by Market Overview:
The global Pharmacy Automation Market is estimated to be valued at US$ 3,601.4 million in 2017 and is projected to reach US$ 8.1 billion by 2026, exhibiting a CAGR of 8.1% during the forecast period. Pharmacy automation involves the use of automated technology for medication dispensing, prescription filling, inventory management, and other pharmacy processes. This technology offers various advantages, such as increased efficiency in medication management, reduced medication errors, improved patient safety, and enhanced workflow in pharmacies. The need for pharmacy automation arises from the growing demand for efficient and error-free medication management systems, especially in hospitals, retail pharmacies, and clinics.
Market Key Trends:
One of the key trends in the pharmacy automation market is the increasing adoption of robotic systems. Robotic systems are being extensively used in pharmacies to automate various tasks, such as medication dispensing, prescription filling, and inventory management. These systems offer numerous benefits, including improved accuracy, reduced labor costs, enhanced productivity, and minimized medication errors. The integration of robotics technology with pharmacy automation solutions is allowing pharmacies to streamline their operations and provide better patient care. Moreover, these systems are equipped with advanced features like artificial intelligence and machine learning, which further optimize medication management processes. The rising demand for robotics-based pharmacy automation systems is expected to drive the market growth during the forecast period.
Segment Analysis:
One segment of the pharmacy automation market is the medication dispensing systems segment, which is expected to dominate the market during the forecast period. Medication dispensing systems play a crucial role in automating the process of medication dispensing, reducing the chances of errors and improving efficiency in healthcare settings. These systems offer benefits such as accurate medication dosing, improved medication tracking, and reduced waiting times for patients.
Within the medication dispensing systems segment, the automated medication dispensing cabinets sub-segment is expected to dominate. These cabinets offer secure storage and dispensing of medications, ensuring that the right medication is given to the right patient at the right time. They are widely used in hospitals, clinics, and long-term care facilities. The dominance of this sub-segment can be attributed to the increasing adoption of these systems in healthcare facilities to enhance patient safety and minimize medication errors.
Key Takeaways:
The global Pharmacy Automation Market is expected to witness high growth, exhibiting a CAGR of 8.1% over the forecast period. This growth can be attributed to the increasing need for medication error reduction, rising healthcare expenditure, and advancements in technology. The market is projected to reach US$ 3,601.4 million in 2017.
In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the pharmacy automation market. This can be attributed to the presence of well-established healthcare infrastructure, increasing adoption of advanced healthcare technologies, and favorable government initiatives promoting the adoption of pharmacy automation systems.
Key players operating in the pharmacy automation market include Becton, Dickinson and Company, McKesson Corporation, Yuyama Co., Ltd., Omnicell, Inc., ScriptPro LLC, Cerner Corporation, Capsa Healthcare, Baxter International, Inc., KUKA AG, TCGRx Pharmacy Workflow Solutions, RxSafe, LLC, ARxIUM Inc., Swisslog Holdings AG, and Talyst systems LLC. These key players are focused on strategic collaborations, product launches, and technological advancements to strengthen their market presence and cater to the growing demand for pharmacy automation solutions.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
