The Pharmacy Automation Systems Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Pharmacy Automation Systems Global Market Report 2024, The pharmacy automation systems market size has grown strongly in recent years. It will grow from $5.42 billion in 2023 to $5.86 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth in the historic period can be attributed to eliminating manual medicine delivery, increased pharmaceutical safety, increased medication errors.
The pharmacy automation systems market size is expected to see strong growth in the next few years. It will grow to $7.91 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. The growth in the forecast period can be attributed to increasing number of retail pharmacies, increasing favorable government policies, growing adoption of robotic pharmacy. Major trends in the forecast period include product innovations,technological advancements, partnerships and collaborations.
The increasing number of medication errors is expected to propel the growth of the pharmacy automation systems market going forward. Medication errors refer to mistakes or preventable incidents related to the use of medications, which can occur at any point in the healthcare process, from prescribing and dispensing to administering and monitoring. Pharmacy automated systems maintain accurate and comprehensive records of medications dispensed and patient histories, helping healthcare providers access information easily and reducing the chance of errors due to incomplete or missing data. For instance, in September 2022, according to the World Health Organization, a Switzerland-based government agency, the rate of medication errors in hospitals ranged from 0.3% to 9.1% in prescriptions and from 1.6% to 2.1% at the dispensing stage in 2022. Further, the cost of medication errors was €2 billion (2.17 billion) in 2022, accounting for 3% of total national healthcare expenditure. Therefore, increasing medication errors drives the pharmacy automation systems market.
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The pharmacy automation systems market market covered in this report is segmented –
1) By Product Type: Automated Medication Dispensing Systems, Automated Medication Compounding Systems, Automated Packaging and Labelling Systems, Automated Table top Counters, Automated Storage and Retrieval Systems
2) By Mode of Automation: Semi-Automatic Systems, Fully-Automatic Systems
3) By End User: Inpatient Pharmacies, Outpatient Pharmacies, Retail Pharmacies, Pharmacy Benefit Management Organizations and Mail-Order Pharmacies
Major companies operating in the pharmacy automation systems market are adopting robotic pharmacies to improve efficiency, reduce errors, and enhance patient safety. Robotic pharmacies are a type of pharmacy automation system that utilizes robots to manage and dispense medications. For instance, in December 2021, Innovation Associates, a US-based pharmacy automation company, launched SmartPod, a next-generation robot for central-fill pharmacy environments. SmartPod is a breakthrough autofill unit with built-in modularity, allowing pharmacy providers to adjust and scale their centralized fulfillment solutions to meet demand. It is a modular robotic prescription filling pod that leverages the 4L canister, allowing the system to increase volumetric capacity.
The pharmacy automation systems market report table of contents includes:
1. Executive Summary
2. Pharmacy Automation Systems Market Characteristics
3. Pharmacy Automation Systems Market Trends And Strategies
4. Pharmacy Automation Systems Market – Macro Economic Scenario
5. Global Pharmacy Automation Systems Market Size and Growth
……
32. Global Pharmacy Automation Systems Market Competitive Benchmarking
33. Global Pharmacy Automation Systems Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Pharmacy Automation Systems Market
35. Pharmacy Automation Systems Market Future Outlook and Potential Analysis
36. Appendix
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