Pharmacy automation defines any task that utilizes technology to handle and dispense medications. Robotics and pill counters are the most common methods of automation. It permits pharmacies to reorganize workflows and lessen the risk of errors. Its advantages often include increasing prescription volume and efficiency.
The pharmacy automation market is majorly driven by the growing demand for specialty drug prescription filling solutions, the rising need to reduce medication errors, and the decentralization of pharmacies. Other factor boosting the growth of global pharmacy automation market is the growth of pharmaceutical sector globally. As per the Indian Brand Equity Foundation, Indian companies traded pharmaceuticals cost $17.27 billion from 2017 to 2018, and this number is predicted to increase by 30% by 2020 to $20 billion. The blooming pharmaceutical business is estimated to boost the growth of global pharmacy automation market. The geriatric population has risen worldwide. Resulting in the rise of number of life threatening and chronic disorders, as is the number of prescriptions prescribed.
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The global demand for pharmacy automation market was predicted to be about USD 6 billion in 2022, and by the end of 2031, existing and expected developments would hit valuations of around USD 12.5 billion. The industry players and analysts predict the global Pharmacy automation market growth of around 10% in terms of CAGR. During the forthcoming years, growth of the global pharmacy automation market is significantly due to rising need for device that helps in reducing medication errors. Moreover, the increasing geriatric population and rising adoption of automated devices is further driving the pharmacy automation market. However, high cost of the implementation of the devices, stringent regulations are the challenges presented to pharmacy automation market development and growth.
Some of the leading and top pharmacy automation companies in the global pharmacy automation market include: Amerisource Bergen Corp., Accu Chart Plus Healthcare Systems, Inc., Omnicell, Inc., McKesson Co., Pearson Medical Technologies LLC, Baxter International, Inc., Talyst LLC, ScriptPro LLC, BD, Medacist, Kirby Lester, Cerner Corp. among others. The leading five players such as Baxter International, Inc., Cerner Corp., BD, Omnicell, Amerisource Bergen Corp. hold around 40% market share of the global pharmacy automation market.
On the basis of type, the global pharmacy automation market can be segmented into medication dispensing systems, packaging and labelling systems, storage and retrieval systems, automated medication compounding systems, table top tablet counters, with the ‘medication dispensing systems’ category having the leading market share of about 24 percent, closely followed by the “automated medication compounding systems” category at about 15 percent of the global pharmacy automation market share.
On the basis of end user, the market can be bifurcated into retail pharmacy, inpatient pharmacies, outpatient pharmacies, and pharmacy benefit management organizations. In terms of geography, North America region held the leading market share of around 40% among other regions such as Asia Pacific, Europe, Latin America, and Middle East & Africa in the global Pharmacy automation market.
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