Pharmacy Automation Systems Market Size to Witness a CAGR Growth of 6.2% by 2026
According to a recent market report published by Future Market Insights titled “Pharmacy Automation Systems Market – Global Industry Analysis and Opportunity Assessment, 2016–2026,” the global Pharmacy Automation Systems market was valued at US$ 3,344.7 Mn in 2016, and is expected to register a CAGR of 6.2% from 2016 to 2026.
Pharmacy Automation Systems are increasingly being installed by various end-users such as hospital pharmacies, clinic pharmacies, retail pharmacies, mail order pharmacies and pharmaceutical SMEs. There is an increase in the usage of Pharmacy Automation Systems in hospital pharmacies due to an increase in the demand for medication dispensing cabinets to provide formulary across health system to support nurses and pharmacists to manage the medication dispensing and administration. Moreover, there is a rise in the usage of Pharmacy Automation Systems in the clinic pharmacies, retail pharmacies, mail order pharmacies, and pharmaceutical SMEs.
There is an increasing inclination of pharmacists for automation systems as it automates time-consuming and routine tasks such as medication compounding, packaging, dispensing, storage and retrieval, etc. Also, these automation solutions streamline pharmacy workflow and also reduce risk of errors, which enables physicians to focus on direct patient-care activities. The system streamlines the outpatient and inpatient drug dispensing process by ensuring the appropriate drug reaches the right patient at the right time. Therefore, increasing number of pharmacists opt for pharmacy automation systems to eliminate the risk of errors which otherwise are caused due to manual compounding and dispensing of medications. This, in turn is anticipated to drive the revenue growth of pharmacy automation systems market in the near future.
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Pharmacy automation systems comprises automated cabinets, barcode systems and automated dispensing systems, tablet splitters, etc. that enable pharmacists and healthcare providers to have real-time access to the stock along with proper inventory management.
Also, pharmacy automation systems provide enhanced safety to patients requiring medications. Automation in pharmacy also reduces number of staff required to manage and control pharmacy operations that in turn reduces labor cost. Increasing awareness about these benefits of pharmacy automation technologies is expected to fuel the demand for pharmacy automation systems in the near future.
However, the higher cost of automated dispensing systems, vial filling robots, tablet counting machines is a major factor hampering its adoption of pharmacy automation systems across resource poor countries. Typical vial-filling robots will automate approximately 45% of daily retail pharmacy prescription volume at an initial installation cost of approximately US$ 200,000. Moreover, the higher maintenance costs associated with these systems installation along with exorbitant pricing for training and development program for end users impede the practical implementation of pharmacy automation systems. Thus, decreased adoption of pharmacy automation systems in small retail pharmacies, has led to decrease in market growth.
The global pharmacy automation systems market is categorized on the basis of product type, the pharmacy automation system market is segmented into medication dispensing cabinets, packaging and labelling systems, IV pharmacy (automated drug compounding), robotic dispensing systems, carousal storage systems and tablet splitters. In terms of revenue share, medication dispensing cabinets (ADC) dominated the global pharmacy automation systems market in 2016 and is expected to retain its dominance throughout the forecast period.
On the basis of application, the Pharmacy Automation Systems market is segmented into drug dispensing & packaging, drug storage and inventory management. In terms of revenue share, drug dispensing and packaging dominated the global pharmacy automation systems market in 2016 and is expected to do so throughout the forecast period. The inventory management application segment is anticipated to expand at the fastest CAGR during the forecast period.
On the basis of end-use industry, the global pharmacy automation system market is segmented into hospital pharmacies, clinic pharmacies, retail pharmacies, mail order pharmacies and pharmaceutical SMEs. Hospital pharmacies currently account for the highest revenue in the pharmacy automation systems market due to increasing usage of pharmacy automation systems in hospitals in developed countries.
This pharmacy automation systems market report also covers trends that drive each segment and offers analysis & insights regarding the potential of the pharmacy automation systems market in regions such as North America, Latin America, Western Europe, Eastern Europe, APEJ, Japan, and Middle East & Africa. Among these regions, the APEJ pharmacy automation systems market is projected to exhibit relatively high growth in the global pharmacy automation systems market with a CAGR of 8.2% during the forecast period. Revenue from the pharmacy automation systems market in North America is estimated to account for over 62.3% of the global pharmacy automation systems market revenue in 2016. The pharmacy automation systems manufacturers and technology providers can focus on expanding across several countries in APEJ such as India and China.
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Some of the key competitors in the pharmacy automation systems market are AmerisourceBergen Corporation, Baxter International Inc., Swisslog Holdings AG, Care Fusion Corporation, Cerner Corporation, Kirby Lester LLC, Talyst, LLC., Omnicell Inc., and ScriptPro LLC Corporation; Inc. These key players are constantly focusing on product innovation and geographical expansions to sustain their market presence and increase revenue generation by developing various types of solutions and delivering outstanding offerings to several end-users.