Pharmacy Automation Market is Going to Hits $5.38 Billion USD by 2022

Pune, India, 2020-May-19 — /EPR Network/ —

The growth in this market is mainly attributed to factors such as growing need to minimize medication errors, rapid decentralization of pharmacies, rising geriatric population, and rising labor cost.

The global Pharmacy Automation Market is segmented on the basis of product, end users and regions. The study also provides product portfolio assessment which compares offerings of major market players; value chain analysis; market penetration rate in various geographies; market dynamics; industry trends; and business strategy matrix for pharmacy automation market.

MarketsandMarkets forecasts the pharmacy automation market is estimated to grow from USD 3.63 billion in 2017 to USD 5.38 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 8.2% during the forecast period.

Browse 181 market data Tables, 54 Figures, 219 Pages and in-depth TOC on “Pharmacy Automation Market”
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The major factors that are expected to be driving the pharmacy automation market are 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 objective of the report is to define, describe, and forecast the pharmacy automation market size based on product, end user, and region.

In 2016, automated medication dispensing systems accounted for the largest share of the pharmacy automation market. The factors such as improved medication safety, better inventory management, and improved storage capacity with optimal utilization of space, and potential time and cost savings are the major drivers of market growth.

The inpatient pharmacies end user segment accounted for the largest share of pharmacy automation systems market. The increasing need for improved accuracy and efficiency of pharmacy units in hospitals and the growing need to minimize the waiting time in inpatient pharmacies are key market drivers in this end-user segment.

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In 2016, North America accounted for the largest share of the global pharmacy automation market, followed by Europe, Asia-Pacific, and RoW. Growth in the developed markets in North America and Europe is mainly driven by the government regulations and initiatives, high adoption of pharmacy automation and the presence of major companies in this region. Furthermore, growth in insurance coverage in the U.S. has increased the burden on the country’s healthcare system, which has highlighted the need for improving efficiency and management of work in North America. As opposed to the North American and European markets, the demand in the APAC and Latin American markets is primarily driven by the growth in the overall healthcare industry.

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Becton, Dickinson, and Company (U.S.), and Omnicell, Inc. (U.S.) held the major share of the pharmacy automation systems market and will continue to dominate the market between 2017 and 2022. Other major players operating in this market are 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.).