by Market Overview:
Pharmacy automation refers to the process of using automated systems in pharmacies to optimize the workflow, improve efficiency, and reduce the risk of medication errors. These systems include robotics, machines, and software solutions that handle various tasks in the pharmacy, such as medication dispensing, packaging, labeling, and inventory management. With the increasing demand for cost-effective healthcare solutions and the rising need for accurate and safe medication management, pharmacy automation solutions are becoming crucial in the healthcare industry.
Market Dynamics:
The pharmacy automation market is driven by several factors such as technological advancements in automation systems, increasing medication errors, and the growing need for efficient healthcare solutions. Medication errors can lead to adverse drug events, patient harm, and increased healthcare costs. Pharmacy automation systems help in reducing medication errors by automating the medication dispensing process and ensuring accurate dosing and labeling. Furthermore, the increasing geriatric population and the rising number of chronic diseases are also contributing to the market growth. However, high initial costs associated with the implementation of pharmacy automation systems and the lack of awareness among healthcare professionals in emerging economies are some of the factors that may restrain market growth.
The Pharmacy Automation Market Size is estimated to be valued at US$ 3,601.4 Million in 2023 and is expected to exhibit a CAGR of 8.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Segment Analysis:
The pharmacy automation market can be segmented based on product type, end user, and region. The product type segment can be further divided into automated medication dispensing systems, automated storage and retrieval systems, automated packaging and labeling systems, table-top tablet counters, and others. Among these, the automated medication dispensing systems segment dominates the market due to the increasing need for accurate and efficient medication management in hospitals and pharmacies. This segment is expected to maintain its dominance over the forecast period.
PEST Analysis:
Political: The pharmaceutical industry is heavily regulated by government agencies, and political factors such as changes in healthcare policies and regulations can significantly impact the pharmacy automation market.
Economic: The rising healthcare expenditure and the need for cost containment in healthcare systems are driving the adoption of pharmacy automation solutions, leading to market growth.
Social: The aging population and the increasing prevalence of chronic diseases are driving the demand for pharmacy automation systems, as they help improve patient safety and medication management.
Technological: The advancements in technology, such as robotics and artificial intelligence, have led to the development of more advanced and efficient pharmacy automation systems, driving market growth.
Key Takeaways:
The global pharmacy automation market is expected to witness high growth, exhibiting a CAGR of 8.1% over the forecast period, due to the increasing need for accurate medication management and the rising healthcare expenditure. North America is the fastest-growing and dominating region in the market, attributed to the presence of well-established healthcare infrastructure and the adoption of advanced healthcare technologies. The key players operating in the pharmacy automation market include 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.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
