Pharmacy Automation System Market size was around USD 3.6 billion in 2016. It is expected to grow at a CAGR of 8.3% to reach USD 5.36 billion by 2021. Pharmacy automation systems are used for inpatient, patient and outpatient pharmacies for automating the routine task of a pharmacist thereby automating the entire mechanical processes of handling and distributing medications
But these systems also aid in measuring and compounding medications, updating and tracking patient information in databases, and inventory management.
Increase of the global pharmacy automation systems market is primarily driven by increasing adoption and growing demand for automated solutions in pharmacies conjoined with socio-economic factors like rising disease incidences owing to growing ageing population. There is a growing inclination of pharmacists for automation systems since it automates time-consuming and routine tasks like medication compounding, storage, packaging, dispensing, and retrieval,.
Also, these automation solutions streamline pharmacy workflow and also decrease risk of errors, which allows physicians to focus on direct patient-care activities. Secondary growth drivers are product innovations and growing rates of hospitalisations.
Through pharmacy automation systems, hospitals can track and manage drugs, supplies and health information regarding patients, thereby replenishing only the items which are needed. This growing demand for effective and transparent tracking systems is anticipated to drive the revenue for pharmacy automation systems as it accurately record medication expiry dates and physical quantities.But still, cost of implementation and installation of pharmacy automation systems is the primary factor hindering growth of the market over the aforementioned forecast period.
Pharmacy Automation System Market Segmentation by product and end user. By product, the market is categorized into automated table top counters, automated medication compounding systems, automated storage and retrieval systems, automated medication dispensing systems, automated packaging and labelling systems, and other pharmacy automation systems.
The automated medication dispensing systems category is sub-segmented into centralized systems and decentralized systems. The centralized automated dispensing systems category is further categorized into robots/robotic automated dispensing systems and carousels and decentralized automated dispensing systems is further segregated into pharmacy-based systems, ward-based systems and automated unit dose systems.
The automated packaging and labelling systems market is categorized into automated unit-dose system and automated multi-dose system. Moreover, by end users, the market is categorized into pharmacy benefit management organization, inpatient pharmacies, outpatient pharmacies, and mail order pharmacies, and retail pharmacies.
Automated medication dispensing systems commanded the largest share of the pharmacy automation market in 2016. Decentralized automated dispensing system is anticipated to be the fastest growing product category in the automated medication dispensing systems market during the aforementioned forecast period.
This is mainly due to the growing demand for accurate and timely dispensing of a treatment regimen and the need for avoiding dispensing errors related to the type and dosage of commonly prescribed medication. Retail pharmacies is anticipated to be the fastest growing end user category in the pharmacy automation market during the aforementioned forecast period.
Increasing number of retail pharmacies and increasing workload on pharmacists are the primary factors driving the rising adoption of pharmacy automation systems in retail pharmacies.
Pharmacy Automation System Market geographical segmentation by Latin America, North America, Europe, Asia Pacific and Middle East and Africa. In 2016, North America accounted for the largest share of the global pharmacy automation market, largely attributed to the increasing number of drug prescriptions at pharmacies resulting from growth in the aging population.
Furthermore, growth in insurance coverage in the U.S. has increased the burden on the country’s healthcare system, which has highlighted the need for improving efficiency and management of work in North America.
With the rapid rise in the number of patients, demand for quality care, and effective upgradation of the healthcare IT infrastructure is expected to have a positive impact on the demand for pharmacy automation systems market in APAC and Latin America.
Some of the major Pharmacy Automation System Market leaders are Becton, Dickinson, and Company (U.S.), Omnicell, Baxter International, Inc. (U.S.), ScriptPro LLC (U.S.), KUKA AG (Germany), TCGRx Pharmacy Workflow Solutions (U.S.), RxSafe, Inc. (U.S.), Cerner Corporation (U.S.), Capsa Healthcare (U.S.), Parata Systems LLC (U.S), LLC (U.S.), ARxIUM Inc. (U.S.) and Talyst systems LLC. (U.S.).
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