Dublin, July 05, 2022 (GLOBE NEWSWIRE) -- The "Pharmacy Automation Market by Product (Automated Medication Dispensing & Storage Systems, Table-Top Counters, Retrieval Systems, Medication Compounding), End User (Inpatient, Outpatient (Fast-Track Clinics), Retail Pharmacies) - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
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.
The growth in this market is attributed to the growing need to minimize medication errors, rapid decentralization of pharmacies, and growing focus on automation to reduce labor costs. However, the stringent regulations that delay product launches can inhibit the growth of this market.
Based on product, the automated medication dispensing and storage systems segment holds the largest market share in 2021
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. In 2021, the automated medication dispensing and storage systems segment accounted for the largest share of this market, primarily due to the increasing occurance of medication errors and implementation of stringent regulatory guidelines for patient safety and medication dispensing across regions. Automated medication dispensing and storage systems allow the care providers to dispense medication faster and more accurately with the help of in-built advanced features that allow medication storage, picking, dispensing, and labelling.
Based on type, the robots/robotic automated medication dispensing segment accounted for the largest share of the automated medication dispensing and storage market
Based on type, the automated medication dispensing and storage systems market is segmented into robots/robotic automated dispensing systems, carousels, and automated dispensing cabinets (ADCs). In 2021, robot/robotic automated medication dispensing systems accounted for the largest share of this market. These systems lower the rate of errors by increasing the administration accuracy rate by incorporating robots with single/multiple robotic arms that handle the filling, storing, and dispensing of medications, thereby reducing the chances of manual errors.
The retail pharmacies end-user segment is expected to register the highest CAGR during the forecast period
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. The retail pharmacies segment is expected to register the highest growth during the forecast period. This is mainly due to the growing need to incorporate automated solutions in order to achieve faster workflow and maintain record accuracy. Pharmacy automation systems and solutions help in integrating and managing the entire pharmacy inventory and supply workflows. Moreover, these solutions also assist the pharmacists in maintaining dispensed medication records and faster prescription filling, thereby making the workflow for accurate and limiting the chances of errors.
North America accounted for the largest share of the pharmacy automation market in 2021
North America accounted for the largest share of the pharmacy automation market in 2021. Factors such as stringent regulatory standards for medication dispensing & patient safety, and the presence of top pharmacy automation system manufacturers in the US region are expected to contribute to the growth of the pharmacy automation market in North America.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Pharmacy Automation Market Overview
4.2 Asia-Pacific: Pharmacy Automation Market, by Product and Country (2021)
4.3 Pharmacy Automation Market: Geographic Growth Opportunities
4.4 Pharmacy Automation Market, by Region (2020-2027)
4.5 Pharmacy Automation Market: Developed Vs. Developing Markets
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Growing Need to Minimize Medication Errors
5.2.1.2 Decentralization of Pharmacies
5.2.1.3 Rising Geriatric Population Leading to Increased Adoption of Automated Dispensing Systems
5.2.1.4 Growing Focus on Automation to Reduce Labor Costs
5.2.1.5 Increasing Specialty Drug Dispensing
5.2.2 Restraints
5.2.2.1 Reluctance to Adopt Pharmacy Automation Systems
5.2.2.2 High Initial Capital Investments
5.2.2.3 Lack of Skilled Personnel
5.2.3 Opportunities
5.2.3.1 Increasing Awareness Among Pharmacists
5.2.3.2 Untapped Emerging Markets
5.2.3.3 Healthcare Cost-Reduction Measures
5.2.4 Challenges
5.2.4.1 Stringent Regulatory Procedures
5.2.4.2 Risk of Cross-Contamination
5.3 Key Conferences & Events
5.4 Industry Trends
5.4.1 Software Configurations in a Smaller Footprint
5.4.2 Pharmacy Robotics
5.4.3 Radiofrequency Identification (Rfid) in Pharmacy Automation
5.4.4 Electronic Health Record Integration and Interoperability Through Pharmacy Automation Systems
5.5 Porter's Five Forces Analysis
5.6 Regulatory Bodies, Government Agencies, and Other Organizations
5.7 Regulatory Analysis
5.8 Value Chain Analysis
5.9 Technology Analysis
5.10 Patent Analysis
5.10.1 Patent Publication Trends for Pharmacy Automation Systems
5.10.2 Insights: Jurisdiction and Top Applicant Analysis
5.11 Ecosystem Analysis
5.12 Impact of COVID-19 on the Pharmacy Automation Market
6 Pharmacy Automation Market, by Product
6.1 Introduction
6.2 Automated Medication Dispensing and Storage Systems
6.2.1 Automated Medication Dispensing and Storage Systems, by Type
6.2.1.1 Robots/Robotic Automated Dispensing Systems
6.2.1.1.1 High Adoption of Robots to Reduce Dispensing Errors in Hospitals to Drive Market Growth
6.2.1.2 Carousels
6.2.1.2.1 Improved Inventory Control and Workflow to Drive Market Growth During the Forecast Period
6.2.1.3 Automated Dispensing Cabinets
6.2.1.3.1 Secured Medication Storage and Tracking of Drugs to Propel the Demand for Automated Dispensing Cabinets
6.2.2 Automated Medication Dispensing and Storage Systems, by Application/Operation
6.2.2.1 Centralized Pharmacies
6.2.2.1.1 Rising Demand for Centralized Pharmacies to Optimize Inventory Levels and Reduce Stock-Outs to Support the Growth of this Market Segment
6.2.2.2 Decentralized Pharmacies
6.2.2.2.1 Preference for Improved Patient Safety to Drive the Market Growth
6.3 Automated Packaging and Labeling Systems
6.3.1 Need to Improve Dispensing Accuracy and Lower the Overall Cost is a Major Driver for the Automated Packaging and Labeling Systems Market
6.4 Automated Tabletop Counters
6.4.1 with an Increased Number of Patients Visiting Pharmacies, Automated Tabletop Counters are Needed to Boost Operating Speeds
6.5 Automated Medication Compounding Systems
6.5.1 Automated Medication Compounding Systems Reduce the Cost Per Dose of Medication and the Need for Medication Outsourcing
6.6 Other Pharmacy Automation Systems
7 Pharmacy Automation Market, by End-user
7.1 Introduction
7.2 Inpatient Pharmacies
7.2.1 Acute Care Systems
7.2.1.1 Increasing Healthcare Spending to Increase the Adoption of Technology Solutions in Acute Care Settings - A Key Factor Driving Market Growth
7.2.2 Long-Term Care Facilities
7.2.2.1 Growing Geriatric Population to Drive the Adoption of Pharmacy Technology Solutions
7.3 Outpatient Pharmacies
7.3.1 Outpatient/Fast-Track Clinics
7.3.1.1 Growing Need to Minimize Medication Dispensing Errors in Outpatient Clinics Will Increase the Adoption of Pharmacy Automation Systems
7.3.2 Hospital Retail Settings
7.3.2.1 Need for Accurate Medication Dispensing and Faster Inventory Management to Drive Market Growth
7.4 Retail Pharmacies
7.4.1 Growing Need for Technology to Assist with Faster Prescription Filling and Medication Dispensing to Drive Market Growth
7.5 Pharmacy Benefit Management Organizations and Mail-Order Pharmacies
7.5.1 Need for Streamlining Pharmacy Operations and Ensuring Faster Workflows Will Drive Market Growth
8 Pharmacy Automation Market, by Region
9 Competitive Landscape
9.1 Overview
9.2 Key Player Strategies/Right to Win
9.3 Key Stakeholders & Buying Criteria
9.3.1 Key Stakeholders in the Buying Process
9.3.2 Buying Criteria
9.4 Revenue Share Analysis of the Top Market Players
9.5 Market Share Analysis
9.6 Competitive Benchmarking
9.6.1 Product Footprint
9.6.2 End-User Footprint
9.6.3 Regional Footprint
9.7 Competitive Leadership Mapping
9.7.1 Stars
9.7.2 Emerging Leaders
9.7.3 Pervasive Players
9.7.4 Participants
9.8 Competitive Leadership Mapping for Other Companies
9.8.1 Progressive Companies
9.8.2 Dynamic Companies
9.8.3 Starting Blocks
9.8.4 Responsive Companies
9.9 Competitive Scenario
9.9.1 Product Launches/Upgrades
9.9.2 Deals
9.9.3 Other Developments
10 Company Profiles
10.1 Key Players
10.1.1 Beckton, Dickinson and Company
10.1.2 Omnicell, Inc.
10.1.3 Kuka Aktiengesellschaft (Swisslog Healthcare)
10.1.4 Baxter International Inc.
10.1.5 Capsa Healthcare
10.1.6 Cerner Corporation
10.1.7 Yuyama Co., Ltd.
10.1.8 Arxium, Inc.
10.1.9 Parata Systems, LLC
10.1.10 Rxsafe, LLC
10.1.11 Scriptpro, LLC
10.1.12 Pearson Medical Technologies, LLC
10.1.13 Medical Packaging Inc., LLC
10.1.14 Tension Corporation
10.1.15 Noritsu Pharmacy Automation
10.1.16 Euclid Medical Products
10.1.17 Touchpoint Medical Solutions
10.1.18 Meditech Pharmacy Management Solutions
10.1.19 Innovation Associates
10.1.20 Mckesson Corporation
10.2 Other Players
10.2.1 Willach Group: Company Overview
10.2.2 Staubli International: Company Overview
10.2.3 Medavail: Company Overview
10.2.4 Pharmacy Automation System: Company Overview
10.2.5 Deenova Srl: Company Overview
11 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/7r7yh1
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