WASHINGTON, June 27, 2022 (GLOBE NEWSWIRE) -- In recent years, the growing need to minimize medication errors, decentralization of pharmacies, and rising geriatric population leading to increased adoption of automated dispensing systems are the major factor driving the Pharmacy Automation Market.
The Global Pharmacy Automation Market revenue is expected to reach a value USD 7,968.9 Million in the year 2028.
The Global Market revenue stood at a value USD 5,192.5 Million in the year 2021 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 7.4% during the forecast period; states Vantage Market Research, in a report, titled “Pharmacy Automation Market Size, Share & Trends Analysis Report by Product (Automated Medication Dispensing and Storage Systems, Automated Packaging and Labelling Systems, Automated Tabletop Counters, Automated Medication Compounding Systems), by End User (Inpatient Pharmacies, Outpatient Pharmacies, Retail Pharmacies, Pharmacy Benefit Management Organizations and Mail-Order Pharmacies), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Market Dynamics:
Drivers:
COVID-19 Outbreak to Stimulate the Market Growth
The COVID-19 Outbreak has had a rather positive impact on the Pharmacy Automation Market as it provided a stimulus for the growth of this market. This is due to an increase in the transmission of infection from healthcare personnel to patients, as well as an increase in the global demand for pharmaceuticals. As a result, hospitals and pharmacies prefer automated solutions to prevent the virus from spreading. These automated solutions are a result of technological advancements in Pharmacy Automation Market. Faster prescription processing, fewer pharmaceutical errors and inventory problems, and lower pharmacy costs are just a few of the benefits. Furthermore, there has been an increase in the need for prescription pharmaceuticals, which has provided an opportunity to use Pharmacy Automation Market systems to reduce infection rates. As a result, Pharmacy Automation Market technologies are becoming more widely used.
Increase in Need to Reduce Medication Error
Medication error is prevalent across the globe. A pharmaceutical error can be caused by several things, including inadequate order communication between the physician and pharmacist, unsafe pharmacy storage procedures, and confusion caused by the usage of similar labels. . Healthcare industry cannot afford medication error because even a small error may cost someone his/her life. An increase in the geriatric population and unhealthy lifestyles has caused the healthcare sector to grow. It is critical to reduce pharmaceutical errors to further increase healthcare benefits and patient confirmation security. Automated systems are regarded as one of the most effective ways to reduce these errors. To reduce prescription and dispensing errors, governments in numerous countries are encouraging pharmacies and hospitals to employ automated dispensing and medication systems. As a result, Pharmacy Automation Market technologies are becoming more widely used.
Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Pharmacy Automation market is predicted to grow at a CAGR of roughly 7.4% during the forecast period.
- The Pharmacy Automation market was estimated to be worth roughly USD 5,192.5 Million in 2021 and is expected to reach USD 7,968.9 Million by 2028; based on primary research.
- On the basis of region, North America is projected to dominate the worldwide Pharmacy Automation market.
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Segmentation of the Global Pharmacy Automation Market:
- Product
- Automated Medication Dispensing and Storage Systems
- Automated Packaging and Labelling Systems
- Automated Tabletop Counters
- Automated Medication Compounding Systems
- Others
- End User
- Inpatient Pharmacies
- Outpatient Pharmacies
- Retail Pharmacies
- Pharmacy Benefit Management Organizations and Mail-Order Pharmacies
- Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the healthcare industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
The report on Pharmacy Automation Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates, and Forecast
- Company Profiles
- Global and Regional Dynamics
Regional Analysis:
North America held the largest market share in the Pharmacy Automation Market and is expected to exhibit the highest Compound Annual Growth Rate (CAGR) in the forecasted period. This is owing to the growing number of drug prescriptions at pharmacies as a result of the aging population in the region.
Asia Pacific is expected to grow at the fastest rate during the projected period. This is due to the increased need to reduce pharmaceutical errors, pharmacy decentralization, player technical improvements, and the rapidly growing geriatric population in the region.
Browse market data Tables and Figures spread through 146 Pages and in-depth TOC on "Pharmacy Automation Market Size, Share & Trends Analysis Report by Product (Automated Medication Dispensing and Storage Systems, Automated Packaging and Labelling Systems, Automated Tabletop Counters, Automated Medication Compounding Systems), by End User (Inpatient Pharmacies, Outpatient Pharmacies, Retail Pharmacies, Pharmacy Benefit Management Organizations and Mail-Order Pharmacies), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".
List of Prominent Players in Pharmacy Automation Market:
- 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)
- Touch Point Medical Solutions (US)
- Meditech Pharmacy Management Solutions (Belgium)
- Innovation Associates (US)
- McKesson Corporation (US)
- Willach Group (Group)
- Stäubli International (Switzerland)
- Med Avail (Canada)
- Pharmacy Automation System (US)
- Deenova SRL (Italy)
Recent Developments:
In 2021: Walgreens Boots Alliance and Amerisource Bergen have formed a strategic partnership. Amerisource Bergen purchased Walgreens Boots Alliance Healthcare Business, allowing them to focus more on building its retail pharmacy business. The two companies are extending and increasing their commercial partnerships through this strategic cooperation.
In 2021: Synergy Medical and Parata Systems Merge to Create Pharmacy Automation Market Leader. This acquisition expands Parata's offering of innovative Pharmacy Automation Market technologies to further meet the needs of retail, hospital, long-term care, and government and direct-to-home pharmacies.
In 2018: TCGRx and Parata Systems Merge to Create Pharmacy Automation Market Leader. TCGRx and Parata have combined to create a new market leader focused on providing pharmacy technology solutions that support business growth, better health outcomes, and lower medical costs.
In 2017: Omnicell launched Omnicell VBM 200F. It fills and checks Sure Med multiple medication blister cards.
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Pharmacy Automation Market?
- How will the Pharmacy Automation Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Pharmacy Automation Market?
- What is the Pharmacy Automation market drivers and restrictions?
- What will be the CAGR and size of the Pharmacy Automation Market throughout the forecast period?
This market titled “Pharmacy Automation Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered |
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| Region & Counties Covered |
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| Companies Covered |
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| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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