Pharmacy Automation Market Size & Share to Surpass $ 9707.06 Million by 2030 | Vantage Market Research
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WASHINGTON, April 09, 2023 (GLOBE NEWSWIRE) -- Global Pharmacy Automation Market is valued at USD 5565.82 Million in the year 2022 and is forecasted to reach a value of USD 9707.06 Million by the year 2030. The Global Market is anticipated to grow to exhibit a Compound Annual Growth Rate (CAGR) of 7.20% over the forecast period.
Market Overview
The rising demand for specialty drug prescription filling solutions, the rising need to minimize medication errors and the decentralization of pharmacies are the key factors driving the growth of the market.
Pharmacy automation is the use of technology to automate various tasks in a pharmacy, such as prescription filling, dispensing, and inventory management. Automation can help to improve efficiency, accuracy, and patient safety.
There are a number of different types of pharmacy automation systems available, each with its own specific benefits. Some common types of systems include:
Automated dispensing cabinets (ADCs): ADCs are large cabinets that store medications and dispense them to pharmacists as needed. ADCs can help to improve efficiency by reducing the time it takes to fill prescriptions.
Robotic dispensing systems: Robotic dispensing systems are similar to ADCs, but they use robots to dispense medications. Robotic dispensing systems can help to improve accuracy by reducing the risk of human error.
Medication management systems: Medication management systems are software programs that help pharmacists to manage patient medication records. Medication management systems can help to improve patient safety by reducing the risk of medication errors.
Market Dynamics
The rising demand for specialty drug prescription filling solutions: Specialty drugs are high-cost medications that are used to treat complex diseases. They are often difficult to manage and require specialized knowledge and skills to dispense. As the demand for specialty drugs increases, so does the need for automation to help pharmacists manage these medications.
The rising need to minimize medication errors: Medication errors are a major problem in the healthcare industry. They can lead to serious patient harm, including death. Automation can help to reduce medication errors by automating tasks such as prescription filling and dispensing.
The decentralization of pharmacies: In the past, most pharmacies were located in hospitals or retail stores. However, there is a growing trend of decentralization, with pharmacies now being located in a variety of settings, such as clinics, schools, and workplaces. This trend is driving the demand for pharmacy automation, as it can help to improve efficiency and accuracy in these decentralized settings.
The pharmacy automation market is also facing a number of challenges, including:
The high cost of automation: Automation can be a costly investment for pharmacies. The cost of purchasing and installing automation systems can be a barrier for some pharmacies.
The need for specialized training: Automation systems require specialized training to operate. This can be a challenge for pharmacies that do not have the resources to train their staff on these systems.
The need for data security: Automation systems collect and store sensitive patient data. This data must be protected from unauthorized access and disclosure.
Top Players in the Global Pharmacy Automation Market
The rising demand for specialty drug prescription filling solutions: Specialty drugs are high-cost medications that are used to treat complex diseases. They are often difficult to manage and require specialized knowledge and skills to dispense. As the demand for specialty drugs increases, so does the need for automation to help pharmacists manage these medications.
The rising need to minimize medication errors: Medication errors are a major problem in the healthcare industry. They can lead to serious patient harm, including death. Automation can help to reduce medication errors by automating tasks such as prescription filling and dispensing.
The decentralization of pharmacies: In the past, most pharmacies were located in hospitals or retail stores. However, there is a growing trend of decentralization, with pharmacies now being located in a variety of settings, such as clinics, schools, and workplaces. This trend is driving the demand for pharmacy automation, as it can help to improve efficiency and accuracy in these decentralized settings.
The increasing use of artificial intelligence (AI) in pharmacy automation: AI is being used to develop new and innovative pharmacy automation solutions. For example, AI is being used to develop robotic dispensing systems that can automatically dispense medications from storage cabinets.
The growing popularity of cloud-based pharmacy automation systems: Cloud-based pharmacy automation systems offer a number of advantages over traditional on-premises systems. Cloud-based systems are more scalable, more secure, and easier to maintain.
The increasing adoption of mobile pharmacy automation systems: Mobile pharmacy automation systems allow pharmacists to dispense medications from remote locations. This is a valuable tool for pharmacies that serve patients in rural or underserved areas.
The growing demand for personalized medicine: Personalized medicine is a medical approach that tailors treatments to the individual patient. This requires the use of sophisticated data analytics and automation technologies. Pharmacy automation can help to improve the delivery of personalized medicine by automating tasks such as medication reconciliation and drug dosing.
These are just some of the top trends in the global pharmacy automation market. The market is expected to continue to grow in the coming years, driven by the factors mentioned above.
The global pharmacy automation market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America is the largest market for pharmacy automation, followed by Europe and Asia Pacific. The high growth of the North American market is attributed to the increasing demand for specialty drug prescription filling solutions, the rising need to minimize medication errors, and the decentralization of pharmacies. The European market is also growing at a significant pace, driven by the increasing adoption of automation in hospitals and retail pharmacies. The Asia Pacific market is expected to grow at the highest CAGR during the forecast period, due to the rising awareness about the benefits of automation in the healthcare industry, increasing investments in healthcare infrastructure, and the need for reducing medication errors.
Here is a more detailed analysis of the regional market:
North America
The North American pharmacy automation market is expected to grow at a CAGR of 8.5% during the forecast period. The growth of the market is attributed to the increasing demand for specialty drug prescription filling solutions, the rising need to minimize medication errors, and the decentralization of pharmacies. The United States is the largest market for pharmacy automation in North America, followed by Canada.
Europe
The European pharmacy automation market is expected to grow at a CAGR of during the forecast period. The growth of the market is attributed to the increasing adoption of automation in hospitals and retail pharmacies. Germany is the largest market for pharmacy automation in Europe, followed by the United Kingdom and France.
Asia Pacific
The Asia Pacific pharmacy automation market is expected to grow at the highest CAGR of during the forecast period. The growth of the market is attributed to the rising awareness about the benefits of automation in the healthcare industry, increasing investments in healthcare infrastructure, and the need for reducing medication errors. China is the largest market for pharmacy automation in Asia Pacific, followed by India and Japan.
Rest of the World
The Rest of the World pharmacy automation market is expected to grow at a CAGR of during the forecast period. The growth of the market is attributed to the increasing adoption of automation in hospitals and retail pharmacies in countries such as Brazil, Mexico, and South Africa.
Overall, the global pharmacy automation market is expected to grow at a healthy pace during the forecast period. The growth of the market is attributed to the increasing demand for specialty drug prescription filling solutions, the rising need to minimize medication errors, and the decentralization of pharmacies.
Browse market data Tables and Figures spread through 146 Pages and in-depth TOC on Pharmacy Automation Market Forecast Report (2023-2030).
Global Pharmacy Automation Market Segmentation
By Product
Automated Medication Dispensing and Storage Systems,
Automated Packaging and Labelling Systems,
Automated Tabletop Counters,
Automated Medication Compounding Systems,
By End User
Inpatient Pharmacies,
Outpatient Pharmacies,
Retail Pharmacies,
Pharmacy Benefit Management Organizations and Mail-Order Pharmacies
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