Pharmacy automation expected to grow to US$5.38 billion by 2022
The growth in this market is mainly attributed to factors such as growing need to minimize medication errors and rising labor cost.
May 2, 2017
By Kelsea Koh
According to a new market research report ” Pharmacy Automation Market by Product (Medication Dispensing System (Robot, Carousel), Packaging & Labeling System (Unit Dose, Multi Dose), Tabletop Counter, Storage System), End User (Inpatient, Outpatient, Retail Pharmacy) – Global Forecast to 2022″, published by MarketsandMarkets, the market witnessed healthy growth rate during the last decade and is expected to grow at a CAGR of 8.2 percent between 2017 and 2022 to reach US$5.38 Billion by 2022.
The growth in this market is mainly attributed to factors such as growing need to minimize medication errors, rapid decentralization of pharmacies, rising geriatric population, and rising labor cost.
The global pharmacy automation market is segmented on the basis of product, end users and regions. The study also provides product portfolio assessment which compares offerings of major market players; value chain analysis; market penetration rate in various geographies; market dynamics; industry trends; and business strategy matrix for pharmacy automation market.
In 2016, automated medication dispensing systems accounted for the biggest share of the pharmacy automation market. The factors such as improved medication safety, better inventory management, and improved storage capacity with optimal utilization of space, and potential time and cost savings are the major drivers of market growth.
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.
In 2016, North America accounted for the largest share of the global pharmacy automation market, followed by 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.