Pharmacy Automation System Market by Product Type (Automated Medication Dispensing System, Automated Storage & Retrieval System, Automated Packaging & Labeling System, Tabletop Tablet Counters, and Automated Compounding Devices), and End User (Retail Pharmacy, Hospital Pharmacy, and Others): Global Opportunity Analysis and Industry Forecast, 2020-2030
The global pharmacy automation system market was valued at $5001 million in 2020, and is assessed to reach $11211 million by 2030, growing at a CAGR of 8.3% from 2021 to 2030.
Pharmacy automation system enables pharmacies for medication counting, prescription management, compound preparation, dispensing, packaging, and inventory management. These systems are required to minimize prescription errors, which lead to consumption of incorrect or inappropriate medications.
Pharmacy automation systems have managed the course of pharmacy undertakings, such as filling &capping of drugs, administration &storing of drugs, and labeling prescriptions. These systems can store and direct more than 200-300 medications and patients' information in an appropriate way. Rise in gathering of automated systems is expected to guarantee prominent productivity and describes how much prescriptions are served by the pharmacy in a short span of time.
The growth of the pharmacy automation systems market is driven by rise in incidence of diseases such as cancer and cardiac disorders. In addition, surge in need to reduce prescription & dispensing errors, growth in healthcare expenditure in emerging nations, and technological advancements for workflow optimization fuel the demand for pharmacy automation systems, thereby driving the market growth. However, high installation cost of these systems is expected to restrain the growth of the market during the forecast period.
Furthermore, innovative types of progress in pharmacy automation systems bring about added highlights, higher achievement rate, and more current businesses of contraption, depending on their use in different pharmacy processes.
The impact of COVID-19 on the pharmacy automation system market was positive. This was due to surge in demand for automated dispensing systems for curbing the dosage errors, which rose owing to surge in prescription volume across the pharmacies in the world. Furthermore, surge in awareness related to benefits of automation in curbing the spread of COVID-19 has boosted the demand for pharmacy automation systems.
The pharmacy automation system market is segmented into product type and end user type. By product type, it is divided into automated medication dispensing systems, automated storage & retrieval system; automated labeling system, tabletop tablet counters, and automated compounding devices. By end user, it is fragmented into retail pharmacy, hospital pharmacy, and others. By region, the market is segmented into North America, Europe, Asia-Pacific, and LAMEA.
Significant fundamental individuals operating in pharmacy automation systems include Becton, Dickinson And Company, Omnicell Inc., ScriptproLlc, Parata, Lonza, Baxter, Danaher, Capsa Healthcare, Cerner Corporation, and RX Safe.
KEY BENEFITS FOR STAKEHOLDERS
The study provides an in-depth analysis of the market along with the current trends and future estimations to elucidate the imminent investment pockets.
It offers a quantitative analysis from 2020 to 2030, which is expected to enable the stakeholders to capitalize on the prevailing market opportunities.
A comprehensive analysis of four regions is provided to determine the existing opportunities.
The profiles and growth strategies of the key players are thoroughly analyzed to understand the competitive outlook of the global market.
KEY MARKET SEGMENTS
By Product Type
Automated Medication Dispensing Systems
Automated Storage & Retrieval Systems
Automated Packaging & Labeling Systems
Tabletop Tablet Counters
Automated Compounding Devices
By End User
Retail Pharmacy
Hospital pharmacy
Others (Long-Term Care Pharmacy, Clinic Pharmacy, and Mail Order Pharmacy)
By Region
North America
U.S.
Canada
Mexico
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia-Pacific
Japan
China
Australia
India
South Korea
Rest of Asia-Pacific
LAMEA
Brazil
Saudi Arabia
South Africa
Rest of LAMEA
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