The global pharmacy automation market is projected to reach USD 5.38 billion by 2022 from an estimated USD 3.63 billion in 2017, at a CAGR of 8.2%. Factors such as growing need to minimize medication errors, rapid decentralization of pharmacies, changing population demographics, and rising labor costs are driving the growth of the global pharmacy automation market.
Automated packaging and labeling systems market is projected to grow at highest CAGR in pharmacy automation market during the forecast period. The need to improve dispensing accuracy and productivity, and lower the overall cost of the process are among the major drivers for the automated packaging and labeling systems market.
In 2016, the automated medication dispensing systems segment accounted for the maximum share of the global pharmacy automation market. Within the automated medication dispensing systems market, decentralized automated dispensing systems is the fastest-growing segment during the forecast period, followed by the centralized automated dispensing systems segment. Factors such as reduced turnaround time for orders and deliveries of medications, comprehensive trail for controlled substance auditing, and protection against possible theft are driving the growth of the decentralized automated dispensing systems market. Among centralized automated dispensing systems, robots/robotic automated dispensing systems is the fastest growing segment. Factors such as lower rate of errors, reduced inventory levels, minimized dispensing time, reduced amount of expired and returned medicines, and help in better and efficient restocking of the cabinet are fostering the growth of this market segment.
Among end users, the retail pharmacies segment is expected to grow at the highest CAGR during the forecast period primarily due to the growing volume of prescriptions on a daily basis, growing need to prevent medical errors and thereby reduce the overall healthcare expenditure.
The rising increasing patient population, growing disease burden, growing workload on pharmacies, and the rapidly growing pharmaceutical market are the major factors which are expected to fuel the demand for pharmacy automation systems in the Asia Pacific region and pushing it to be the fastest growing pharmacy automation systems market across the globe. Considering the growth opportunities in this market, many global manufacturers of pharmacy automation systems are investing in emerging Asian countries.