by The Pharmacy Automation Market is estimated to be valued at US$ 3,601.4 million in 2017 and is expected to exhibit a CAGR of 8.1% over the forecast period 2018 – 2026, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The Pharmacy Automation Market refers to the usage of automation technology in pharmaceutical settings to optimize workflow and enhance patient safety. It includes various automated systems such as automated dispensing systems, automated storage and retrieval systems, automated packaging and labeling systems, and automated compounding systems. These systems provide an accurate and efficient way of dispensing medications, reducing errors and improving patient care. The market is witnessing significant growth due to the increasing demand for error-free medication dispensing, the need for improved patient safety, and the growing focus on reducing healthcare costs.
Market Dynamics:
The Pharmacy Automation Market is driven by several factors, including the increasing adoption of pharmacy automation systems by healthcare facilities to prevent medication errors and improve workflow efficiency. Additionally, technological advancements such as robotics and artificial intelligence are revolutionizing the pharmacy automation industry, enhancing the accuracy and speed of medication dispensing processes. Furthermore, the growing geriatric population and the rising prevalence of chronic diseases are expected to further drive the demand for pharmacy automation systems. Overall, the market is poised to experience high growth opportunities in the coming years due to the need for error-free medication dispensing and the continuous advancements in automation technology.
Segment Analysis:
The pharmacy automation market can be segmented based on product type, end user, and region. In terms of product type, automated medication dispensing systems dominate the market. These systems help in reducing medication errors, improving patient safety, and increasing efficiency in pharmacy operations. The automated medication dispensing systems segment is expected to dominate the market due to increasing adoption in hospitals, retail pharmacies, and other healthcare settings.
PEST Analysis:
Political: Government regulations and policies regarding patient safety and medication management play a significant role in shaping the pharmacy automation market. Strict regulations and initiatives to eliminate medication errors are driving the adoption of automated systems.
Economic: The rising healthcare expenditure and the need to reduce healthcare costs are driving the demand for pharmacy automation systems. These systems help in reducing labor costs and improving operational efficiency in pharmacies.
Social: The increasing aging population and the growing prevalence of chronic diseases are contributing to the demand for pharmacy automation. Automated systems help in managing the increasing medication volume and improving patient care.
Technological: Advancements in technology, such as robotics and artificial intelligence, have revolutionized the pharmacy automation market. Automated systems with advanced features like barcode scanning, inventory management, and electronic medication cabinets have improved medication safety and streamlined pharmacy workflows.
Key Takeaways:
The global Pharmacy Automation Market is expected to witness high growth, exhibiting a CAGR of 8.1% over the forecast period. This growth can be attributed to the increasing adoption of automated medication dispensing systems in hospitals, retail pharmacies, and other healthcare settings.
In terms of regional analysis, North America is the fastest-growing and dominating region in the pharmacy automation market. The presence of advanced healthcare infrastructure, government initiatives to reduce medication errors, and high healthcare expenditure in countries like the US and Canada are driving the growth of the market in this region.
Some of the key players operating in the pharmacy automation market include Becton, Dickinson and Company, McKesson Corporation, Yuyama Co., Ltd., Omnicell, Inc., ScriptPro LLC, Cerner Corporation, Capsa Healthcare, Baxter International, Inc., KUKA AG, TCGRx Pharmacy Workflow Solutions, RxSafe, LLC, ARxIUM Inc., Swisslog Holdings AG, and Talyst systems LLC. These companies are focusing on technological advancements and strategic partnerships to gain a competitive edge in the market.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
