The major factors that are expected to be driving the pharmacy automation market are the growing need to minimize medication errors, rapid decentralization of pharmacies, rising geriatric population and rising labor cost. On the other hand, reluctance among the healthcare organizations to adopt pharmacy automation systems is expected to restrain the overall market growth to a certain extent during the forecast period.
What the Market Looks Like?
MarketsandMarkets forecasts the pharmacy automation market is estimated to grow from USD 3.63 billion in 2017 to USD 5.38 Billion by 2022, at a Compound Annual Growth Rate (OTC:CAGR) of 8.2% during the forecast period. North America is expected to hold the largest market size in the pharmacy automation market during the forecast period, followed by the European region.
Medication errors and dispensing errors are recognized as leading causes of hospital readmissions across the globe. A medication error can occur due to a variety of factors such as poor order communication between the physician and pharmacist, dangerous storage practices in pharmacies, and confusion arising out of the use of similar labels.
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What are Key Trends in the Market?
The growth of the Pharmacy Automation Market is primarily influenced by the following factors:
- Growing Need to Minimize Medication Errors
- Decentralization of Pharmacies
- Rising Geriatric Population
- Rising Labor Cost
Based on product, the pharmacy automation market is segmented into automated medication dispensing systems, automated packaging and labelling systems, automated table top counters, automated medication compounding systems, automated storage and retrieval systems, and other pharmacy automation systems.
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