Market growth can be attributed to the growing need to minimize medication errors, rapid decentralization of pharmacies, rising geriatric population and rising labor cost. On the other hand, reluctance among the healthcare organizations to adopt pharmacy automation systems is expected to restrain the overall market growth to a certain extent during the forecast period. The base year considered for the study is 2017, and the forecast has been provided for the period between 2018 and 2023.
According to the new market research report “Pharmacy Automation Market by Product (Medication Dispensing System (Robot, Carousel), Packaging & Labeling System (Unit Dose, Multi Dose), Tabletop Counter, Storage System), End User (Inpatient, Outpatient, Retail Pharmacy) – Global Forecast to 2022” , published by MarketsandMarkets™, The overall pharmacy automation market is estimated to grow at a CAGR of 8.2% from 2017 to 2022 to reach USD 5.38 Billion by 2022.
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Market segmented into :
1. Pharmacy automation systems refer to a variety of systems and software designed to increase the productivity of pharmacies and precision of the medication compounding process by reducing human intervention. Automated systems mechanize various procedures in pharmacies, including the storage, packaging, dispensing, pickup, delivery, and distribution of drugs.
2. The market has been segmented on the basis of product, into automated medication dispensing systems, automated packaging and labelling systems, automated table top counters, automated medication compounding systems, automated storage and retrieval systems, and other pharmacy automation systems. The market for automated packaging and labelling systems is expected to grow at the highest CAGR between 2017 and 2022.
3. The pharmacy automation market in APAC is expected to grow at the highest CAGR during the forecast period. APAC is the fastest-growing market for pharmacy automation systems. Increasing healthcare spending and government initiatives to develop HCIT infrastructure has increased the growth of market in this region. On the other hand, with the rapid rise in the number of patients, demand for quality care, and effective upgradation of the Healthcare IT infrastructure is expected to have a positive impact on the demand for pharmacy automation systems market in APAC region.
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Geographical Growth Analysis:
The high costs of implementation of pharmacy automation systems and stringent regulations that delay product launches can inhibit growth of this market. Despite their benefits, a number of healthcare professionals and providers are reluctant to adopt or accept any IT-based approach for pharmacy management. Many pharmacists do not feel the need for assistance and are therefore, reluctant to adopt pharmacy automation systems as part of their dispensing regimen. Moreover, for small hospitals and pharmacies, the cost of implementation is too high.
Some of The Major Players In Anatomic Pathology Market:
Becton, Dickinson, and Company (U.S.), Omnicell, Inc. (U.S.), Cerner Corporation (U.S.), Capsa Healthcare (U.S.), Parata Systems LLC (U.S), Baxter International, Inc. (U.S.), ScriptPro LLC (U.S.), KUKA AG (Germany), TCGRx Pharmacy Workflow Solutions (U.S.), RxSafe, LLC (U.S.), ARxIUM Inc. (U.S.) and Talyst systems LLC. (U.S.).