It is anticipated that the expansion of the global pharmacy automation market will lead to an increase in acquisitions and mergers, as well as an increase in the number of collaborations between companies to improve their production quality.
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The rising demand for equipment that reduces pharmaceutical errors drives the expansion of the global pharmacy automation market. In addition, the global market for pharmacy automation is expanding due to an ageing population, an increase in the use of automated equipment, and the emergence of new technologies. Increasing healthcare costs will fuel the expansion and growth of the global pharmacy automation market over the forecast period.
The market has benefited from the spread of COVID-19. It is associated with the increased prevalence of patient-to-healthcare worker transmission of infections and the worldwide increase in demand for medicines. Therefore, medical facilities and pharmacies consider these solutions essential for preventing the spread of the virus.
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In addition, the increased demand for prescription medicines has enabled the use of pharmacy automation technologies to reduce the infection rate. Additionally, the objective of reducing pharmaceutical errors and the decentralisation of pharmacies are driving the pharmacy automation market. Globally, the number of older people has increased. As a result, the prevalence of chronic and fatal diseases rises, as does the number of prescriptions for medication. This innovative technology is increasingly adopted to reduce operational costs and improve patient safety.
Moreover, these automation systems substantially benefit healthcare professionals, pharmacies, and patients.
In addition to their substantial cost-effectiveness and safety benefits, automated solutions can streamline pharmacy operations by improving data processing. These technological advancements have helped pharmacies remain competitive in an constantly evolving industry and have benefited patients and doctors in various ways.
Additionally, these methods have reduced costs even further by reducing the cost of physical labor. All of these factors have contributed to the overall expansion of the market.
However, the market's growth is expected to be limited by minor inconsistencies in the introduction of automation in pharmacies in developing and emerging nations.
It is anticipated that the expansion of the global pharmacy automation market will lead to an increase in acquisitions and mergers, as well as an increase in the number of collaborations between companies to improve their production quality. The primary industry participants, particularly in developing nations, are focused on continuous product development and affordable pricing.
Pharmacy automation consists of integrated or fragmented automated dispensing, packaging, labeling, and other innovations that reduce dispensing errors while increasing medical staff and pharmacists' productivity. The market is segmented by end-user (hospital pharmacies and retail pharmacies), products (automated dispensers, automated labeling and packaging systems, and automated storage and retrieval systems), and geography (Europe, North America, Asia-Pacific, Africa, and Middle-East).
The demand for pharmaceuticals increased as the infection rate rose during the pandemic. As a result, medical facilities and pharmacies favored these automated systems, which led to an increase in their prevalence.
Automated dispensing systems balance safety, usability, inventory management, and drug monitoring. These devices reduce the time nurses must spend manually counting patients in the intensive care unit. Also increasing is the demand for automated technologies that support inventory and stock management.
In conclusion, the industry is anticipated to grow during the forecast period due to an increase in dispensing errors, particularly in the retail sector, and the increasing use of artificial intelligence in developed nations.
The major players operating in the pharmacy automation market are Medacist Solutions Group, LLC, TouchPoint Medical, Amerisource Bergen Corporation, Accu Chart Plus Healthcare Systems, Inc., McKesson Corporation, Pearson Medical Technologies, LLC, CareFusion (Becton Dickinson And Company), Deenova S.R.L, Parata Systems, LLC, Swisslog Healthcare
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Pharmacy Automation Market Report Coverage
Market Size in 2021
Market Size Projection in 2028
Rising need for equipment that lowers pharmaceutical errors, Increased use of automated equipment, and emerging technology, Growing healthcare costs
By Product (Automated Medication Dispensing, Automated Packaging & Labeling, Storage & Retrieval Systems, Automated Compounding Systems, Table-Top Counter), By End Use (Hospital Pharmacy Automation, Retail Pharmacy Automation)
North America (US, Canada), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Europe (U.K, Germany, Italy, France, Spain, Russia and Rest of Europe), APAC (China, Japan, India, South Korea, Australia, ASEAN and Rest of Asia Pacific), ME (GCC Countries, Israel, and Rest of Middle East) & Africa (South Africa, North Africa and Central Africa)
Key Companies Covered
Medacist Solutions Group, LLC, TouchPoint Medical, Amerisource Bergen Corporation, Accu Chart Plus Healthcare Systems, Inc., McKesson Corporation, Pearson Medical Technologies, LLC, CareFusion (Becton Dickinson And Company), Deenova S.R.L, Parata Systems, LLC, Swisslog Healthcare
Automated Medication Dispensing,
Automated Packaging & Labeling,
Storage & Retrieval Systems,
Automated Compounding Systems,
By End Use
Hospital Pharmacy Automation
Retail Pharmacy Automation
Key questions answered in this report
COVID 19 impact analysis on global Pharmacy Automation industry.
What are the current market trends and dynamics in the Pharmacy Automation market and valuable opportunities for emerging players?
What is driving Pharmacy Automation market?
What are the key challenges to market growth?
Which segment accounts for the fastest CAGR during the forecast period?
Which product type segment holds a larger market share and why?
Are low and middle-income economies investing in the Pharmacy Automation market?
Key growth pockets on the basis of regions, types, applications, and end-users
What is the market trend and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
Unique data points of this report
Statistics on Pharmacy Automation and spending worldwide
Recent trends across different regions in terms of the adoption of Pharmacy Automation across industries
Notable developments going on in the industry
Attractive investment proposition for segments as well as geography
Comparative scenario for all the segments for years 2018 (actual) and 2028 (forecast)
Table of Content:
Chapter 1 Preface
1.1 Report Description
1.1.1 Purpose of the Report
1.1.2 Target Audience
1.1.3 USP and Key Offerings
1.2 Research Scope
1.3 Market Segmentation
1.4 Research Methodology
1.4.1 Phase I – Secondary Research
1.4.2 Phase II – Primary Research
1.4.3 Phase III – Expert Panel Review
1.4.5 Approach Adopted
Chapter 2 Executive Summary
2.1 Market Snapshot: Global Pharmacy Automation Market
2.2 Global Pharmacy Automation Market, By Product
2.3 Global Pharmacy Automation Market, By End Use
2.4 Global Pharmacy Automation Market, By Geography
Chapter 3 Market Dynamics
3.1 Product Insights and Market Overview
3.1.1 Global Pharmacy Automation Market Revenue and Growth, 2019 - 2027, (US$ Bn)
3.2 Key Market Trends and Future Outlook
3.2.1 Evolution of Pharmacy Automation Market Technology
3.2.2 Recent Trends
3.3 Market Drivers
3.4 Market Growth Inhibitors
3.6 See-Saw Analysis
3.6.1 Impact Analysis of Drivers and Restraints
3.7 Value Chain Analysis
3.8 Market Penetration Scenario, 2018
3.9 Competitive Analysis
3.9.1 Market Positioning of Key Vendors
Chapter 4 Pharmacy Automation Market by Product Type
4.1 Market Analysis
4.2 Global Automated Medication Dispensing Market Revenue and Growth, 2019 - 2027, (US$ Bn)
4.3 Global Automated Packaging & Labeling Market Revenue and Growth, 2019 - 2027, (US$ Bn)
4.4 Global Storage & Retrieval Systems Market Revenue and Growth, 2019 - 2027, (US$ Bn)
4.5 Global Automated Compounding Systems Market Revenue and Growth, 2019 - 2027, (US$ Bn)
4.6 Global Table-top Counter Market Revenue and Growth, 2019 - 2027, (US$ Bn)
Chapter 5 Pharmacy Automation Market by End Use
5.1 Market Analysis
5.2 Global Hospital Pharmacy Automation Market Revenue and Growth, 2019 - 2027, (US$ Bn)
5.3 Global Retail Pharmacy Automation Market Revenue and Growth, 2019 - 2027, (US$ Bn)
Chapter 6 North America Pharmacy Automation Market Analysis
6.2 North America Pharmacy Automation Market Analysis, By Product, 2019 - 2027 (US$ Bn)
6.2.1 SRC Analysis
6.3 North America Pharmacy Automation Market Analysis, By End Use, 2019 - 2027 (US$ Bn)
6.3.1 SRC Analysis
6.4 North America Pharmacy Automation Market Analysis, By Country, 2019 - 2027 (US$ Bn)
6.4.1 SRC Analysis
…………….. ToC continued
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