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/EIN News/ -- Chicago, July 19, 2022 (GLOBE NEWSWIRE) -- Pharmacy Automation Market is projected to reach USD 8.2 billion by 2027 from USD 5.6 billion in 2022, at a CAGR of 7.9% during the forecast period according to a new report by MarketsandMarkets™. The Growth in the market is mainly driven by the rapid decentralization of pharmacies, the rising geriatric population leading to increased adoption of automated dispensing systems, and the growing focus on automation to reduce labor costs. Emerging economies will be the key areas of opportunity for players seeking to expand their presence in the market. However, the stringent regulations that delay product launches can inhibit the growth of this market.
Browse in-depth TOC on “Pharmacy Automation Market” 218 – Tables 43 – Figures 247 – Pages
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Based on product, 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. In 2021, the automated medication dispensing and storage systems segment accounted for the largest share of this market, primarily due to the growing need to manage increasing workloads and improve medication availability.
Based on applications/operations, the automated medication dispensing and storage systems market is segmented into centralized and decentralized pharmacies. Centralized pharmacies accounted for the largest share of the global automated medication dispensing and storage systems market in 2021. This can be attributed to the high adoption of centralized models for end-to-end medication dispensing that distribute most medications from a single location, leading to reduced inventory costs, streamlinedworkflows, improved efficiency, and reduced expensesin hospitals, pharmacies, and nursing units.
Based on end users, the pharmacy automation market is segmented into inpatient pharmacies, outpatient pharmacies, retail pharmacies, and pharmacy benefit management organizations and mail-order pharmacies. In 2021, inpatient pharmacies accounted for the largest share of this market. This is due to the increasing use of automated medication dispensing systems across hospital inpatient pharmacies. Automated medication dispensing systems dispense medications faster as compared to the manual method. These systems also allow recording of patient data and medication inventory details, thereby reducing medication dispensing errors across inpatient pharmacies.
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North America accounted for the largest share of the pharmacy automation market in 2021. Factors such as the growing healthcare infrastructure in US, increasing adoption of advanced technology solutions in healthcare facilities, and the presence of top pharmacy automation system manufacturers in the US are expected to contribute to the growth of the pharmacy automations market in North America.
The pharmacy automation market is consolidated at the top with a large number of leading market players based in developed countries.
Key Players operating in Pharmacy Automation Market include:
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