Pharmacy Automation Market Worth $5.38 Billion | Becton, Dickinson, and Company (U.S.), Omnicell, Inc. (U.S.), Cerner Corporation (U.S.), Capsa Healthcare (U.S.) are Key Players

Market growth can be attributed to the growing need to minimize medication errors, rapid decentralization of pharmacies, rising geriatric population and rising labor cost. On the other hand, reluctance among the healthcare organizations to adopt pharmacy automation systems is expected to restrain the overall market growth to a certain extent during the forecast period. The base year considered for the study is 2017, and the forecast has been provided for the period between 2018 and 2023.

What the Market Looks Like?

Predicted to grow at a CAGR of 8.2% during the forecast period, the global Pharmacy Automation Systems market is estimated to reach USD 5.38 Billion by the end of 2022. In 2016, North America accounted for the largest share of the global pharmacy automation market.

The market has been segmented on the basis of product, into automated medication dispensing systems, automated packaging and labelling systems, automated table top counters, automated medication compounding systems, automated storage and retrieval systems, and other pharmacy automation systems. The market for automated packaging and labelling systems is expected to grow at the highest CAGR between 2017 and 2022. On the other hand, among all the products, automated medication dispensing systems are most widely used. The high adoption of these instruments is contributing to the rapid growth of the market.

The inpatient pharmacies end user segment accounted for the largest share of pharmacy automation systems market. The increasing need for improved accuracy and efficiency of pharmacy units in hospitals and the growing need to minimize the waiting time in inpatient pharmacies are key market drivers in this end-user segment.

Retail pharmacies or retail pharmacy chains usually share a brand and have standardized business methods and practices. These pharmacies provide patients with convenient access to prescriptions, medical goods, and pharmaceutical consultations. They deal with a large volume of prescriptions on a daily basis, which adds to the burden on the pharmacy staff. The growing need to prevent medical errors and thereby reduce the overall healthcare expenditure is also one of the major factors propelling the demand for pharmacy automation systems among retail pharmacies.

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What Drives the Market?

The growth of the global market for Pharmacy Automation Systems is primarily influenced by the following factors:
• Growing Need to Minimize Medication Errors
• Decentralization of Pharmacies
• Rising Geriatric Population
• Rising Labor Cost

Geographical growth scenario of Pharmacy Automation Systems Market

Geographically, the Pharmacy Automation Systems market has been studied for North America, Europe, Asia-Pacific, and RoW. Growth in the developed markets in North America and Europe is mainly driven by the government regulations and initiatives, high adoption of pharmacy automation and the presence of major companies in this region. Furthermore, growth in insurance coverage in the U.S. has increased the burden on the country’s healthcare system, which has highlighted the need for improving efficiency and management of work in North America. As opposed to the North American and European markets, the demand in the APAC and Latin American markets is primarily driven by the growth in the overall healthcare industry. With the rapid rise in the number of patients, demand for quality care, effective upgradation of the healthcare IT infrastructure of the country is expected to have a positive impact on the demand for pharmacy automation systems.

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Leading market players and strategies adopted

The prominent players in the Pharmacy Automation Systems market include Becton, Dickinson, and Company (U.S.), Omnicell, Inc. (U.S.), Cerner Corporation (U.S.), Capsa Healthcare (U.S.), Parata Systems LLC (U.S), Baxter International, Inc. (U.S.), ScriptPro LLC (U.S.), KUKA AG (Germany), TCGRx Pharmacy Workflow Solutions (U.S.), RxSafe, LLC (U.S.), ARxIUM Inc. (U.S.) and Talyst Systems, LLC (U.S.).

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