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Saturday, 25 May 2024
Monday, 25 Sep 2023 12:00 am

Pharmacy Automation Systems Market is expected to reach US$ 22,632.12 million by 2030

The global pharmacy automation systems market is projected to grow from USD 11,121.33 million in 2022 to reach USD 22,632.12 million by 2030.

By The Insight Partners

Aging Population to Offer Opportunities to Pharmacy Automation Systems Market

According to our new research study on "Pharmacy Automation Systems Market Forecast to 2030 –Global Analysis – by Type and End User," the market was valued at US$ 11,121.33 million in 2022 and is expected to reach US$ 22,632.12 million by 2030. It is estimated to register a CAGR of 9.3% during 2022–2030.

The aging population is a key factor propelling advancements in the healthcare sector of any country. Thus, the growing aging population is anticipated to serve vital growth opportunities for the pharmacy. According to the United Nations’s World Population Prospects 2022 report, the elderly population is projected to increase from 10% of the total population in 2022 to 16% of the total population by 2050. The rapidly growing aging population indicates that there will be exponential demand for care and medicines. Older people live with one or more chronic medical conditions, such as arthritis, diabetes, Alzheimer’s, or Parkinson’s; the treatments of these conditions require regular refilling of medicines. Also, there is growth in life expectancy worldwide, leading to the need for more digital and automated systems for adult care.

To get free sample copy of the report, along with the TOC, Statistics, and Tables please visit @ https://www.theinsightpartners.com/brochure/TIPRE00030072

The development of automatic medicine dispensers has served beneficially in developed regions. Advanced features such as an LED display, a motor controller, and an alarm system help people with medication reminders. Automated pharmacy systems would help them to keep track of their medicine and stocks better. Further, the implementation of automated pharmacy systems has been proven to trigger medication adherence in adults. With such features, the adoption of automated pharmacy systems is expected to grow in developing countries such as India, South Korea, China, and Japan in the coming years.

The pharmacy automation systems market is segmented as follows:

The pharmacy automation systems market, based on type, is classified into automated medication dispensing systems, automated packaging and labeling systems, automated table-top counters, automated storage and retrieval systems, and other types. In 2022, the automated medication dispensing systems segment held the largest market share; it is expected to register the highest CAGR during 2022–2030. The market for automated medication dispensing systems is further segmented on the basis of product type and operation. The pharmacy automation systems market for automated dispensing systems, by product type, is subsegmented into robotic automated systems, carousels, and automated dispensing cabinets. Based on operation, the market for automated dispensing systems is subsegmented into centralized prescription fulfillment and centralized prescription fulfillment.  

On the basis of end user, the pharmacy automation systems market is segmented into hospital pharmacy, retail pharmacy, and others. The hospital pharmacy segment held the largest market share in 2022, and the same segment is anticipated to register the highest CAGR during 2022–2030. 

Region Analysis – Pharmacy Automation Systems Market

In terms of geography, the global pharmacy automation systems market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. North America held the largest market share in 2022. The market in this region is split into the US, Canada, and Mexico. The growth of the market in the region is attributed to factors such as growing public awareness about automated technologies, and rising strategic moves by governments and pharmacy automation system vendors.

The US is the largest contributor to the pharmacy automation systems market in North America and the world. Market growth in the US is mainly attributed to the rise in medication errors and a surge in demand for pharmaceutical products. According to the study “Medication Errors,” published in StatPearls in June 2020, medication errors result in 7,000–9,000 deaths annually in the US. Thus, healthcare organizations have increased developments in pharmacy automation systems to avoid medication errors. In July 2023, Capsa Healthcare, one of the US-based players, acquired MASS Medical Storage. The acquisition of MASS Medical Storage provided Capsa with expertise in making medical storage and endoscope cabinet drying systems. Additionally, the acquisition would help strengthen Capsa Healthcare’s position in the global market, expanding the reach of its various pharmacy automation systems to end users such as hospitals, clinics, and ambulatory surgical centers.

In 2021, Rx Billing Genie, LP launched the Rx Billing Genie app. The company’s collaboration with the Canadian Pharmacists Association is driving the adoption of the Rx Billing Genie app across the country. Further, in 2022, the Canadian Pharmacists Association announced the Compendium of Pharmaceuticals and Specialties (CPS) will operate completely online. Such strategic decisions will provide impetus for the pharmacy automation systems market growth in Canada in the coming years.

In Mexico, the growing medical tourism, leading to an upsurge in medicine prescriptions, provides vital growth opportunities to the pharmacy automation systems market. With the increasing burden on pharmacies, the frequency of medication errors is also on the in the country. According to data published by Pemex Hospital, in March 2020, 342 patients witnessed complications due to medication errors in Mexico City. Thus, healthcare facility centers are installing pharmacy automation systems to reduce these errors.

McKesson Corp, Becton Dickinson and Company, Capsa Solutions LLC, Omnicell Inc, Oracle Corp, Deenova Srl, ScriptPro LLC, Veradigm LLC, Innovation Associates, YUYAMA Manufacturing Co Ltd, and Swisslog Healthcare AG. are among the leading companies operating in the pharmacy automation systems market.

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