Pharmacy automation systems are an advanced technology that helps automate the drug dispensing process and packaging of prescriptions with accuracy. Pharmacy automation plays a vital role in managing high prescription volumes and ensuring safety and quality. These systems reduce errors during dispensing, improve throughput as well as workflow, and enhance inventory management. The increasing need to reduce medication errors and manage high prescription volumes is driving the adoption of automation in pharmacies.
The global Pharmacy Automation Market is estimated to be valued at US$ 3,601.4 Mn in 2023 and is expected to exhibit a CAGR of 8.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing adoption of automation in pharmacies is one of the key trends in the pharmacy automation market. Growing need to minimize medication errors, enhance productivity, and optimize workflows is significantly driving the adoption of automation systems in retail pharmacies as well as hospitals. According to studies, medication errors can be reduced by around 50-80% with the installation of pharmacy automation systems. Automation also helps pharmacy staff to focus more on direct patient care rather than routine dispensing tasks. Hence, desire to deliver better patient care and optimize operations is expected to further propel the demand for pharmacy automation in the coming years.
Segment Analysis
The global pharmacy automation market is dominated by the automated medication dispensing systems segment. These systems help enhance workflow efficiency in pharmacies by facilitating faster dispensing with fewer errors. They allow automatic sorting, packaging, and labeling of medications based on electronically received prescriptions. The growing need to reduce dispensing errors and optimize staff productivity is driving demand for these systems across retail and hospital pharmacies.
Key Takeaways
The global pharmacy automation market is expected to witness high growth over the forecast period. North America currently dominates the market due to the rapid adoption of pharmacy automation systems across healthcare facilities in the region. The high presence of pharmacy chains, retail drug stores, and hospitals are driving regional market growth.
Key players operating in the pharmacy automation market are Becton, Dickinson and Company, McKesson Corporation, Yuyama Co., Ltd., Omnicell, Inc., ScriptPro LLC, Cerner Corporation, Capsa Healthcare, Baxter International, Inc., KUKA AG, TCGRx Pharmacy Workflow Solutions, RxSafe, LLC, ARxIUM Inc. Swisslog Holdings AG and Talyst systems LLC. These companies focus on developing advanced medication dispensing cabinets, packaging and labeling machines, and robotic dispensing systems to efficiently manage pharmacy workflows. Frequent new product launches, partnerships, mergers, acquisitions and geographical expansion strategies adopted by leading players are boosting the competitive environment in the market.
Regional analysis North America is projected to continue dominating the global pharmacy automation market during the forecast period. Well-established healthcare infrastructure, high demand for advanced pharmacy systems, and presence of leading market players are boosting the North America regional market. Asia Pacific is expected to witness the fastest growth due to growing geriatric population, increasing healthcare spending, and rapid establishment of healthcare facilities in emerging countries of the region.
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