The “Pharmacy Automation Market is expected to grow at a CAGR of 10% during the forecast period of 2023 to 2030. Automating tasks to reduce labour costs and distributing more specialised medications are boosting market growth. Pharmacy automation companies are expanding into emerging markets to find new businesses. High expenses connected with adopting pharmacy automation technology and strict regulations may hinder industry growth. Pharmacy automation, analytics, and software are transforming the retail pharmacy industry worldwide. Automation has increased the sector's profitability and efficiency. Because of automation, less medication is wasted, reducing the cost of each dose. It's also easier for pharmacists to govern workflow, allowing them to prioritise customer happiness. Pharmaceutical spending has skyrocketed in recent years (prescription and over-the-counter treatments).
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Pharmacists in industrialised nations are improving medicine safety and effectiveness. Intensive care units may benefit from optimising pharmaceutical distribution with ADS. Automated equipment in pharmacies handles monotonous activities like compounding, dispensing, labelling, and packing drugs, so pharmacists can focus on patient care. The growing rivalry between hospitals and retail pharmacies to provide improved patient care will boost the pharmacy automation systems market over the projected period. Pharmacists and nurses now have access to innovative pharmaceutical automation technologies. These systems automate pharmaceutical delivery, packing, labelling, compounding, inventory tracking, storage, retrieval, and other tasks. Connecting electronic medical data with drug and dispensing cabinets and pharmacy robots has enhanced hospital and retail pharmacy efficacy. Interfacing with various software and increased pharmacy automation is expected to boost market expansion over the research period.
Medication errors and incorrect drug administration endanger patients. These errors cause hospital-avoidable deaths. The study found that 98,000 people die from preventable medical errors in hospitals. This is more than AIDS, breast cancer, and car accidents combined. Medication errors kill more people than work-related accidents. As a result, governments are boosting the use of automation in hospitals and pharmacies to prevent drug-related errors. As a result, pharmacy automation systems are growing. Poor order communication between physicians and pharmacists, unsafe pharmacy storage procedures, and identical labels and prescriptions all contribute to medication errors. Automated methods are considered effective for decreasing these errors. The adoption of ADCs and ADMs in hospitals has reduced medication distribution and dispensing errors.
Despite the benefits, some healthcare professionals are hesitant to adopt IT-based pharmacy administration. This is especially true in young, developing economies with cultural obstacles. Automated pharmacy systems offer enormous benefits, but until recently, only major pharmacies and hospitals could justify the return on investment (ROI) from deploying them. The broad usage of automated pharmacy systems proves this.
Developing nations could drive the pharmacy automation industry's growth. In undeveloped countries, there are many elderly. According to the 2019 UN report on World Population Ageing, Eastern and Southeastern Asia's elderly population will double. The 65-and-over population will grow from 260.6 million in 2019 to 572.5 million by 2050. The current number of geriatrics is 260.6 million. This demographic trend is expected to increase the number of patients in many Asian countries, boosting the demand for high-quality patient care and effective pharmaceutical distribution. As a result, the need for pharmacy automation systems is expected to grow in Asian countries during the next few years.
The level of examination for regulatory clearance depends on the device's category and region. Several state boards of pharmacies, which regulate the practice of pharmacy and licence pharmacists, have various standards for ADDs in healthcare settings. Automated pharmacy systems must comply with a number of standards, which might delay product launches.
The Automation Medication Dispensing Systems segment led the market in 2021 and is predicted to continue through 2030. The substantial proportion can be attributed to the accuracy and safety of these systems in dispensing drugs, resulting in fewer patients obtaining the wrong medication. It helps with inventory management, which cuts expenses, and storage space management, which manages costs. Patients with erroneous prescriptions risk their health and the provider's finances. According to StatPearls, almost 9,000 individuals die each year from prescription errors, and medication errors cost more than 40 billion USD yearly in patient management. Automated pharmaceutical compounding systems should have the highest CAGR during the predicted period. Even with a careful hand compounding method, faults might affect the drugs. This is especially true for mass-produced drugs. Using an automated compounding system reduces or eliminates mixing errors. The process is performed in an aseptic chamber, which eliminates contamination and contamination sources. These factors are market drivers.
The retail pharmacy sector dominated the global industry's end-use market. The division contributed 52.5% of revenue in 2021. This is due to more retail pharmacies opening in different countries. Automating laborious processes in retail pharmacies saves money on multiple fronts. According to the OECD library, the number of pharmacies in all OECD companies has risen. Japan maintained the world's greatest population density from 2000 to 2019. 75% of Canadian pharmacists worked in retail or community pharmacies in 2019, against 25% in healthcare. This 2018 statistic. Hospital pharmacy has the industry's fastest growth. In clinical and hospital settings, there is a greater emphasis on reducing drug errors. Automation helps control workflow more effectively than humans. Managing hospital pharmacies' inventories reduces wasted medication. These factors fuelled the segment's quick growth.
North America contributed 55% of revenue in 2021. A highly developed healthcare system, advances in patient management, and hospital management systems have contributed to the region's growth. The COVID-19 epidemic has been a major growth driver in recent years, leading several technology companies to say pharmacy automation is the future. Big pharmacy chains and high patient numbers have also driven regional market growth. Reducing unneeded medication and overall spending has also driven this region's growth. FDA reports over 100,000 probable pharmaceutical mistakes each year in the U.S. Johns Hopkins University estimated that more than 250,000 Americans die each year from prescription errors. It's one of the leading causes of death nationwide. Prescription and distribution errors account for most pharmaceutical mishaps. Automated medicine dispensing systems and cabinets are popular in North America because they increase inventory management, drug traceability, and dispensing speed. They reduce dispensing errors.
Asia-Pacific should have the highest CAGR during the projection period. Increasing numbers of elderly persons with chronic conditions are driving this growth. Medication expenses, pharmaceutical errors, and workflow management in hospital pharmacies and stand-alone units all contributed to the region's growth. This region offers great growth potential due to the unmet need for sophisticated healthcare and management solutions. These necessities have driven the region's population growth. Business Standard Private Ltd. reported in May 2019 that India rated higher than Singapore in automation. 69% of Singaporeans and 76% of Indians are eager to try new technologies and work methods to be more efficient or productive.
The market is moderately competitive and fragmented. Market participants emphasise new product development and competitive pricing, especially in developing countries. Top players emphasise product development and innovation to boost brand recognition and income. Key market participants are involved in the acquisitions of smaller players and are initiating strategic agreements with hospitals or pharmacies and software firms. Becton, Dickinson, and Company from the U.S., Omnicell, Inc. from the U.S., KUKA AG (Swisslog Healthcare) from Germany, Baxter International Inc. from the U.S., Capsa Healthcare from the U.S., Cerner Corporation from the U.S., Yuyama Co., Ltd. from Japan, ARxIUM Inc. from the U.S., Parata Systems, LLC from the U.S (US) and others are some of the key market players dominating the market.
