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The pharmacy automation market is expected to grow at a lucrative CAGR of 8.2% from 2017 to 2022, to reach USD 5.38 billion by 2022 from USD 3.63 billion in 2017. The growth in pharmacy automation market is primarily due to the increased focus on reducing medication errors, increased burden on pharmacies due to rising geriatric population, rapid decentralization of pharmacies, and rising labor cost. On the other hand, reluctance among the healthcare organizations to shift to new pharmacy automation systems from existing manual method is expected to restrain the overall market growth to a certain extent during the forecast period.
In 2016, the automated medication dispensing systems segment accounted for the largest share of the pharmacy automation market. Benefits of automated medication dispensing systems such as increased medication safety, improved inventory management, increased storage capacity with less occupied space, potential time and cost saving, and reduced dispensing errors are attributing to the large share of this segment.
The inpatient pharmacies segment accounted for the largest share of pharmacy automation market. Growing need to prevent medical errors, large volume of prescriptions on a daily basis and government initiatives to improve the quality of care delivered to patients & curtail the soaring cost of healthcare are the factors leading to adoption of pharmacy automation systems in inpatient pharmacies.
Geographically, North America is the major market for pharmacy automation market, followed by Europe and Asia-Pacific. However, Asia-Pacific and Latin America possess lucrative growth potential for the pharmacy automation market during the forecast period. This is mainly attributed to the growing healthcare infrastructure and increasing number of drug prescriptions at pharmacies resulting from growth in the aging population in these regions. Some of the major players in the pharmacy automation market include 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) and Talyst systems LLC. (U.S.).
The pharmacy automation market in this report is segmented by product, end users, and regions. It provides detailed information regarding major factors influencing the growth market (drivers, restraints, opportunities, and industry-specific challenges). The study tracks and analyzes competitive developments (such as partnerships, agreements, collaborations, mergers & acquisitions, new product developments, geographical expansions, and R&D activities) and strategically profiles the key players and comprehensively analyzes their market shares and core competencies in the pharmacy automation market.
Reasons To buy this report:
From an insight perspective, this research report has focused on various levels of analysis?industry analysis (industry trends), market share analysis of top players, supply chain analysis, and company profiles, which together comprise and discuss the basic views on the competitive landscape; emerging and high-growth segments of the pharmacy automation market; high-growth regions; and market drivers, restraints, and opportunities.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on pharmacy automation systems offered by the top players in the global pharmacy automation market
- Product Development/Innovation: Detailed insights on upcoming technologies, R&D activities, and new product launches in the pharmacy automation market
- Market Development: Comprehensive information about lucrative emerging markets – the report analyzes the markets for pharmacy automation systems across regions
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the global pharmacy automation market
- Competitive Assessment: In-depth assessment of market shares, strategies, products, and financial scenario of the leading players in the global pharmacy automation market