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Pharmacy automation includes automated systems such as automated medication dispensing systems, packaging and labeling systems, tabletop counters, storage systems and automated prescription dispensing systems that are used in different settings such as hospitals, retail pharmacies, clinics and other healthcare institutions. These systems provide ease of workflow in pharmacies while reducing medication errors and enhancing patient safety. Automated medication dispensing systems help improve workflow efficiency and minimize wastage by facilitating just-in-time dispensing of medications in patient care areas. Automated packaging and labeling systems help reduce labor costs and errors associated with manual packaging processes.
The global Pharmacy Automation Market is estimated to be valued at US$ 3,601.4 Mn in 2023 and is expected to exhibit a CAGR of 8.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing demand for error-free prescription fulfillment is a key driver for the pharmacy automation market. Pharmacists are under enormous pressure due to rising prescription volumes, stringent regulations and complex medication names. Automated systems help reduce medication errors caused due to factors such as incorrect drug selection, dose omissions etc. For instance, automated dispensing cabinets help prevent dispensing of wrong drugs by electronically verifying dosage at the point of medication selection. Furthermore, the increasing geriatric population that often requires complex medication regimens also drives the need for automation. Elderly patients are more prone to medication non-adherence and errors due to complex prescriptions. Automated solutions enhance patient safety and compliance for this demographic. Overall, automation improves workflow efficiency, reduces costs and frees up pharmacists for more clinical tasks, thereby driving increased adoption.
Segment Analysis
The pharmacy automation market can be segmented by product type, end user and geography. By product type, automated medication dispensing systems and storage systems segment is dominating as hospitals and large pharmacies are increasingly adopting these systems to streamline medication dispensing process and reduce dispensing errors. By end user, the pharmacy automation market is dominated by inpatient pharmacies segment as hospitals are aggressively investing in automation solutions to optimize workflow efficiency, reduce medication errors and enhance patient safety.
PEST Analysis
Political: Government initiatives to reduce healthcare costs and medical errors are driving adoption of pharmacy automation solutions across regions.
Economic: Growing pharmaceutical industry, increasing geriatric population and demand for cost-effective healthcare delivery are fueling market growth.
Social: Increasing focus on patient safety and preference for technology-driven healthcare experiences is boosting demand for pharmacy automation.
Technological: Advancements in robotics, AI and machine learning are enabling development of innovative pharmacy automation solutions with enhanced functionalities.
Key Takeaways
The global pharmacy automation market is expected to witness high growth. Regional analysis comprising the North America region dominates currently due to large pharmaceutical industry and stringent regulatory policies regarding patient safety. Europe is also a major market driven by initiatives to optimize healthcare systems. Asia Pacific is projected to be the fastest growing region on back of growing pharmaceutical sector, rising healthcare expenditure and increasing focus on quality care.
Key players operating in the pharmacy automation market are Becton, Dickinson and Company, McKesson Corporation, Yuyama Co., Ltd., Omnicell, Inc., ScriptPro LLC, Cerner Corporation, Capsa Healthcare, Baxter International, Inc., KUKA AG, TCGRx Pharmacy Workflow Solutions, RxSafe, LLC, ARxIUM Inc. Swisslog Holdings AG and Talyst systems LLC. Key players are focusing on developing innovative solutions integrated with advanced technologies to consolidate their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
