Global Pharmacy Automation Market Report 2022-2027: $6.98 Billion Opportunity Assessment by Product, End-user and Region – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “Pharmacy Automation Market – Growth, Trends, COVID-19 Impact, and Forecasts (2022-2027)” report has been added to ResearchAndMarkets.com’s offering.

The global pharmacy automation market was valued at USD 4,697.67 million in 2021. The market is expected to reach USD 6,983.16 million by 2027 at a CAGR of 7.8%.

During the COVID-19 outbreak, the market has been experiencing a positive impact. This can be attributed to the increasing infection rate from the healthcare workers to the patients and the rising demand for medications worldwide. Therefore, healthcare facilities and pharmacies prefer automated systems to reduce the spread of the virus. In addition, there has also been an increasing demand for prescription drugs, which created an opportunity to adopt the pharmacy automation systems to overcome the infection rate.

Moreover, the pharmacy automation market is primarily driven by the increasing demand for specialty drug prescription filling solutions, the rising need to minimize medication errors, and the decentralization of pharmacies.

Globally, there has been an increase in the geriatric population. This leads to a rising incidence of chronic and life-threatening diseases and increasing dispensation of medications. According to the article “Economic analysis of the prevalence and clinical and economic burden of medication error in England,” published in June 2021, an estimated 237 million medication errors occur in the NHS in England every year, and avoidable adverse drug reactions (ADRs) cause hundreds of deaths. Hence, hospitals and pharmacies are adopting new pharmacy automation technologies to reduce operating costs while improving patient safety.

Also, these pharmacy automation systems offer plentiful benefits to the patients, pharmacies, and the key members of the healthcare team. Automated systems also have inordinate cost-effective and safety benefits, and they rationalize the pharmacy operations by improving data workflow. All these technological innovations have facilitated pharmacies to remain competitive in a rapidly evolving industry and have also benefitted the patients and doctors in various ways. In addition, these systems have further reduced the costs by decreasing manual labor expenses. All these factors have helped in boosting the overall market growth.

However, there has been slight redundancy in the adoption of automation in pharmacies in underdeveloped and developing regions, which are likely to impede the market growth over the forecast period.

Key Market Trends

• The Automated Medication Dispensing Systems Segment is Gaining Prominence
• North America Region Holds the Significant Market Share

Competitive Landscape

The pharmacy automation market is moderately fragmented. Market players are focusing on continuous product development while offering products at competitive prices, especially in developing countries. The major players operating in the market include Arxium, Capsa Healthcare, Omnicell, Parata Systems, and Scriptpro. These leading players in the market are concentrating on product development and innovation to build their brand name and generate more revenue.

Key Topics Covered

1 INTRODUCTION

1.1 Study Assumptions and Market Definition

1.2 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS

4.1 Market Overview

4.2 Market Drivers

4.2.1 Increasing Demand for Specialty Drug Prescription Filling Solutions

4.2.2 Rising Need to Minimize Medication Errors

4.2.3 Decentralization of Pharmacies

4.3 Market Restraints

4.3.1 Reluctance to Adopt Pharmacy Automation Systems

4.4 Porter’s Five Forces Analysis

5 MARKET SEGMENTATION

5.1 By Product

5.1.1 Automated Medication Dispensing Systems

5.1.2 Automated Packaging and Labeling Systems

5.1.3 Automated Table-top Counters

5.1.4 Automated Storage and Retrieval Systems

5.1.5 Other Products

5.2 By End-user

5.2.1 Hospital Pharmacies

5.2.2 Retail Pharmacies

5.3 By Geography

5.3.1 North America

5.3.2 Europe

5.3.3 Asia-Pacific

5.3.4 Middle-East and Africa

5.3.5 South America

6 COMPETITIVE LANDSCAPE

6.1 Company Profiles

6.1.1 Arxium Inc.

6.1.2 Becton, Dickinson and Company

6.1.3 Capsa Solutions LLC

6.1.4 Cerner Corporation

6.1.5 Omnicell Inc.

6.1.6 Parata Systems LLC

6.1.7 Rxsafe LLC

6.1.8 Scriptpro LLC

6.1.9 Yuyama Co. Ltd.

6.1.10 McKesson Corporation

6.1.11 Swisslog Holdings AG

6.1.12 PerceptiMed Inc.

6.1.13 Avery Weigh-Tronix

6.1.14 Pearson Medical Technologies

6.1.15 Accu-Chart Plus Healthcare System Inc.

6.1.16 RxMedic Systems Inc.

6.1.17 NewIcon

6.1.18 AlixaRx

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

For more information about this report visit https://www.researchandmarkets.com/r/v7us45

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