Pharmacy Automation System Market Expected to reach $5 Billion by 2030, growing at a CAGR of 5.4% from 2021 to 2030.

According to the report disseminated by Allied Market Research, named, "Pharmacy Automation System Market by Product Type, End User, and Region: Global Opportunity Analysis and Industry Forecast, 2021-2030" 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 used to administer and scatter medications mechanically. Increased medication errors, advantages of pharmacy automation system, and progression of further evolved features drive the growth of pharmacy automation system market.

In addition, improvement in healthcare infrastructure in emerging countries is expected to set out new entryways for market advancement. However, high capital investment and stringent informal regulations are significant hindrances that restrain the market growth.

The pharmacy automation system market is driven by need for decline in medication errors, manual medication dispensing, and headway of further evolved innovations to help &further develop pharmacy automation systems. In addition, rise in geriatric population and surge in work cost have incited the growth in pharmacy automation market. To further foster the healthcare advantages and assure the wellbeing of patients, it is critical to reduce medication errors. Consequently, increase in use of pharmacy automation systems brings about minimization of errors associated with medication, storage, recuperation, dispensing, and use.

Mechanical movements in pharmacy automation systems bring about added features, higher accomplishment rate, and more current usages of the device, depending on their utilization in various pharmacy processes. Appeal for mechanically innovative products to administer, compound, store, and name doctor recommended medications apparently guarantee careful, exact, and safer use of medications for better healthcare results.

Pharmacy automation systems have dealt with the course of pharmacy undertakings, such as filling &capping of drugs, administration &storing of drugs, and labeling the prescriptions. These systems can store and supervise more than 200-300 medications and patients' information, in a reasonable &secure way. Rise in gathering of automated systems is expected to ensure prominent productivity and increase the amount of prescriptions served by the pharmacy by reducing long stretch operating cost

The World Health Organization (WHO) on January 30, 2020 declared COVID-19 outbreak a public health emergency of international concern. COVID-19 has affected around 210 countries across the globe. Owing to the COVID-19 pandemic, governments across the globe announced country-wide lockdowns as well as social distancing measures to prevent collapse of the healthcare system.

Similarly, pharmacy automation system market industry was impacted due to the COVID-19 pandemic. The overall impact of COVID-19 remained positive for the market as the pharmacies across the globe received increased number of prescriptions for treatment of COVID-19 and other ailments. This led to a possibility of dosing errors, which contributed toward surge in demand for pharmacy automated systems such as dispensing systems. Furthermore, staff shortage during COVID-19 was another major factor that led to raise in demand for pharmacy automation systems. Hence, the impact of COVID-19 on the pharmacy automation system was positive.

The pharmacy automation systems market is divided into product type and end user type. Product type, it is segregated into automated medication dispensing systems, automated storage and retrieval systems, automated labeling systems, tabletop tablet counters, and automated compounding devices. By end user, is the market is classified into retail pharmacy, clinic pharmacy, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA

Under product type, the automated medication dispensing part addressed the largest share of pharmacy automation market in 2020.The gigantic share of the segment is credited to benefits such as prevalent medication security, better inventory load up, and further created storage limit with ideal utilization of room, and conceivable time &cost savings.

By end user, retail pharmacy is the fastest developing end user section in pharmacy automation system market owing to need of minimizing dispensing errors, rise in number of retail pharmacies, and increased liability on drug trained professionals.

North America dominates the pharmacy automation system market followed by the European region due to increased number of drug prescriptions at pharmacies resulting from growth in aging population.

Key Findings of the Study

• By product, the automated medication dispensing systems segment accounted for nearly half the shareof the pharmacy automation system market in 2020.
• Region wise, Asia-Pacific is anticipated to grow at the highest CAGR of 10.4% throughout the forecast period.
• In Europe, Germany accounted for approximately one-fourth share of the pharmacy automation system market, in 2020.
• By end user, the retail segment accounted for less than one-third share of the global pharmacy automation market in 2020.

In 2020 North America has addressed the greatest market size in pharmacy automation market followed by Europe. In addition, factors such as surge in awareness related to benefits of pharmacy automation systems in the region and the presence of key players drive the growth of the market. In addition, Asia-Pacific is expected to exhibit the fastest growth rate.