Pharmacy Automation Market Growth Set to Surge Significantly during 2023 to 2032 | Amerisource Bergen Corp., Accu Chart Plus Healthcare Systems, Inc., Omnicell, Inc., McKesson Co.

global pharmacy automation market size was valued at USD 5.5 billion in 2021 and is projected to reach around USD 12.0 billion in 2030 exhibiting a CAGR of 10.0% in the forecasted period.

The pharmacy automation market is majorly driven by the rising demand for specialty drug prescription filling solutions, the increasing need to minimize medication errors, and the decentralization of pharmacies. Additional factor boosting the growth of global pharmacy automation market is the growth of pharmaceutical sector worldwide. As per the Indian Brand Equity Foundation, Indian companies exported pharmaceuticals worth $17.27 billion from 2017 to 2018, and this figure is predicted to rise by 30% by 2020 to $20 billion. The thriving pharmaceutical business is expected to boost the growth of worldwide pharmacy automation market.

The geriatric population has risen globally. As a result, the number of life threatening and chronic disorders is on the rise, as is the number of prescriptions prescribed. As per the study of Economic analysis of the prevalence and clinical and economic impact of medication error in England, released in June 2021, the National Health Service in England makes an estimated 237 million prescription errors per year, resulting in hundreds of fatalities. As an outcome, pharmacies and hospitals are executing new pharmacy automation knowledge to cut costs while increasing patient safety.

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Product Insights
The medication dispensing system segment dominated in 2021 and accounted for the largest share of more than 24% of the global revenue. The largest share can be ascribed to precision in dispensing of medicines and better safety offered by these systems, which end in lesser incidences of wrong medications being dispensed to patients. It also assists in proficient inventory management and aids to reduce costs by handling storage. Incorrect medications being dispensed to patients not only harms to their health but also have substantial implications on costs suffered. A research article published in StatPearls reports approximately 9,000 people die every year due to errors in their medication, costs related with medication errors in terms of patient management quantities to over USD 40 billion, annually.

The fastest growth is projected from the automated medication compounding systems segment over the calculated period. This is owing to the fact that even with an accurate manual compounding system, it is prone to errors, which can have severe effects on how the medications end up. An automated compounding system, thus, decreases the chances of these inaccuracies in the mixing of medicines. It also eliminates the chances of infection by removing sources of contamination as the process is carried out in an aseptic chamber. The aforementioned factors are key drivers for the market.

Top key of Pharmacy Automation Market:
Amerisource Bergen Corp.
Accu Chart Plus Healthcare Systems, Inc.
Omnicell, Inc.
McKesson Co.
Pearson Medical Technologies LLC
Baxter International, Inc.
Talyst LLC
ScriptPro LLC
BD
Medacist
Kirby Lester
Cerner Corp.
iA
ARxIUM
TouchPoint Medical
Deenova SRL
Parata Systems
Swisslog Healthcare
Yuyama
Other players

Market Segmentation
By Product
Medication Dispensing Systems (Robots/Robotic Automated Dispensing Systems, Carousels, Automated Dispensing Cabinets)
Packaging and Labelling Systems
Storage and Retrieval Systems
Automated Medication Compounding Systems
Table top Tablet Counters

By End User
Retail Pharmacy
Inpatient Pharmacies
Outpatient Pharmacies
Pharmacy Benefit Management Organizations

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Region Insights
North America lead in 2021 and accounted for the largest share of more than 50% of the total revenue. The advancements in patient management as well as hospital management systems and developed healthcare system are some of the important drivers of the growth of the region. An article issued in Drug Store News specified that 48% of the pharmacists, as well as 66% of the prescribers, detailed they saw an upsurge in the utilization of automation and other technology in the previous year. Numerous technology providers are also declaring that pharmacy automation, as well as the implementation of technology, is the future and the development has been boosted by the COVID-19 pandemic. As per the US FDA, per year, more than 100,000 cases of suspected medicine errors continue to be stated in the United States. Moreover, according to the study by Johns Hopkins University, in the United States, above 250,000 deaths occur due to medication errors yearly. Thus, it is considered one of the major factors of death in the nation. Most medication errors occur during recommendation and dispensation. Additionally, the presence of foremost pharmacy chains and large patient volumes has been fuelling the growth of the regional market. The need to minimize wastage of medicines and to cut down costs has also been forcing the region's growth.

However, Asia-Pacific is also expected to witness significant growth during the forecasted period, due to the rising geriatric population and increasing healthcare expenditures. The large amount of healthcare expenditure for aided living facilities and hospitals for distributing medicines to the elderly can drive the market demand.
Some of the Recent Developments:
In January 2021, AmerisourceBergen and Walgreens Boots Alliance entered into a strategic alliance. Walgreens Boots Alliance Healthcare Business was acquired by AmerisourceBergen, facilitating it to surge its focus on increasing the retail pharmacy business. Through this strategic partnership, the two corporations are ranging and expanding their commercial agreements.

Key Benefits:
• The analysis provides an overview of the factors driving and limiting the growth of the market including trends, structure and others.
• Market estimation for type and geographic segments is derived from the current market scenario and expected market trends.
• Porter's Five Force Model and SWOT analysis are used to study the global Pharmacy Automation market and would help stakeholders make strategic decisions.
• The analysis assists in understanding the strategies adopted by the companies for the growth of this market.
• In-depth analysis of the types of Pharmacy Automation would help in identifying future applications in this market.

Reasons to Purchase this Report:
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes in-depth analysis of the market of various perspectives through Porter's five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
• 6-month post-sales analyst support

Objectives of the Study:
• To provide with an exhaustive analysis on the Pharmacy Automation Market by Product, By Application, By End User and by Region.
• To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
• To evaluate and forecast micro-markets and the overall market
• To predict the market size, in key regions- North America, Europe, Asia Pacific, Latin America and Middle East and Africa.
• To record and evaluate competitive landscape mapping- product launches, technological advancements, mergers and expansions

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