Published Date : 13 Dec 2022
The global pharmacy automation market size was exhibited at USD 6.65 billion in 2022 and it is expected to gain around USD 12.35 billion by 2030 with a noteworthy CAGR of 8.04% during the forecast period 2022 to 2030.
The rising demand for devices that aid in the reduction of drug errors is propelling the global pharmacy automation market forward. Furthermore, the growing elderly population, as well as the increasing usage of automated equipment and novel technologies, are driving the worldwide pharmacy automation market forward. Over the projected period, the global pharmacy automation market will also be driven by increased healthcare expenditure. The worldwide pharmacy automation market is expected to rise as a result of improved unions and procurements, as well as an increase in the number of partnerships between companies to expand product capabilities. The major market participants, particularly those in emerging markets, are concentrating on continuous product development while maintaining competitive pricing.
Pharmacy Automation Market Report Scope
|Market Size In 2022||USD 6.65 Billion|
|Market Size By 2030||USD 12.35 Billion|
|Growth Rate from 2022 to 2030||CAGR of 8.04%|
|Forecast Period||2022 to 2030|
|Segments Covered||By Product, By End Use|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America, Middle East and Africa|
North America is the largest segment of the pharmacy automation market in terms of region. The U.S. is dominating the pharmacy automation market in the North American region. According to the U.S. Food and Drug Administration, more than 100,000 alleged drug mistakes are reported each year in the U.S. Furthermore, according to a Johns Hopkins University research, drug errors result in nearly 250,000 deaths in the U.S. each year. As a result, it is one of the leading causes of death in the U.S., propelling the pharmacy automation market in the North American area. Furthermore, technological advancements are propelling the North American pharmacy automation industry forward.
The Asia-Pacific region is the fastest-growing region in the pharmacy automation market. China holds the highest market share in the Asia-Pacific pharmacy automation market. The growing elderly population and increased healthcare budgets and investments are driving the pharmacy automation market in Asia-Pacific. Furthermore, the growing need to reduce drug errors is propelling the Asia-Pacific pharmacy automation market forward.
Drivers: Growing awareness among pharmacists
While the quantity and sophistication of pharmaceuticals has expanded, the mechanisms for managing them have remained essentially constant for generations, potentially increasing the risk of errors. Furthermore
Restraints: Stringent government regulations
The severity of regulatory approvals varies by device classification and area. As a result, makers of automated systems for pharmacies must comply with a variety of standards, guaranteeing compliance is a time-consuming operation that can delay product launch. As a result, the stringent government regulations are hindering the growth of the global pharmacy automation market over the forecast period.
Opportunities: Growing need to minimize medication errors
Medication and dispensing errors are two of the most common reasons for hospital readmissions around the world. As per the Australian Commission on Safety and Quality in Healthcare, ADS was implemented in a hospital in the UK in 2013 and lowered dispensing mistake rates from 0.64% to 0.28%. As a result, the growing need to minimize medication errors is creating lucrative opportunities for the growth of the global pharmacy automation market.
Challenges: Hesitation for acceptance of pharmacy automation systems
Due to the advantages, some healthcare professionals and providers are hesitant to accept or adopt any information technology-based pharmacy management solution. This is especially true when cultural barriers are present, as well as in emerging nations. Thus, hesitation for accept pharmacy automation systems is the major challenge for the market growth during the projected period.
Key Players in the Report:
By End Use
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