Pharmacy Automation Market To Reach US$ 9.55 Bn By 2022

According to a new market report published by Credence Research Inc “Pharmacy Automation Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2015 – 2022,” the pharmacy automation market is expected reach US$ 9.55 Bn by 2022, as healthcare providers and retail pharmacies are focusing to reduce incidences of medication errors and adverse drugs effects.  In addition, pharmacists are facing pressure from increasing number patients. Thus, hospital as well as retail pharmacies are installing advanced technologies to reduce medication errors. In addition, retail drug chains across the world are focusing to reduce their operating cost due to rising drug prices and reducing drug reimbursements. Advanced pharmacy automation solutions not only reduce medication errors but also help in inventory management. Automation also reduces number of staff required to manage and control pharmacy operations which reduces cost per employee for healthcare providers. All these benefits are expected spur the demand for pharmacy automation solutions through the forecast period 2016 – 2022.

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The report covers outlook and research for the Pharmacy Automation market on a worldwide and regional level. The research gives noteworthy data of 2015-2017 alongside an outlook from 2018 to 2026 in view of revenue (USD Billion). The examination includes drivers and limitations for the Pharmacy Automation market beside the effect they have on the request over the figure time frame. Furthermore, the report combines the study of possibilities available in the Pharmacy Automation market on a worldwide level.

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Market Overview:

We have considered automated solutions used in hospital and retail pharmacies. Hospital pharmacies accounted for the largest revenue share of 56.5% in the overall market by end use sector. This segment is expected to see a significant growth with rising installation of prescription management and medication management solutions in large and medium size hospitals across the world. These systems are gaining popularity in the U.S., Europe and Asia Pacific with shifting trend towards patient centric pharmacy systems from product centric pharmacy systems. Retail pharmacy segment is expected to be the fastest growing end use segment for pharmacy automation solutions. Retails pharmacists are focusing to cost per prescription in order to reduce their fixed costs. This is increasing the demand for central prescription filling systems (central prescription dispensing systems) from retail segment. Hospitals are looking for hybrid solutions in which provide benefits of both centralized as well as decentralized systems. However, retail pharmacists are installing centralized automation solutions.

The automated medication dispensing systems is the largest product segment in pharmacy automation market by products. Large size medication dispensing systems are gaining popularity in large size hospitals with increasing awareness about their benefits and advancement in technology. Advanced table top counters integrated with packaging and labeling solutions are gaining popularity in retail as well as hospital pharmacies. Automated compounding devices (ACD’s) segment is predicted to witness fastest growth in the next six years with increasing installation of these solutions in laboratories, hospitals, and pharmacists in order to reduce drugs compounding errors.

North America is the matured market for pharmacy automation solutions as most of the hospitals and retails pharmacy stores are already equipped with these solutions. North America accounted for more than half of the revenue share in the global pharmacy automation market. However, considerable growth is expected in this market as hospitals replacing their outdated solutions with advanced technologies to improve efficiency and patients’ safety. Asia Pacific is expected to witness fastest growth with rising number drug chains and growing medical tourism in the region.

The market comprises large number of multinational players such as CareFusion, AmerisourceBergen Corp, Swisslog Holding Ltd, Omnicell, Kirby Lester, McKesson Corporation, ScritPro and Parata system and others.

We have considered following applications of pharmacy automation technologies to estimate the overall market size:

  • Automated Medication Dispensing
  • Automated Packaging & Labeling
  • Storage & Retrieval Systems
  • Automated Compounding Systems
  • Table-top Counters

Automated dispensing solutions consist of drug storage and dispensing cabinets that electronically dispense medications in a controlled fashion. These solutions also keep records of medication use. Large and medium size hospitals are increasingly deploying automated dispensing systems to improve medication distribution process and improve patients’ safety. Automated dispensing solutions accounted for the largest revenue share compared to other types of product categories. The adoption of automated dispensing systems is increasing steadily in Asia Pacific and Middle East with government support to install these solutions and rising medical tourism in these regions. Automated compounding devices (ACD) solutions are expected to see the fastest growth through the forecast period. Automated compounding devices (ACD) solution is commonly used for healthcare providers and pharmacist for the preparation of parenteral nutrition admixtures. Healthcare providers are increasingly installing these solutions in order to reduce adverse drug events and achieve zero medication errors. Continuous advancement in software solutions to provide customized solutions is expected to drive the demand for advanced compounding solutions through the forecast period. Table top tablet counter machines are also expected to see a significant growth with rising demand from small pharmacists. Table top counter systems are gaining popularity in all type of pharmacists due to their low installation cost and small size.

Pharmacy Automation Market

We have automated solutions used in hospital pharmacies and retail pharmacies to estimate the overall market size of this market. Hospital pharmacies provide medication to inpatients and for some outpatients visiting a health care organization. Large sized and mid-sized hospitals and drug chains are increasingly deploying packaging solutions and dispensing units in order to reduce medication errors and improve the efficiency of drugs dispensing process. Large size hospitals (multiple buildings) with sufficient space and funding invest significant amount in advanced pharmacy automation solutions. In North America and Europe almost all large sized hospitals are equipped with advanced technology and integrated solutions. Large and medium size hospitals also invest in automated storage and retrieval solutions. In addition, they also invest in inventory management solutions to reduce the risk of out of stock situation.

In North America almost all hospital pharmacies are equipped with advanced solutions to improve the performance of pharmacy operations. Hospital pharmacy segment accounted for the largest revenue share compared to retail pharmacy segment. Retail pharmacies in developed regions are experiencing high pressure from rising number of customer visits per day due to rapidly growing aging population. Retail pharmacy segment is expected to see the fastest growth as pharmacy stores in developing countries are investing significant amount in advanced solutions to automate their operations and fulfill unmet needs of patient safety.

Pharmacy Automation Market

This report offers extensive research on the worldwide Pharmacy Automation showcase alongside, market trends, market size, drivers, and restraints of the Pharmacy Automation market. This report includes an itemized focused scenario and item pattern of key merchants. To understand the competitive scene in the market, a research of Porter’s five forces model for the market has additionally been incorporated. The study encompasses a market attractiveness analysis, wherein all segments are benchmarked based on their market size, growth rate, and general attractiveness. This report is prepared using data sourced from in-house databases, secondary and primary research team of industry experts.

Key aspects of the study include:

    Pharmacy Automation Market Snapshot

    Classification of Pharmacy Automation Market

    Market Overview: Market drivers, restraints and key trends analysis

    Competitive analysis of the key players operating in the market

    Market size split on the basis of geographies and sub-geographies

    Cross-sectional market size for all segments per sub-geography

    Historical market size for year 2016 with 2017 as the base year

    Forecast period: 2018 to 2026

Key questions answered in the Report

    What is the Current Market Size and Forecast for Pharmacy Automation Market?

    Who are major players in the industry and what are their strategies and developments in the recent years?

    What are the key segments expected to emerge as the most attractive during the forecast period?

    Which is the most lucrative geographic region for Pharmacy Automation market?

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At Credence Research, our researchers and domain experts use a unique blend of primary and secondary research, with validation and iterations at every stage, in order to minimize deviation and present the most detailed analysis of the industry. The research process begins with extensive data mining, using authoritative sources such as trade magazines, technical publications, independent studies along with paid avenues.

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Credence Research is a worldwide market research and counseling firm that serves driving organizations, governments, non-legislative associations, and not-for-benefits. We offer our customers some assistance with making enduring enhancements to their execution and understand their most imperative objectives. Over almost a century, we’ve manufactured a firm extraordinarily prepared to this task.

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