Pharmacy Automation Market value is set to grow by USD 10,402 Million from 2022 to 2030

The Global Pharmacy Automation Market size accounted for USD 5,083 Million in 2021 and is expected to reach USD 10,402 Million by 2030 with a considerable CAGR of 8.6% during the forecast timeframe of 2022 to 2030.

Over the last few years, the pharmacy sector has evolved. It has been at the forefront of public health, frequently serving as a resource in the healthcare industry. As pharmacy products and services evolve, automation has a positive influence on both dispensing and medication management.

Since the 1980s, pharmacy automation has expanded into numerous categories that improve accuracy and efficiency. Pharmacists have used early forms of pharmacy automation, such as electronic tablet counters, to reduce risk and labor costs. Nonetheless, these concepts have proven to be prohibitively expensive for independent pharmacists. Furthermore, as a result of current technological advancement and the development of advanced systems, such automation machines are now less expensive and easier to operate. Certain pharmacy system tasks take a long time and are prone to human error. Pharmacy automation completes these tasks efficiently and precisely, allowing patients to receive the appropriate medications more quickly. With the help of automation, the healthcare system becomes much more feasible. However, pharmacists devote more time to complex patients and preventative services such as immunizations and clinical testing, such as COVID-19 tests.

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Pharmacy Automation Market Regional Overview

North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa are the regional classification of the global pharmacy automation market. Asia-Pacific is expected to grow at the fastest rate in the pharmacy automated market during the forecast period. The rising need to reduce dispensing errors, pharmacy decentralization, emerging technologies by key players, and the region's rapidly growing geriatric population are expected to drive market growth in the region. Pharmaceutical management is critical in developing countries due to rising healthcare costs and increasing pressure to improve treatment access. Furthermore, due to the increasing prevalence of chronic illnesses, rising adoption of the latest medical innovations in health care facilities, and rising awareness of advances in medical technology, the majority of market players are focusing on emerging markets such as India and China. Furthermore, as the number of patients increases, pharmacists in traditional pharmacies are experiencing a variety of issues, such as increased medication and clinical errors and longer patient response times. Currently, pharmacists and medical professionals are becoming more aware of medication errors and adverse events, which are propelling the Asia-Pacific pharmacy automation market forward.

Global Pharmacy Automation Market Share Growth Aspects

The pharmacy automation market has grown significantly in recent years and is expected to grow dramatically further during the forecast period. Globally, the number of elderly people has increased. As a result, the number of drugs prescribed for widely recognized and life-threatening disorders is increasing.

In the coming years, the global pharmacy automation market is expected to grow due to increased awareness of the benefits of technology. The pharmacy automation market will be driven by the deployment of automation systems in the healthcare industry, such as automated dispensing systems, table-top counters and compounding systems, labeling and packaging systems, and storage and retrieval systems. Increased investments in pharmacy automation have resulted from a better understanding of the benefits of using these systems, such as increased productivity and efficiency and a lower rate of error. Significant technological advancements, as well as the increasing need for reduced medication errors to meet the needs of an expanding patient population, have increased demand for the pharmacy automation market. The rising demand for prescription drugs will also have a positive effect on market growth. Besides that, higher initial capital investments and a scarcity of skilled professionals may limit market growth to some extent.

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Increasing Need to Reduce Medication Errors is expected to Drive Demand for Pharmacy Automation Market

Medication errors and drug administration mistakes cause substantial patient risks. In the hospital setting, these mistakes contribute to causing avoidable deaths. Each year, hospital medical errors kill up to 98,000 people, according to the study. This figure exceeds the total number of deaths from AIDS, breast cancer, and car accidents combined. Medication errors kill more people each year than occupational injuries. As a result, governments in different countries are augmenting the use of automation in medication tools in the hospitals and pharmacies to avoid such medication errors. As a result, pharmacy automation systems are gaining popularity.

Pharmacy Automation Market Segmentation

The global pharmacy automation market has been segmented by Acumen Research and Consulting based on product, and end-user. Based on the product, the market is divided into automated medication dispensing systems, automated tabletop counters, automated packaging and labeling systems, automated storage and retrieval systems, automated medication compounding, and others. Based on end-user, the market split into hospital pharmacy, and retail pharmacy.

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Major Players

Some key players covered global in the pharmacy automation industry are Capsa Healthcare, Becton, Dickinson, and Company, Cerner Corporation, Omnicell, Inc., Baxter International, Inc., Parata Systems LLC, McKesson Corporation, ScriptPro LLC, RxSafe, LLC, Swisslog Healthcare, Talyst Systems, LLC, and ARxIUM Inc.

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