Unlock the future of industrial innovation with our
comprehensive report on the global pharmacy automation market. Gain
strategic insights to stay ahead in this dynamic landscape.
BOSTON, May 3, 2024
/PRNewswire/ -- According to the latest BCC Research study,
the demand for Pharmacy Automation: Technologies and Global
Markets is growing from $7.8
billion in 2023 to $12.7
billion by the end of 2028, at a compound annual growth rate
(CAGR) of 10.2% from 2023 through 2028.
This BCC research report provides a detailed analysis of the
global pharmacy automation market, focusing on product type,
application, and region. It provides estimates and forecasts for
2023-2028. year, setting 2022 as the base year. Market segments
include distribution/storage, packaging/archiving,
software/logistics, etc. Applications span inpatient and outpatient
segments, including acute care, long-term care, ambulatory clinical
care, hospital retail, pharmacy benefit management, and chain
retail. The report highlights trends, challenges and vendors with a
focus on the US and developed Europe with additional data from other
regions.
Amidst the COVID-19 pandemic, pharmacists are increasingly
turning to automation to minimize medication errors and ensure
patient safety. With nearly 90% of office-based physicians in the
U.S. utilizing some form of electronic health records, the
importance of streamlined data management is evident. In the
pharmacy automation market, the inpatient segment holds dominance,
driven by the imperative for efficiency and safety in hospital
settings. This urgency is further fueled by the opioid crisis,
which has claimed over a million lives since 1999, prompting a
heightened demand for automation to mitigate drug errors and
deliver value-based care to outpatients across the nation.
To read more about the Pharmacy Automation Technology and Global
Market report, click here for more information.
Key Drivers of Pharmacy Automation Technologies and Global
Markets
Rising Prescription Volumes in Pharmacies: As more and
more people request prescriptions; pharmacies are under pressure to
process them efficiently. Automated systems, such as robotic
dispensing machines, speed up the process, reduce errors and allow
pharmacists to focus on patient care.
Surge in Demand for Automated Packaging and Labeling
Solutions: Accurate packaging and labeling are essential for
safety. Automated systems ensure that medicines are packaged
correctly with correct instructions and labelling, reducing errors
and complying with regulations.
Continuous Need to Reduce Medication Errors: Medication
errors can be dangerous. Automated technologies such as robotic
dispensers and barcode scanning ensure accurate distribution and
immediate inventory tracking, helping to eliminate errors.
Request a Sample Copy of the Pharmacy
Automation Technologies and Global Markets Reports.
Report Synopsis
Report
Metrics
|
Details
|
Base year
considered
|
2022
|
Forecast Period
considered
|
2023-2028
|
Base year market
size
|
$7.1 billion
|
Market Size
Forecast
|
$12.7
billion
|
Growth Rate
|
CAGR of 10.2% for the
forecast period of 2023-2028
|
Segment
Covered
|
By Type, By
Application
|
Regions
covered
|
U.S., Europe,
Asia-Pacific, Rest of the World
|
Countries
covered
|
U.K., France, Germany,
Italy, Spain, Poland, Russia, Turkey, Croatia, Hungary, Romania,
China, Japan, South Korea, Australia, New Zealand, Indonesia,
Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand,
Vietnam, Canada, Mexico, Middle East
|
Key Market
Drivers
|
- Rising Prescription
Volumes in Pharmacies
- Surge in Demand for
Automated Packaging and Labeling Solutions
- Continuous Need to
Reduce Medicine Errors
|
Segmentation Analysis:
- Product Types: Pharmacy automation includes
dispensing/storage, packaging/filling, software/logistics, and
other products like barcode scanners, improving accuracy and
efficiency.
- Applications: Inpatient Pharmacy Automation
ensures accurate medication dispensing for hospitalized patients,
while Acute-Care Settings prioritize fast dispensing. Long-Term
Care Settings streamline medication administration for residents.
Outpatient Pharmacy Automation supports community pharmacies, and
Outpatient/Fast-Track Clinical Settings focus on quick dispensing
in clinics. Hospital Retail Settings blend retail services with
clinical needs, and Pharmacy Benefit Management Services ensure
timely delivery. Retail Pharmacy Chains optimize inventory and
service across branches.
- Regions: Leading in pharmacy automation adoption,
the U.S. and Developed Europe prioritize efficiency and patient
safety. Emerging Europe and
Asia-Pacific show increasing
adoption, while the Rest of the World varies due to local
healthcare policies.
This report on the Pharmacy Automation Technologies and
Global Markets provides comprehensive insights and analysis,
addressing the following key questions:
- What is the projected market size and growth rate of the
pharmacy automation market?
The global pharmacy automation market was valued at $7.1 billion in 2022 and will reach $12.7 billion by 2028, growing at a CAGR of 10.2%
from 2023 to 2028.
- What are the key factors driving the growth of the global
pharmacy automation market?
The key factors driving the growth of the pharmacy automation
market include rising prescription volumes in pharmacies, the surge
in demand for automated packaging and labelling solutions,
continuous need to reduce medicine errors, and increasing worldwide
healthcare expenditures.
- By product type, which segment will dominate the market by the
end of 2028?
The dispensing and storage equipment segment is expected to
dominate the market by the end of 2028. Increasing advancements in
dispensing and storage equipment, such as robotics, barcoding, and
Radio Frequency Identification (RFID) systems as well as use of
these systems in tracking medication levels and expiration dates is
expected to contribute to the growth of this segment in the
forecast period.
- Which region has the highest market share in the global
pharmacy automation market?
The U.S. led the pharmacy automation market among the regions, with
a market share of 59.8% in 2022 due to its aging population,
increasing healthcare expenditure, and adoption of advanced
technologies. However, Asia-Pacific is expected to be the fastest
growing region in the forecast period.
Some of the Key Market Players Are:
- ARXIUM
- BAXTER
- BD
- CAPSA HEALTHCARE
- KUKA AG
- PRECISION PRODUCTS GROUP
- MANREX LTD.
- MEDICAL PACKAGING INC. LLC
- OMNICELL INC.
- ORACLE CORP.
- RXSAFE LLC
- SCRIPTPRO LLC
- WALGREENS BOOTS ALLIANCE INC.
- YUYAMA CO. LTD
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