Pharmacy Automation System Market is Expected to reach US$ 11.21 Billion During 2023 to 2030, North America Garnered the Largest Revenue Share
Allied Market Research has published a study report with the title global Pharmacy Automation System Market generated $5.00 billion in 2020, and is projected to reach $11.21 billion by 2030, registering a CAGR of 8.3% from 2021 to 2030.
The study analyzes the important strategies, drivers, competition, market dynamics, size, and important investment regions.
Pharmacy automation systems may include hardware such as dispensing machines, automated storage and retrieval systems, and packaging machines, as well as software solutions that can help with order processing, tracking inventory levels, and managing patient data.
Key Takeaways:
- The large share of segment is attributed to advantages such as improved medication safety.
- Hospital Pharmacy segement continue to maintain lead in the forecast year.
- North America would exhibit the highest CAGR of 6.9% during 2021-2030.
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The pharmacy automation systems market is divided into product type and end user type. Product type, it is segregated into automated medication dispensing systems, automated storage and retrieval systems, automated labeling systems, tabletop tablet counters, and automated compounding devices. By end user, is the market is classified into retail pharmacy, clinic pharmacy, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA
Under product type, the automated medication dispensing part addressed the largest share of pharmacy automation market in 2020.The gigantic share of the segment is credited to benefits such as prevalent medication security, better inventory load up, and further created storage limit with ideal utilization of room, and conceivable time &cost savings.
- Medication Safety and Error Reduction: Pharmacy automation systems are designed to reduce medication errors and enhance patient safety by automating the dispensing and administration processes. The increasing focus on patient safety has driven the adoption of these systems.
- Increasing Medication Volume: The growing volume of medications being dispensed in healthcare facilities, including hospitals and retail pharmacies, necessitates automation to efficiently manage and dispense medications accurately.
- Labor Shortages: Healthcare facilities often face staffing challenges, including a shortage of pharmacists and pharmacy technicians. Automation systems can help alleviate this shortage by handling routine tasks, allowing pharmacy staff to focus on clinical and patient care services.
- Rising Healthcare Expenditure: The global increase in healthcare spending has provided financial support for advanced technologies like pharmacy automation systems. These systems help healthcare facilities improve efficiency and reduce operational costs.
- Pharmacy Workflow Optimization: Automation systems streamline pharmacy workflows by automating prescription filling, medication dispensing, inventory management, and labeling, leading to improved operational efficiency.
- Automated Medication Dispensing Systems
- Automated Storage And Retrieval Systems
- Automated Packaging And Labeling Systems
- Tabletop Tablet Counters
- Automated Compounding Devices
- Hospital Pharmacy
- Retail Pharmacy
- Others
Geography:
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, UK, Italy, Spain, Rest of Europe)
- Asia-Pacific (Japan, China, Australia, India, South Korea, Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East & Africa)
Key Market Players:
- Rx Safe
- Danaher Corporation
- Becton
- Dickinson And Company
- Capsa
- Baxter International Inc.
- Lonza Group
- Script Pro
- Omnicell Inc.
- Cerner Corporation
- Parata Systems
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Regional Growth Dynamics:
North America dominates the pharmacy automation system market followed by the European region due to increased number of drug prescriptions at pharmacies resulting from growth in aging population.
Key Questions Answered in the Intelligent Study
What is the market size and growth rate of the global and regional market by various segments?
What is the market size and growth rate of the market for selective countries?
Which region or sub-segment is expected to drive the market in the forecast period?
What Factors are estimated to drive and restrain the market growth?
What are the key technological and market trends shaping the market?
What are the key opportunities in the market?
What are the key companies operating in the market?
Which company accounted for the highest market share?
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Market Dynamics and Transformations
Economic Downturn Analysis: Impact of Recession in 2023
Pandemic’s Influence: Impact of Covid-19 Pandemic
Market Evolution: Recent Developments in the Market with Key Players Announcements
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