Dublin, April 19, 2023 (GLOBE NEWSWIRE) -- The "Global Pharmacy Automation Market: Analysis by Product, End-user, Region, Size and Trends with Impact of COVID-19 and Forecast up to 2028" report has been added to ResearchAndMarkets.com's offering.
The global pharmacy automation market was valued at US$5.90 billion and is expected to grow to US$9.76 billion by 2028. The term "Pharmacy Automation" refers to the use of technology and automated systems to improve the efficiency, accuracy, safety, and quality of pharmaceutical services.
Autonomous Pharmacy represents the shift in a pharmacies' medication management approach from manual, headcount-based processes to a more automated and data-driven approach. This transition is supported by a combination of hardware, software, and tech enabled services.
Pharmacy Automation has now become the new norm for the pharmaceutical sector. When combined with Data Analytics, Machine Learning, and Artificial Intelligence systems, pharmacy automation devices are transforming the future of pharmacies.
Some of the reasons companies are switching to pharmacy automation are improved accuracy, increased efficiency, enhanced patient outcomes, improved workflow, and reduced cost, etc. The pharmacy automation market is projected to expand at a CAGR of 8.91% over the forecast period of 2023-2028.
Global Pharmacy Automation Market Dynamics
Growth Drivers:
One of the most important factors impacting the pharmacy automation market dynamics is the rising patient safety concerns. Medication errors are a major cause of adverse drug events and can lead to harm or even death in patients. Pharmacy automation technologies can significantly reduce the risk of errors, as they are designed to improve accuracy and reduce the likelihood of human error.
Pharmacy automation can help to prevent medication-related complications and ensure that patients receive the appropriate care by ensuring that medications are dispensed in a timely manner and patients receive the correct dosages. Furthermore, the market has been growing over the past few years, due to factors such as aging population, increasing healthcare spending, rise of e-pharmacy, favorable government regulations, technological advancements, emergence of personalized medications, etc.
Challenges:
However, the market has been confronted with some challenges specifically, high implementation cost, and difficulty in incorporating with existing systems, etc.
Trends:
The market is projected to grow at a fast pace during the forecast period, due to various latest trends such as increasing adoption of robotic dispensing systems, growing demand for automated packaging and labelling systems, shift towards centralized Prescription filling, etc.
The pharmacy automation market is trending towards centralized prescription filling, which involves using a single location to fill prescriptions for multiple pharmacies, driven by the need for efficiency and cost savings. Centralization allows pharmacies to take advantage of advanced automation technologies, reduce waste, and better manage medication inventory.
Impact Analysis of COVID-19 and Way Forward
The COVID-19 pandemic forced the pharmaceutical industry to become more adaptive and receptive to change. The industry has started to rely on technology, creating a more patient-centric ecosystem, and implementing automation, digital, and analytical tools. These changes have made the industry more efficient, agile, and transparent, benefiting both the industry and patients.
The adoption of technology is expected to sustain even in the post-pandemic era, as pharmaceutical companies have realized the benefits of automation and digitization in streamlining operations, reducing costs, and minimizing errors. The pandemic has also changed the industry's outlook towards technology, making it more receptive to new advancements, which will lead to further innovation and development.
Competitive Landscape
The global pharmacy automation market is fairly fragmented, with the presence of many players operating worldwide. The pharmacy automation market players mainly provide hardware/connected devices solutions.
The pharmacy automation sector is broadly categorized into two segments namely, the pharmacy automation devices vendors and the supply chain solutions players. Omnicell primarily operates within the pharmacy automation and supply chain management markets. Similar to Omnicell, a few of the connected device vendors also offer tech-enabled services to complement their automation devices offering.
The key players of the pharmacy automation market are:
- Omnicell, Inc.
- Becton, Dickinson and Company (Parata Systems)
- Baxter International Inc.
- KUKA (Swisslog Healthcare)
- Capsa Healthcare
- Oracle Cerner
- Mckesson Corporation
- Yuyama Co., Ltd
- ARxIUM
- Pearson Medical Technologies, LL
- TouchPoint Medical
- RxSafe
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 138 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $6.37 Billion |
| Forecasted Market Value (USD) by 2028 | $9.76 Billion |
| Compound Annual Growth Rate | 8.9% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. Introduction
3. Global Market Analysis
3.1 Global Pharmacy Automation Market: An Analysis
3.1.1 Global Pharmacy Automation Market : An Overview
3.1.2 Global Pharmacy Automation Market by Value
3.1.3 Global Pharmacy Automation Market by Product (Automated Medication Dispensing Systems, Automated Storage & Retrieval Systems, Automated Packaging and Labelling Sytems, and Others)
3.1.4 Global Pharmacy Automation Market by End-User (Hospital Pharmacy, Retail Pharmacy, Clinical Pharmacy and Others)
3.1.5 Global Pharmacy Automation Market by Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa)
3.2 Global Pharmacy Automation Market: Product Analysis
3.2.1 Global Pharmacy Automation Market by Product: An Overview
3.2.2 Global Automated Medication Dispensing System Market by Value
3.2.3 Global Automated Drug Storage & Retrieval Systems Market by Value
3.2.4 Global Automated Packaging & Labelling Systems Market by Value
3.2.5 Global Others Pharmacy Automation Market by Value
3.3 Global Pharmacy Automation Market: End-User Analysis
3.3.1 Global Pharmacy Automation Market by End-User : An Overview
3.3.2 Global Hospital Pharmacy Automation Market by Value
3.3.3 Global Retail Pharmacy Automation Market by Value
3.3.4 Global Clinical Pharmacy Automation Market by Value
3.3.5 Global Others Pharmacy Automation Market by Value
4. Regional Market Analysis
5. Impact of COVID-19
5.1 Impact of COVID-19 on Global Pharmacy Automation Market
5.2 Post COVID-19 Impact on Global Pharmacy Automation Market
6. Market Dynamics
6.1 Growth Drivers
6.1.1 Aging Population
6.1.2 Increasing Healthcare Spending
6.1.3 Rise of E-Pharmacy
6.1.4 Favorable Government Regulations
6.1.5 Technological Advancements
6.1.6 Rising Patient Safety Concerns
6.1.7 Emergence of Personalized Medications
6.2 Challenges
6.2.1 High Implementation Cost
6.2.2 Integration with Existing Systems
6.3 Market Trends
6.3.1 Increased Adoption of Robotic Dispensing
6.3.2 Growing Demand for Automated Packaging & Labelling Systems
6.3.3 Increasing Use of Data Analytics and Machine Learning
6.3.4 Shift towards Centralized Prescription Filling
7. Competitive Landscape
7.1 Global Pharmacy Automation Market Players: Competitive Landscape
7.2 Global Pharmacy Automation Market Players: Latest Offerings
7.3 Global Pharmacy Automation Market Players: Drug Dispensing Systems Comparison
8. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/6da7mg
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