Pharmacy Automation Market By Product (Automated Medication Dispensing, Automated Packaging & Labeling, Storage & Retrieval Systems, Automated Compounding Systems, Table-Top Counter), By End Use (Hospital Pharmacy Automation, Retail Pharmacy Automation) - Growth, Share, Opportunities & Competitive Analysis, 2018 - 2028

The pharmacy automation market is expected to see a significant growth throughout the forecast period 2021– 2028. The pharmacy automation industry includes integration of intelligent software and industry scale machinery to improve the efficiency of retail as well as hospital pharmacies. The demand for pharmacy automation solutions is growing steadily with rising pressure to reduce medication errors and stringent government regulations across the world. In addition, rising awareness about the benefits of pharmacy automation solutions is also driving the demand these solutions with rising number of patient visits per day. This represents a positive outlook for solutions providers across the value chain of pharmacy automation industry.

This report includes in-depth information of factors affecting the growth of global pharmacy automation market. The study highlights market drivers and restraints which helps industry players to formulate their growth strategies. The report also includes product, technology and demand supply trends in all regions covered in the scope of study. The study also includes high level analysis such as value chain analysis, market attractive analysis and competitive analysis of pharmacy automation industry.

The study includes market estimates and forecast for the period 2020-2028. This includes historical market size (US$ Bn) of the market (2020 and 2021), market estimate for 2018 and forecast for the period 2022 – 2028. The report includes market estimate and trends for different pharmacy automation solutions and for its application segments. The study covers pharmacy automation market in North America, Europe, Asia Pacific, Middle East, South America and Africa. Moreover, report also includes market estimates and forecast of the pharmacy automation market in major countries.

The report profiles major players in the global pharmacy automation industry. These profiles include product portfolio, financial overview, recent developments and business strategies. The report also includes competitive positioning of key players in the global 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.

We have segmented global pharmacy automation market into four regions i.e. North America, Europe, Asia-Pacific and Rest of the World (RoW). Rest of the world region includes South America, Middle East and Africa. North America is the largest regional market for pharmacy automation and accounted for more 55.0% of revenue share in the global market. This is particularly due to high installation rate of automated solutions at healthcare facilities and stringent government regulations to improve patient safety. 

Presence of large size of healthcare organization and retail pharmacy chains as well as rising need to improve the productivity of workforce in complex environments and reduce medication errors are supporting the growth of pharmacy automation solutions in North America. In addition, stringent drugs compounding regulations and drugs packaging and labeling regulations to inform patients about medications are also expected to spur the demand for packaging and compounding solutions. 

North America is expected to see slowest growth compared to other regions due to market maturity. In Europe, most of the hospitals are publicly owned and pharmacies in all public as well as private hospitals are equipped with advanced facilities. Medication dispensing system is more centralized compared to dispensing systems used in North America. Asia Pacific is the price sensitive market and pharmacists in these regions invest in low cost solutions. However, the pharmacy automation market is expected to see the fastest growth through the forecast period with rising expansion of multinational pharmacy chains particularly in India and China.