Pharmacy Automation Market with Size, Share, Historical Growth, Analysis, Opportunities and Forecast
According to MRFR analysis, Global Pharmacy Automation Market is expected to register a CAGR of 8.6% during the forecast period of 2019 to 2025 and reach USD 6820 Million by 2025.
Increased artificial intelligence (AI) and machine learning facilities, along with the low cost of automated systems is boosting many pharmacies to adopt pharmacy automated system. Furthermore, the pharmacy automation system offers various benefits such as increased speed, greater accuracy, greater security and confidentially. The automated systems in pharmacies allow pharmacists to become a more integral part of the care-providing team and help them to provide better and more holistic care to the patients.
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The growth of the global pharmacy automation market can be contributed to the rising need to minimize medication errors, technological advancements by market players, decentralization of pharmacies, and rising geriatric population. However, misunderstanding arises from similar labels and improper storage practices in pharmacies are expected to restrain the growth of the global pharmacy automation market.
Several market players such as Becton, Dickinson, and Company, Omnicell Inc., Cerner Corporation, and Capsa Healthcare currently dominate the global pharmacy automation market. The key players are involved in inorganic growth strategies such as acquisitions to strengthen their market positions. For instance, in March 2015, Becton, Dickinson, and Company acquired CareFusion Corporation (US). This acquisition helped the company to strengthen its position in the global pharmacy automation market. Moreover, in 2017, Becton, Dickinson, and Company opened its new institute, which is designed to identify and support advancements in medication management.
The market has been divided, by region, into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The Americas region held the largest market in 2018, owing to the increasing adoption of advanced technologies in the healthcare field, rising healthcare expenditure and rise in the number of hospitals & healthcare laboratories in the region. The pharmacy automation market in the Americas has further been branched into North America and Latin America, with the North American market divided into the US and Canada. The European pharmacy automation market has been categorized as Western Europe and Eastern Europe.
The Global Pharmacy Automation Market has been segmented based on the product Type and End User.
Based on the product type, the global pharmacy automation market has been segmented into automated medication dispensing systems, automated packaging and labeling systems, automated table-top counters, automated storage and retrieval systems, and others. The automated medication dispensing systems segment held the largest market share in 2018 owing to enhanced inventory management, ideal utilization of space and advantages of automated medication dispensing systems over other systems.
The automated medication dispensing systems segment is further segmented into centralized, automated dispensing systems and decentralized automated dispensing systems. Automated packaging and labeling systems segment is sub-segmented into automated unit-dose packaging & labeling systems, automated multidose packaging & labeling systems.
The market based on end user has been segmented into inpatient pharmacies, outpatient pharmacies, and retail pharmacies. The inpatient pharmacies segment was expected to hold the largest share in 2018 due to the rising need to improve the efficiency and accuracy of pharmacies.
Some of the key players in the Global Pharmacy Automation Market are Capsa Healthcare, Parata Systems, Arxium Inc., Omnicell Inc., RxSafe, LLC, Scriptpro LLC, Becton, Dickinson, and Company, Cerner Corporation, KUKA AG, Yuyama Co., Ltd amongst others.
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