In terms of revenue, the Global Pharmacy Automation Market is expected to reach USD 7,968.9 Million by 2028, growing at a Compound Annual Growth Rate (CAGR) of 7.20% from 2022 to 2028.
The growing need to minimize medication errors and untapped emerging markets is anticipated to augment the growth of the market during the forecast period.
Key Highlights from Report:
The pharmacy packaging and labeling systems segment held a significant share in 2021. This is attributable to the increase in the pharmacy packing and labeling system segment is anticipated to indicate the highest growth over the forecast period. This is mostly due to the need to improve dispensing accuracy & productivity and lower the overall cost of the process by serving its users to avoid such confusion by supplying all medications with clear labels and distinct appearances.
The in-patient pharmacies segment accounted for the highest share of this market. This is mostly owing to the advantage of faster dispensing of medications within hospital facilities as compared to the traditional manual methods. This can be ascribed to the high adoption of centralized models for bringing to an end medication dispensing in hospitals, pharmacies, and nursing units.
The growing need to minimize medication errors is anticipated to augment the growth of the Pharmacy Automation market in the years to come. Medication errors and dispensing errors are recognized as major causes of hospital readmission covering the globe. The wrong order communication between physicians and pharmacists, dangerous storage practices in pharmacies, and the confusion arising from similar labels and drug prescriptions in the preparation or dispensing of drugs or during drug administration are some key components contributing to medication errors. Automated systems are considered one of the most significant solutions to reduce these errors. As earlier, the successful implementation of Automated Dispensing Cabinets (ADCs) and Automated Dispensing Machines (ADMs) in hospitals shows significant reductions in the number of dispensing and medication errors in hospitals.
Emerging economies are anticipated to become a focal point for growth in the market. Developing countries acquire a high geriatric population. According to the World Population Ageing, it is anticipated to experience a two-fold increase in the number of geriatric individuals, with the population aged 65 years or over projected to increase. This demographic move is anticipated to increase the patient volume in several countries and drive the demand for quality patient care and efficient medication dispensing. As a result, the demand for pharmacy automation systems in several Asian countries is anticipated to increase in the coming years.
North America held the largest shares in 2021. The US held the largest share in North America for the Pharmacy Automation market. This is attributable to the increasing demand for health technology solutions and the growing number of companies setting up manufacturing units in developing countries. Technological advancements in medication management in hospitals and pharmacies are anticipated to propel the demand for the pharmacy automation market due to medication errors.