The major factors that are expected to be driving the pharmacy automation market are the growing need to minimize medication errors, rapid decentralization of pharmacies, rising geriatric population and rising labor cost. On the other hand, reluctance among the healthcare organizations to adopt pharmacy automation systems is expected to restrain the overall market growth to a certain extent during the forecast period. The objective of the report is to define, describe, and forecast the pharmacy automation market size based on product, end user, and region.
How much is the Pharmacy Automation Systems Market worth?
MarketsandMarkets forecasts the pharmacy automation market is estimated to grow from USD 3.63 billion in 2017 to USD 5.38 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 8.2% during the forecast period. Automated systems are considered to be one of the most efficient solutions to minimize these errors. In the past, the successful implementation of automated dispensing cabinets (ADCs) and automated dispensing machines (ADMs) in hospitals has led to a significant reduction in the number of dispensing and medication errors in hospitals.
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By product, the automated medication dispensing systems segment accounted for the largest share of the pharmacy automation market
Based on product, the pharmacy automation market is segmented into automated medication dispensing systems, automated packaging and labelling systems, automated table top counters, automated medication compounding systems, automated storage and retrieval systems, and other pharmacy automation systems. Automated medication dispensing systems accounted for the largest share of the pharmacy automation market in 2016.
By end user, the retail pharmacies segment to record the highest CAGR during the forecast period
On the basis of end users the market is classified into inpatient pharmacies, outpatient pharmacies, pharmacy benefit management organization and mail order pharmacies, and retail pharmacies. Retail pharmacies is the fastest growing end user segment in the pharmacy automation market during the forecast period. Growing need to minimize dispensing errors, rising number of retail pharmacies, and increasing workload on pharmacists are the factors driving the adoption of pharmacy automation systems in retail pharmacies
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Which are the key players in the Pharmacy Automation Systems Market and how intense is the competition?
The prominent players in the Pharmacy Automation Systems Market are Becton, Dickinson, and Company (U.S.), Omnicell, Inc. (U.S.), Cerner Corporation (U.S.), Capsa Healthcare (U.S.), Parata Systems LLC (U.S), Baxter International, Inc. (U.S.), ScriptPro LLC (U.S.), KUKA AG (Germany), TCGRx Pharmacy Workflow Solutions (U.S.), RxSafe, LLC (U.S.), ARxIUM Inc. (U.S.) and Talyst Systems, LLC (U.S.).
Becton, Dickinson and Company’s leading position in the pharmacy automation market is mainly attributed to its broad product portfolio with major focus on pharmacy automation. The company continuously focuses on R&D and has invested around 7% of its revenue in R&D activities. The company also focuses on the inorganic growth strategy of acquisitions to strengthen its product portfolio as well as its market position.
North America to account for the largest market size during the forecast period :
North America is expected to hold the largest market size in the pharmacy automation market during the forecast period, followed by the European region. The large share of the North American pharmacy automation market can largely be attributed to the increasing number of drug prescriptions at pharmacies resulting from growth in the aging population.