DUBLIN, Jan. 18, 2023 /PRNewswire/ -- The "Pharmacy Automation Market by Applications, by Product, End User, and by Region" report has been added to ResearchAndMarkets.com's offering.
The pharmacy automation market size is estimated to be USD 5,550 million in 2022 and is expected to witness a CAGR of 10.26% during the forecast period 2023-2033.
Globally, the retail pharmacy system is evolving due to the use of pharmacy automation devices, analytics, and software, the sector is now much more profitable because of automation, which has also greatly increased its efficiency, and drug wastage has significantly lowered as a result of automation, which has also resulted in lower costs per dose, and it has made workflow management simple for pharmacists while putting a stronger emphasis on patient satisfaction are factors contributing to the market growth.
However, the expensive initial cost of installing automated systems is expected to hinder growth.
Segmentation
By Applications
On the basis of application, the market is bifurcated into centralized and decentralized pharmacies. In 2022, the centralized accounted for the highest revenue share owing to the widespread use of centralized applications for end-to-end prescription administration in healthcare facilities including nursing homes and pharmacies.
By Product
Based on product, the market is categorized into storage and retrieval systems, packaging and labeling systems, tabletop tablet counters, automated medication compounding systems, and medication dispensing systems. In 2022, the packaging and labeling systems accounted for the highest revenue share due to the necessity to give all medications visible labels and unique looks in order to enable its users to avoid such confusion, increase dispensing accuracy and productivity, and reduce process costs overall.
By End User
Based on end user, the market is segmented into retail pharmacies, inpatient pharmacies, outpatient pharmacies, pharmacy benefit management organizations, and mail-order pharmacies. In 2022, the inpatient pharmacies segment accounted for the largest revenue share owing to the benefit of medication dispensing throughout hospital facilities more quickly than using old manual procedures.
Regional Markets
In 2022, North America region accounted for the highest revenue in the pharmacy automation market and is expected to maintain its dominance during the forecast period. This is attributed to the improvement of patient management, the healthcare system, and hospital management systems, the regional market has been expanding due to the presence of significant pharmacy chains and high patient volumes.
The region's expansion has also been pushed by the need to lower expenses and reduce medication waste, and the COVID-19 epidemic has fueled the expansion of pharmacy automation, according to many technology suppliers, who also believe that technology adoption is the future.
However, during the projected period, Asia Pacific is anticipated to develop at the fastest rate. Some of the key factors influencing the growth of the Asia Pacific market include the growing number of elderly people who need medication for long-term diseases, the necessity to lower drug prices, prevent medication errors, and manage workflow properly in hospital pharmacies and standalone units have all contributed to the regional rise.
Competitor Insights
Some of the key players operating in the pharmacy automation market are ARxIUM Inc. (US), Baxter International Inc. (US), Becton, Dickinson and Company (US), Capsa Healthcare (US), Cerner Corporation (US), KUKA AG (Swisslog Healthcare) (Germany), Omnicell, Inc. (US), Parata Systems, LLC (US), RxSafe, LLC (US), ScriptPro LLC (US), and Yuyama Co., Ltd. (Japan).
For more information about this report visit https://www.researchandmarkets.com/r/wuokgw
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SOURCE Research and Markets
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