The global pharmacy automation market size is expected to grow from USD 5.12 billion in 2021 to USD 7.71 billion by 2027 at a CAGR of 7.0%.
Market growth is driven mainly by the growth of automated focus to reduce labor costs, as well as an increase in specialized drug distribution. In addition, pharmaceutical companies are switching to new opportunities by expanding their presence in the entire emerging economy. However, the high cost of using flexible pharmacy systems and strict regulations that delay product launches could hinder the growth of this market.
Medication errors and drug withdrawal errors are considered to be the leading causes of hospital re-education worldwide. Poor communication between doctors and pharmacists, dangerous pharmacy practices, and confusion from the same labels and prescriptions during drug preparation or drug withdrawal, or drug administration are other important factors that cause drug errors. Automated systems are considered one of the most effective solutions to reduce these errors. In the past, the successful implementation of automatic dispensing cabinets (ADCs) and flexible adapters (ADMs) in hospitals has led to a dramatic decline in the number of discharge and medication errors in hospitals.
Despite their advantages, few health professionals and providers are reluctant to adopt or accept IT-based approaches to pharmacy management. This is especially so when cultural barriers are involved, especially in developing countries. Therefore, many pharmacists do not seek help and are reluctant to use flexible pharmacy systems as part of their export program. Although the benefits of automated pharmacy systems are many and widespread adoption of technology confirms this, to date, only major pharmacies, and hospitals that can justify investment returns (ROIs) have been achieved by incorporating these automated systems.
Emerging economies are expected to be the driving force behind the automation market of pharmaceutical automation. Developing countries have a high rate of aging. According to a UN report on World Population Aging (2019), East and Southeast Asia are expected to double the number of young people, with the number of people aged 65 and over expected to increase from 260.6 million in 2019 to nearly about 572.5 million by 2050. This trend is expected to increase the number of patients in several Asian countries and further the need for quality patient care and medication. As a result, the demand for flexible pharmacy programs in several Asian countries is expected to grow in the coming years.
Based on products, the pharmacy automation market is segmented into automated medication dispensing and storage systems, automated packaging and labeling systems, automated tabletop counters, automated medication compounding systems, and other pharmacy automation systems. The pharmacy packaging and labeling system segment is expected to record the highest growth during the forecast period. This is due to the need to improve the accuracy of production and production and reduce the overall cost of the process by helping its users avoid such confusion by providing all medicines with clear labels and distinct appearance.
North America had the largest share of the pharmacy automation market in 2021. However, the pharmacy automation market in the Asia Pacific is expected to record the highest growth during the forecast period. This is due to the growing demand for healthcare technology solutions and the growing number of companies establishing production units in Asia Pacific countries.
The major players operating in the global pharmacy automation market are Becton, Dickinson and Company (US), Baxter International Inc. (US), Omnicell, Inc. (US), Capsa Healthcare (US), Cerner Corporation (US), KUKA AG (Swisslog Healthcare) (Germany), Parata Systems, LLC (US), Yuyama Co., Ltd. (Japan), ARxIUM Inc. (US), RxSafe, LLC (US), and ScriptPro LLC (US).