The pharmacy automation equipment market was valued at US$ 4,984.70 million in 2020 and is projected to reach US$ 9,195.36 million by 2028; it is expected to grow at a CAGR of 8.0% from 2021 to 2028.
Increasing errors in medication and growing demand for healthcare services are among the major factors fueling the market growth. Moreover, technological developments and integration of artificial intelligence (AI) are expected to foster the market growth during the forecast period. However, the problems associated with automated dispensing systems such as regular software update and high system maintenance requirements hinder the growth of the pharmacy automation equipment market. Additionally, APAC countries are witnessing rise in the demand for pharmacy automation equipment products. The Indian pharmaceutical industry is likely to expedite the adoption of digitization and automation in manufacturing and supply chain management. In this regard, the sector is working on the integration of IoT, AI, and ML into machine and manufacturing technologies to abide with the global norms. Thus, the escalating demand for pharmacy automation equipment due to the rising cases of COVID-19 is driving the growth of the market.
The global pharmacy automation equipment market is segmented on the basis of type and end user. Based on type, the market is segmented into automated medication dispensing systems, automated packaging & labeling systems, automated storage & retrieval systems, automated compounding devices, and tabletop tablet counters. The automated medication dispensing systems segment held the largest share of the market in 2020, whereas the automated compounding devices segment is anticipated to register the highest CAGR during 2021–2028. Based on end user, the pharmacy automation equipment market is segmented into hospital pharmacy, retail pharmacy, and others. The hospital pharmacy segment held the largest share of the market in 2020, whereas the retail pharmacy segment is estimated to register the highest CAGR during the forecast period.
The World Health Organization (WHO), Centers for Disease Control and Prevention (CDC), and the National Health Service (NHS) are among the primary and secondary sources referred to while preparing the report on the pharmacy automation equipment market.