Global Pharmacy Automation Market Size Will Reach USD 10.4 Billion By 2030, at 8.02% CAGR Growth: Polaris Market Research
NEW YORK, Jan. 6, 2023 /PRNewswire/ -- A latest research report [115+] pages with 360-Degree visibility, titled "Pharmacy Automation Market Share, Size, Trends, Industry Analysis Report, By Product…
NEW YORK, Jan. 6, 2023 /PRNewswire/ -- A latest research report [115+] pages with 360-Degree visibility, titled "Pharmacy Automation Market Share, Size, Trends, Industry Analysis Report, By Product (Automated Medication Dispensing, Automated Packaging, Automated Tabletop Counters, and others); By End-Use; By Automation Mode; By Region; Segment Forecast, 2022 - 2030" published by Polaris Market Research in its research repository.
According to the research report, the global Pharmacy Automation Market share size & share was estimated at USD 5.24 billion in 2021 and is expected to reach USD 10.4 billion by 2030. The global Pharmacy Automation Market is expected to grow at a compound annual growth rate (CAGR) of 8.02% from 2022 to 2030.
What is Pharmacy Automations? How Big is Pharmacy Automation Market Size & Share?
Pharmacy automation is the electronic process of managing and distributing prescription medications. The process allows pharmacies to have well-organized workflows and reduces the risk of errors. Pharmacy tasks such as counting small objects, measuring and mixing powders and liquids, updating customer information, and others can be handled automatically using a pharmacy automation system.
Other benefits of pharmacy automation include improved efficiency, reduced labor costs, improved accuracy, and speed, increased productivity, better narcotics security, and enhanced inventory management. The pharmacy automation market size is expected to grow during the forecast period due to the rising focus on automation in the pharma industry to reduce labor costs. Rising specialty drug dispensing is a prominent factor fueling market growth.
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2030 Updated Report Introduction, Overview, and In-depth industry analysis
115+ Pages Research Report (Inclusion of Updated Research)
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2022 Updated Regional Analysis with Graphical Representation of Size, Share & Trends
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Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis
Some of the Top Market Players Are:
Noritsu Pharmacy Automation
Meditech Pharmacy Management
TouchPoint Medical Solutions
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Important Details Provided by The Report
Precise market size estimations of the industry
Direct and indirect factors that have a profound effect on the industry
Analysis of the challenges, threats, and how to tackle these situations.
List of the top players in the market with an explanation of strategies on manufacturing, distribution, marketing, and more used by them.
It elaborates the collected data, statistical analysis, strategies on development and sustainability, planning, and investment.
Growth Driving Factors
Rising technological advancement to flourish the market growth
Increasing initiatives by the government to promote industrial development and the rise in demand for IoT in pharmaceutical manufacturing units worldwide are expected to drive pharmacy automation market sales during the forecast period. Rapid technological developments such as automated dispensing units or cabinets, tile pharmacies, drug monitoring programs, automated patient CRM outreach, and medication reminders are supporting the industry's growth. For instance, in 2021, Innovation Associates introduced its SmartPod, a robot for centrally filled pharmacy environments. The product allows service and solutions providers to extend and improve their centralized fulfillment to accomplish the growing demands.
Moreover, various benefits provided by pharmacy automation, including better inventory, reduced medication wastage, decreased cost per dose as well as better patient safety, are propelling the market growth. The increasing presence of pharma companies across emerging countries is creating lucrative opportunities in the pharmacy automation market. In addition, a surge in incidences of chronic and life-threatening diseases and increasing dispensation are the key factors predicted to bolster market growth.
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In March 2022, Capsa Healthcare, US expanded its product "NexsysADC". The new automatic dispensers are enabled to accommodate any size of controlled and supplies in 2 new sizes of the controlled module drivers.
Automated medication dispensing dominated the market in 2021
Based on the product, the automated medication dispensing segment held a significant pharmacy automation market share in 2021. This growth can be attributed to the benefits such as enhanced dispensing of medicines and better safety and security offered by these systems. These factors help prevent wrong medications from being dispensed to the patients. For instance, a report revealed by StatPearls states that medication errors kill around 9,000 people each year, and the cost associated with these errors in the management of patients total up to more than USD 40 billion annually.
The pharmaceutical segment dominated the market in 2021
In terms of end-user, the pharmaceutical category led the market in 2021 owing to the rising adoption of continuous developments for enhancing production flexibility, product efficiency, and reducing wastage in manufacturing processes globally. Further, the rising focus of leading technology companies such as Microsoft Corporation, IBM Corporation, and Google on improving automation processes is propelling segmental growth. Increased adoption of cloud solutions in the healthcare sector to fill the security gaps and improve production networks is anticipated to foster the growth of the pharmacy automation market.
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Pharmacy Automation Market: Report Scope
Revenue forecast in 2030
USD 10.4 Billion
Market size value in 2022
USD 5.60 Billion
Expected CAGR Growth
8.02% from 2022 – 2030
2022 - 2030
Top Market Players
Becton Dickinson and Company, Omnicell Inc., KUKA AG, Baxter International Inc., Capsa Healthcare, Cerner Corporation, Noritsu Pharmacy Automation, Willach Group, Deenova SRL, Staubli International, MedAvail, Meditech Pharmacy Management Solutions, Innovation Associates, TouchPoint Medical Solutions, and Parata Systems LLC.
By Product, By End-Use, By automation Mode, By Region
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SOURCE Polaris Market Research