Pharmacy Automation System Market Size, Share and Trends
The global pharmacy automation system market size was valued at $5001 million in 2020, and is assessed to reach $11211 million by 2030, growing at a CAGR of 8.3% from 2021 to 2030. A pharmacy automation structure is utilized to direct and fit medications mechanically. A vision of zero errors in retail pharmacy, industrial pharmacy benefits of pharmacy automation market over manual medication dispensing, and movement of further developed parts drive the pharmacy automation devices market. In addition, improvement in healthcare infrastructure in emerging countries is expected to set out new entrances for market extension. However, high capital investment and stringent informal guidelines are significant obstructions that restrain the market growth.
The pharmacy automation system market is driven by need for decline in medication errors, manual medication dispensing, and progress of further advanced parts innovation. In addition, an increase in geriatric population and rise in work cost have incited the growth in pharmacy automation market. To further encourage the healthcare benefits and confirmation security of patients, it is fundamental to diminish medication errors. In this manner, increase in utilization of pharmacy automation system brings minimization of errors related with medication, storage, recovery, dispensing, and use.
Mechanical levels of progress in pharmacy automation system bring about added highlights, higher achievement rate, and more current employments of contraption, depending on their use in different pharmacy processes. Omnipresence for mechanically innovative products to administer, compound, store, and imprint doctor endorsed medications probably ensures definite, precise, and more secure use for better healthcare results.
Pharmacy automation system manage the course of pharmacy works out, like filling &capping of drugs, administration &storing of drugs, and labeling the prescriptions. This system can store and oversee more than 200-300 medications and patients' information, in a solid and secure way. Rise in gathering of automated system is expected to guarantee prominent productivity.
What Is The Impact Of Covid-19 Pandemic On The Pharmacy Automation Market?
The World Health Organization (WHO) on January 30, 2020 declared COVID-19 flare-up, a general wellbeing crisis of international concern. Coronavirus has impacted around 210 countries across the globe. Owing to the COVID-19 pandemic, state run administrations across the globe declared inescapable lockdowns as well as friendly distancing measures to forestall breakdown of the healthcare structure.
During the COVID - 19 flare-ups, the pharmacy automation system market has experienced a positive effect. This is due to surge in demand for robotics in pharmacies. Furthermore, the demand for automations System increased during the pandemic due to staff shortages. The pandemic led to rise in number of incoming prescriptions in pharmacies across the world that surged demand for automatic dispensing System, which in turn resulted in growth of the market.
Pharmacy Automation Market Segmentation
The pharmacy automation system market is segmented into product type and end user type. By product type, it is divided into automated medication dispensing systems, automated storage & retrieval system; automated labeling System, tabletop tablet counters, and automated compounding devices. By end user, the market is fragmented into retail pharmacy, hospital pharmacy and others. By geographical presence it is bifurcated into North America, Europe, Asia-Pacific and LAMEA
By Product Type
Automated medication dispensing system holds the dominant position
Product Type Segment Review
By product, the automated medication dispensing segment accounted for the largest share of pharmacy automation market in 2020. The large share of segment is attributed to advantages such as improved medication safety, better inventory management, and improved storage capacity with optimal utilization of space, potential time, and cost savings.
By End User Type
Hospital Pharmacy segement holds a dominant position in 2020 and continue to maintain lead in the forecast year
End User Segment Review
By end user type, retail pharmacy is the fastest growing end user segment in pharmacy automation system owing to growth in need of minimizing dispensing errors, rise in number of retail pharmacies, and increased workload on pharmacists.
By Region Type
North America holds the dominant position in 2020 and would exhibit the highest CAGR of 6.9% during 2021-2030
Region Segment Review
By region, North America has accounted for the largest market size in pharmacy automation market followed by the European region. The attributed factor for the growth of the pharmacy automation system market in North America is the increased number of drug prescriptions at pharmacies resulting from growth in aging population.
Major key players operating in pharmacy automation systems include Becton, Dickinson and Company, Omnicell Inc., Scriptpro Llc, Parata, Lonza, Baxter, Danaher, Capsa Healthcare, Cerner Corporation, and RX Safe
Key Benefits for Stakeholders
- The study provides an in-depth analysis of the pharmacy automation system market size along with the current trends and future estimations to elucidate the imminent investment pockets.
- It offers pharmacy automation system market analysis from 2020 to 2030, which is expected to enable the stakeholders to capitalize on the prevailing opportunities in the market.
- A comprehensive analysis of four regions is provided to determine the prevailing opportunities.
- The profiles and growth strategies of the key players are thoroughly analyzed to understand the competitive outlook and global pharmacy automation devices market growth.
Pharmacy Automation System Market Report Highlights
| Aspects | Details |
 By PRODUCT |
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 By END USER |
|
 By Region |
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 Key Market Players | Cerner Corporation, Script Pro, Danaher Corporation, Parata Systems, Omnicell Inc., Lonza Group, Capsa, Baxter International Inc., Rx Safe, Becton, Dickinson And Company |
Analyst Review
A pharmacy automation framework is utilized to oversee and disperse medications mechanically. Increased medication, prescription errors, benefits of pharmacy automation systems market over manual prescription dispensing, and advancement of further developed technology also drives the pharmacy automation systems market.
In addition, improvement in medical services infrastructure in emerging countries is relied upon to set out new open doors for market extension. However, high capital investment and stringent unofficial laws are significant hindrances that restrain the market development.
The pharmacy automation systems market is driven by medication and prescription errors, manual medicine dispensing, manual assembly & manual labeling, and tagging.
In addition, increase in geriatric population and rise in work cost have incited the surge in pharmacy automation market. To further develop the medical services benefits and guarantee the wellbeing of patients, it is important to diminish drug errors. In this manner, rise in utilization of pharmacy automation systems brings about minimization of errors connected with medicine, stockpiling, recovery, dispensing, and use.
Furthermore, North America is relied upon to offer profitable trainings to central participants operating in the industry. This is significantly credited to increased number of drug prescriptions at pharmacies resulting from rise in aging population.
The total market value of pharmacy automation systems market is $5,002 million in 2020.
The forecast period for pharmacy automation systemscoatings market is 2021 to 2027
The market value of pharmacy automation systems market in 2030 is $11,218 million.
The base year is 2020 in pharmacy automation systems market
Top companies such as, Bayer AG, Capsa, Cerner, Prata, Lonza, Omnicell, and Danaher held a high market position in 2020. These key players held a high market postion owing to the strong geographical foothold in different regions.
Retail pharmacy is the most influencing segment growing in the pharmacy automation systems market as the surge in need of minimizing dispensing errors, rising number of retail pharmacies, and increasing workload on pharmacists.
The major factor that fuels the growth of the pharmacy automation systems market includes increaserising geriatric population and rising work cost has incited the surge in pharmacy automation market.
Asia-Pacific has the highest growth rate in the market which is growing due to the contribution of the following emerging countries such as China with a CAGR of 10.4%.
A pharmacy automation structure is utilized to direct and fitting medications mechanically
Pharmacy automation systems are used to diminish medication errors, benefits of pharmacy automation systems market over manual medication dispensing, and movement of further developed parts.
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