Insights on the Pharmacy Automation Global Market to 2030 - Increasing Emphasis on Automating Tasks in Order to Cut Down on the Cost of Labor is Driving Growth

News provided by

Nov 29, 2022, 15:45 ET

DUBLIN, Nov. 29, 2022 /PRNewswire/ -- The "Pharmacy Automation Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2022 To 2030" report has been added to ResearchAndMarkets.com's offering.

The market for pharmacy automation is expected to grow at a CAGR of 10% during the forecast period of 2022 to 2030.

The primary factors driving expansion in the market are an increasing emphasis on automating tasks in order to cut down on the cost of labor and an increase in the dispensing of specialty drugs.

Additionally, organizations that specialize in pharmacy automation are looking for new business prospects by increasing their presence in emerging markets.

However, the expansion of this industry may be hampered by the high costs associated with deploying pharmacy automation systems as well as by rigorous regulations that cause delays in product introductions. The retail pharmacy industry all over the world is undergoing significant transformation as a result of the introduction of pharmacy automation technologies, analytics, and software.

Not only has the sector been more profitable as a result of automation, but it has also become significantly more efficient as a result of automation. Because of the automation, there has been a discernible reduction in the amount of medication that is thrown away; as a result, the cost of each dose has fallen. It has also made it easier for pharmacists to control workflow, allowing them to place a greater emphasis on the satisfaction of their customers. In recent years, there has been a meteoric rise in the annual expenditure on pharmaceuticals (prescription and over-the-counter treatments).

Increased Focus on Improvising Quality Care

Pharmacists in industrialized nations are putting into practice new ways that will improve the drug procedure in terms of both its safety and its effectiveness. It's possible that optimizing medicine distribution with the use of automated drug dispensing systems (ADS) could be beneficial in a variety of hospital departments, including intensive care units. Because the mundane tasks of compounding, dispensing, labeling, and packaging the pharmaceuticals are taken care of by automated equipment in pharmacies, pharmacists are now able to devote more of their time to providing high-quality care to individual patients.

Significant Role in Elimination of the Drug Errors

Errors in medication and inaccuracies in the way drugs are administered pose significant dangers to patients. These errors lead to the causation of deaths that may have been avoided in a hospital setting. According to the findings of the study, around 98,000 people lose their lives in hospitals due to preventable medical errors.

This amount is greater than the total number of deaths that have been attributed to AIDS, breast cancer, and automobile accidents combined. Medication errors claim the lives of more persons on an annual basis than work-related injuries. As a direct result of this, the governments of various nations are increasing the use of automation in pharmaceutical tools in hospitals and pharmacies in an effort to reduce the number of drug-related errors.

Need for High Capital Investment Limits the Market Expansion

A number of professionals and providers in the healthcare industry are hesitant to adopt or accept IT-based approaches to pharmacy administration, despite the benefits that these techniques offer. This is especially clear when cultural barriers are present, especially in developing economies where the economy is still relatively young.

As a consequence of this, many pharmacists do not want assistance and are hesitant to include pharmacy automation technologies into their normal dispensing routine. The widespread adoption of technology demonstrates that automated pharmacy systems offer significant benefits; however, up until recently, only large-volume pharmacies and hospitals were able to justify the returns on investment (ROI) obtained from installing these automated systems. Despite the fact that automated pharmacy systems offer significant benefits, the widespread adoption of technology continues to verify this.

Developing Nation to Present Immense Opportunities During the Forecast Period

It is anticipated that developing nations would become the driving force behind the expansion of the pharmacy automation industry. The percentage of elderly people living in developing countries is typically quite high. According to the UN report on World Population Ageing (2019), Eastern and Southeastern Asia are expected to experience a two-fold increase in the number of geriatric individuals.

The population aged 65 years or over is projected to increase from 260.6 million in 2019 to nearly 572.5 million by 2050. This represents a significant increase from the current number of geriatric individuals, which is only 260.6 million. It is anticipated that this demographic shift would result in an increase in the number of patients in numerous Asian countries, which will in turn boost the demand for high-quality patient care and the effective distribution of medications. As a direct consequence of this, it is anticipated that the need for pharmacy automation systems would expand in a number of Asian nations over the course of the next few years.

Stringent Regulatory Norms to Challenge the Market Growth

The level of scrutiny that is applied throughout the regulatory clearance process is contingent on the category that a certain medical device falls into; in addition, the level of scrutiny can differ from one region to another. When it comes to the use of automated dispensing devices (ADDs) in healthcare settings, a number of state boards of pharmacies, which are state agencies responsible for the control and regulation of the practice of a pharmacy and the licensing of pharmacists in the state, have different requirements.

Therefore, makers of automated systems for pharmacies are required to comply with a variety of standards; guaranteeing such compliance is a time-consuming operation that can cause delays in the launch of new products.

Key Questions Answered in this Report

What are the key micro and macro environmental factors that are impacting the growth of Pharmacy Automation market?
What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
Estimated forecast and market projections up to 2030.
Which segment accounts for the fastest CAGR during the forecast period?
Which market segment holds a larger market share and why?
Are low and middle-income economies investing in the Pharmacy Automation market?
Which is the largest regional market for Pharmacy Automation market?
What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
Which are the key trends driving Pharmacy Automation market growth?
Who are the key competitors and what are their key strategies to enhance their market presence in the Pharmacy Automation market worldwide?

Key Topics Covered:

1. Preface

2. Executive Summary

3. Pharmacy Automation Market: Business Outlook & Market Dynamics
3.1. Introduction
3.2. Global Pharmacy Automation Market Value, 2020 - 2030, (US$ Million)
3.3. Market Dynamics
3.3.1. Market Drivers
3.3.2. Market Restraints
3.3.3. Key Challenges
3.3.4. Key Opportunities
3.4. Impact Analysis of Drivers and Restraints
3.5. See-Saw Analysis
3.6. Porter's Five Force Model
3.7. PESTEL Analysis

4. Pharmacy Automation Market: By Product Type, 2020-2030, USD (Million)
4.1. Market Overview
4.2. Growth & Revenue Analysis: 2021 Versus 2030
4.3. Market Segmentation
4.3.1. Automated Medication Dispensing and Storage Systems
4.3.1.1. Automated Medication Dispensing and Storage Systems, by Type
4.3.1.1.1. Robots/Robotic Automated Dispensing Systems
4.3.1.1.2. Carousels
4.3.1.1.3. Automated Dispensing Cabinets
4.3.1.2. Automated Medication Dispensing and Storage Systems, By Application/Operation
4.3.1.2.1. Centralized Pharmacies
4.3.1.2.2. Decentralized Pharmacies
4.3.2. Automated Packaging and Labelling Systems
4.3.3. Automated Tabletop Counters
4.3.4. Automated Medication Compounding Systems
4.3.5. Other Pharmacy Automation Systems

5. Pharmacy Automation Market: By End Use, 2020-2030, USD (Million)
5.1. Market Overview
5.2. Growth & Revenue Analysis: 2021 Versus 2030
5.3. Market Segmentation
5.3.1. Inpatient Pharmacies
5.3.1.1. Acute Care Systems
5.3.1.2. Long-Term Care Facilities
5.3.2. Outpatient Pharmacies
5.3.2.1. Outpatient/Fast-Track Clinics
5.3.2.2. Hospital Retail Settings
5.3.3. Retail Pharmacies
5.3.4. Pharmacy Benefit Management Organizations and Mail-Order Pharmacies

6. North America Pharmacy Automation Market, 2020-2030, USD (Million)

7. UK and European Union Pharmacy Automation Market, 2020-2030, USD (Million)

8. Asia Pacific Pharmacy Automation Market, 2020-2030, USD (Million)

9. Latin America Pharmacy Automation Market, 2020-2030, USD (Million)

10. Middle East and Africa Pharmacy Automation Market, 2020-2030, USD (Million)

11. Company Profile
11.1. Amerisource Bergen Corporation
11.1.1. Company Overview
11.1.2. Financial Performance
11.1.3. Product Portfolio
11.1.4. Strategic Initiatives
11.2. Baxter International Inc
11.2.1. Company Overview
11.2.2. Financial Performance
11.2.3. Product Portfolio
11.2.4. Strategic Initiatives
11.3. CareFusion Corporation
11.3.1. Company Overview
11.3.2. Financial Performance
11.3.3. Product Portfolio
11.3.4. Strategic Initiatives
11.4. Cerner Corporation
11.4.1. Company Overview
11.4.2. Financial Performance
11.4.3. Product Portfolio
11.4.4. Strategic Initiatives
11.5. Health Robotics SRL
11.5.1. Company Overview
11.5.2. Financial Performance
11.5.3. Product Portfolio
11.5.4. Strategic Initiatives
11.6. McKesson Corporation
11.6.1. Company Overview
11.6.2. Financial Performance
11.6.3. Product Portfolio
11.6.4. Strategic Initiatives
11.7. Kirby Lester
11.7.1. Company Overview
11.7.2. Financial Performance
11.7.3. Product Portfolio
11.7.4. Strategic Initiatives
11.8. ScriptPro LLC
11.8.1. Company Overview
11.8.2. Financial Performance
11.8.3. Product Portfolio
11.8.4. Strategic Initiatives
11.9. Yuyama Co., Ltd
11.9.1. Company Overview
11.9.2. Financial Performance
11.9.3. Product Portfolio
11.9.4. Strategic Initiatives
11.10. Talyst Inc
11.10.1. Company Overview
11.10.2. Financial Performance
11.10.3. Product Portfolio
11.10.4. Strategic Initiatives
11.11. Swisslog Holding Ltd
11.11.1. Company Overview
11.11.2. Financial Performance
11.11.3. Product Portfolio
11.11.4. Strategic Initiatives

For more information about this report visit https://www.researchandmarkets.com/r/dr42tr

Media Contact:

Research and Markets
Laura Wood, Senior Manager
[email protected]

For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg

SOURCE Research and Markets