals and providers are reluctant to adopt or accept IT-based approaches to pharmacy management. This is particularly evident when cultural barriers are involved, especially in emerging economies. Therefore, many pharmacists do not want assistance and are reluctant to adopt pharmacy automation systems as part of their dispensing regimen. Although the benefits of automated pharmacy systems are considerable and the extensive adoption of technology verifies this, until now, only large-volume pharmacies and hospitals could justify the returns on investment (ROIs) obtained from installing these automated systems.

Opportunities: Untapped emerging markets

Emerging economies are expected to become a focal point for growth in the pharmacy automation devices market. Developing countries possess a high geriatric population. According to the UN report on World Population Ageing (2019), Eastern and Southeastern Asia are expected to experience a two-fold increase in the number of geriatric individuals, with the population aged 65 years or over projected to increase from 260.6 million in 2019 to nearly 572.5 million by 2050. This demographic trend is expected to increase the patient volume in several Asian countries and drive the demand for quality patient care and efficient medication dispensing. As a result, the demand for pharmacy automation systems in several Asian countries is expected to increase in the coming years.

Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=71522890

Challenges: Stringent regulatory procedures

The stringency of regulatory approvals depends on the class to which a particular device belongs; it may vary from one region to another. Several state boards of pharmacies (agencies of a state responsible for the control and regulation of the practice of a pharmacy and the licensing of pharmacists in the state) have different requirements for using automated dispensing devices (ADDs) in healthcare practices. Thus, manufacturers of automated systems for pharmacies have to adhere to various regulations; ensuring such compliance is a tedious task and can delay product launches.

Recent Developments:

• Capsa Healthcare announced the acquisition of Humanscale Healthcare (US), a designer and manufacturer of flexible technology solutions and computing workstations based in New York. Combined, Capsa now offers the broadest product suite in the market and expands its ability to provide ergonomically tailored point-of-care computing solutions to healthcare partners worldwide.
• Capsa Healthcare (US) announced an expansion to its suite of NexsysADC automated dispensing cabinets. NexsysADC can accommodate any size of controlled or high-value medications or supplies in two new sizes of Controlled Access Module Drawers.

North America holds the largest share of the pharmacy automation market

North America accounted for the largest share of the pharmacy automation market. Factors such as technological advancements in pharmacy automation systems, growth in the healthcare sector, and the presence of top pharmacy automation system manufacturers in the US are expected to contribute to the growth of the pharmacy automation market in North America.

Inquiry Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=71522890

About MarketsandMarkets™

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:

Mr. Aashish Mehra

MarketsandMarkets™ INC.

630 Dundee Road

Suite 430

Northbrook, IL 60062

USA: +1-888-600-6441 Email: sales@marketsandmarkets.com