Pharmacy Automation Market Demand & Future Growth Analysis 2022–2027
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.
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What the Market Looks Like?
MarketsandMarkets forecasts the pharmacy automation market is projected to reach USD 8.2 billion by 2027 from USD 5.6 billion in 2022, at a CAGR of 7.9% 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.
The pharmacy packaging and labelling system segment is expected to have the highest CAGR during the forecast period
Based on products, the pharmacy automation market is segmented into automated medication dispensing and storage systems, automated packaging and labeling systems, automated tabletop counters, automated medication compounding systems, and other pharmacy automation systems. The pharmacy packaging and labelling system segment is expected to register the highest growth during the forecast period. This is mainly due to the need to improve dispensing accuracy & productivity and lower the overall cost of the process by helping its users avoid such confusions by providing all medications with clear labels and distinct appearances.
Centralized pharmacies segment accounted for the largest share of the automated medication dispensing and storage systems market in 2021
Based on applications/operations, the automated medication dispensing and storage systems market is segmented into centralized and decentralized pharmacies. Centralized pharmacies accounted for the largest share of the global automated medication dispensing and storage systems market in 2021. This can be attributed to the high adoption of centralized models for end-to-end medication dispensing in hospitals, pharmacies, and nursing units.
The inpatient pharmacies segment accounted for the largest share of pharmacy automation market in 2021
Based on end users, the pharmacy automation market is segmented into inpatient pharmacies, outpatient pharmacies, retail pharmacies, and pharmacy benefit management organizations and mail-order pharmacies. In 2021, inpatient pharmacies accounted for the largest share of this market. This is mainly due to the advantage of faster dispensing of medications within hospital facilities as compared to the traditional manual methods.
Geographical growth scenario of Pharmacy Automation Market :
This report covers the market across two major geographies, namely, North America and Europe. In this report, the North American market is further segmented into the U.S. and Canada, while the European market is categorized into Germany, U.K., France, Italy, Spain, and Rest of Europe. In 2016, North America is expected to command the largest share of the market in North America and Europe. However, Europe is expected to register the highest growth rate during the forecast period from 2016 to 2021, due to increasing adoption of advanced treatment procedures and favorable government initiatives in this region.
Leading market players and strategies adopted
The prominent players in the Pharmacy Automation Market include Becton, Dickinson, and Company (U.S.), Omnicell, Inc. (U.S.), Cerner Corporation (U.S.), Capsa Healthcare (U.S.), Parata Systems LLC (U.S), Baxter International, Inc. (U.S.), ScriptPro LLC (U.S.), KUKA AG (Germany), TCGRx Pharmacy Workflow Solutions (U.S.), RxSafe, LLC (U.S.), ARxIUM Inc. (U.S.) and Talyst Systems, LLC (U.S.)
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What Drives the Pharmacy Automation Market?
The growth of the global market for 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
Recent Developments :
- Omnicell launched Omnicell VBM 200F. It fills and checks SureMed multiple medication blister cards
- Omnicell partnered with DCH Health Systems to implement a full suite of IV compounding technology across its health system
- BD opened its new institute for medication management excellence. This institute is designed to identify and support advancements in medication management to help improve the safety and cost of healthcare
- Omnicell acquired Ateb, Inc., which provides pharmacy-based patient care solutions and medication synchronization to independent and chain pharmacies
- BD acquired CareFusion Corporation, a global medical technology company with a comprehensive portfolio of products in the areas of medication management, infection prevention, operating room & procedural effectiveness, and respiratory care