Chicago, April 05, 2023 (GLOBE NEWSWIRE) -- The pharmacy automation industry is expected to grow significantly in the near future. Pharmacy automation technology is becoming increasingly sophisticated and automated systems are becoming more common in pharmacies. This technology can help to automate many of the tasks that pharmacists and other healthcare professionals are responsible for, such as dispensing medications, managing inventory, and preparing prescriptions. Automation can also help to improve accuracy and reduce mistakes, as well as improve patient safety. Additionally, the increased use of automated systems will lead to more efficient workflow and greater cost savings for pharmacies. As the technology becomes more advanced, it is likely that more pharmacies will be adopting automated systems in the near future.
Pharmacy Automation market in terms of revenue was estimated to be worth $5.6 billion in 2022 and is poised to reach $8.2 billion by 2027, growing at a CAGR of 7.9% from 2022 to 2027 according to a latest report published by MarketsandMarkets™. Growth in the market is mainly driven by the rapid decentralization of pharmacies, the rising geriatric population leading to increased adoption of automated dispensing systems, and the growing focus on automation to reduce labor costs. Emerging economies will be the key areas of opportunity for players seeking to expand their presence in the market. However, the stringent regulations that delay product launches can inhibit the growth of this market.
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Pharmacy Automation Market Scope:
| Report Coverage | Details |
| Market Revenue in 2022 | $5.6 billion |
| Estimated Value by 2027 | $8.2 billion |
| Growth Rate | Poised to grow at a CAGR of 7.9% |
| Market Size Available for | 2020–2027 |
| Forecast Period | 2022–2027 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product and End user |
| Geographies Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunity | Untapped emerging markets |
| Key Market Drivers | Growing need to minimize medication errors |
Based on product, 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 growing need to manage increasing workloads and improve medication availability.
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 that distribute most medications from a single location, leading to reduced inventory costs, streamlined workflows, improved efficiency, and reduced expenses in hospitals, pharmacies, and nursing units.
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 due to the increasing use of automated medication dispensing systems across hospital inpatient pharmacies. Automated medication dispensing systems dispense medications faster as compared to the manual method. These systems also allow recording of patient data and medication inventory details, thereby reducing medication dispensing errors across inpatient pharmacies.
North America accounted for the largest share of the pharmacy automation market in 2021. Factors such as the growing healthcare infrastructure in US, increasing adoption of advanced technology solutions in healthcare facilities, and the presence of top pharmacy automation system manufacturers in the US are expected to contribute to the growth of the pharmacy automation market in North America.
Key Market Players:
The pharmacy automation market is consolidated at the top with a large number of leading market players based in developed countries. The prominent players operating in this market include Becton, Dickinson and Company (US), Omnicell, Inc. (US), KUKA AG (Swisslog Healthcare) (Germany), Baxter International Inc. (US), Capsa Healthcare (US), Cerner Corporation (US), Yuyama Co., Ltd. (Japan), ARxIUM Inc. (US), Parata Systems, LLC (US), RxSafe, LLC (US), ScriptPro LLC (US), Pearson Medical Technologies, LLC (US), Medical Packaging Inc., LLC (US), Tension Corporation (US), Noritsu Pharmacy Automation (US), Euclid Medical Products (US), TouchPoint Medical Solutions (US), Meditech Pharmacy Management Solutions (Belgium), and Innovation Associates (US).
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Hypothetic Challenges of Pharmacy Automation Market in Near Future:
- Increasing Costs: As automation technology becomes more complex and sophisticated, its cost will likely increase. This could mean that pharmacy automation could become too expensive for some pharmacies to implement, leading to a decrease in market penetration.
- Lack of Security Measures: As pharmacies move towards automated systems, there is a potential for data breaches and malicious attacks. Pharmacies need to ensure that their systems are secure and protected from cyber threats.
- Regulatory and Legal Concerns: As technology advances, regulations and laws around the use of pharmacy automation may need to be updated. This could potentially lead to delays in implementation or even unanticipated legal costs.
- Shortage of Skilled Workers: As automation technology advances, the need for skilled workers to use and maintain the systems may increase. This could lead to a shortage of qualified personnel and increase labor costs.
- Resistance to Change: Some pharmacies may be resistant to adopting automated systems due to cost and unfamiliarity with the technology. This could lead to a slower rate of market penetration of pharmacy automation systems.
Top 3 Use Cases of Pharmacy Automation Market:
- Dispensing Automation: Automating the dispensing process by using robots and machines to increase accuracy and speed of filling prescriptions. This can help reduce costs and errors, streamline workflow, and improve patient safety.
- Inventory Management: Automating the inventory process by using robots and machines to track and manage the inventory of medications and medical supplies. This can help reduce costs and improve inventory accuracy.
- Clinical Support: Automating clinical tasks such as drug-to-drug interaction checks, allergic reaction alerts, and automated refills. This can help reduce errors and improve patient safety.
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Recent Developments:
- In 2022, Capsa Healthcare announced the acquisition of Humanscale Healthcare (US), a designer and manufacturer of flexible technology solutions and computing workstations based in New York. Combined, Capsa now offers the broadest product suite in the market and expands its ability to provide ergonomically tailored point-of-care computing solutions to healthcare partners worldwide.
- In 2022, Capsa Healthcare (US) announced an expansion to its suite of NexsysADC automated dispensing cabinets. NexsysADC can accommodate any size of controlled or high-value medications or supplies in two new sizes of Controlled Access Module Drawers.
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