Increased Application in Hospital & Retail Pharmacies Will Propel Pharmacy Automation Systems Market to hit Revenue US$ 10.6 Bn by 2032 end | Future Market Insights, Inc. – Press Release
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The Japanese Pharmacy Automation Systems Market is expected to register a growth rate of 8.9% during the forecast period. The pharmacy packaging and labelling system segment is expected to have the highest CAGR during 2022 -2032
NEWARK, Del., Oct. 20, 2022 /PRNewswire/ — The global pharmacy automation systems market is projected to reach a value of about US$ 10.6 Bn by 2032, with the market growing at a strong CAGR of 8.0% from 2022 to 2032. Valued at US$ 4.6 Mn in 2021, the target market will likely reach US$ 4.9 Bn in 2022. The elevated usage of the pharmacy automation system in drug dispensing & packaging, drug storage, and inventory management is fueling the market growth of the same. Rising interest in automating the daily operations of pharmacies all over the world is supplementing the growth of the pharmacy automation systems market during the forecast period.
Hospital and retail pharmacies are major contributors to the pharmacy automation systems market. More and more pharmacies across the world are adopting pharmacy automation systems to automate day-to-day activities to reduce human intervention, enhance operational efficiency, and lessen overstocking. These systems are used by both inpatient and outpatient pharmacies. Pharmacy automation systems also include properties like the ability to measure personalized medications, track and update consumers’ information in a database, and monitor the all-over procedure of inventory management and distribution.
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Consequently, they are a suitable replacement for manual dispensing across drugstores. The installation of these systems has immensely improved the efficiency and security of storing, administering, filling, packaging, and labeling prescription medications. These considerations, coupled with other factors like the introduction of cost-effective automation solutions, incorporation of advancing technology into the target product, etc., are likely to drive the growth of the pharmacy automation systems market during the forecast period.
Furthermore, the rising awareness of the benefits of pharmacy automation technologies is encouraging many small and mid-sized healthcare hospitals and retail pharmacies to replace their traditional pharmacy operation practices with these systems. This will boost the market prospects during the next decade.
“Rising awareness of the advantages of pharmacy automation systems along with favorable government policies will supplement the global growth of the pharmacy automation systems market over the forecast period,” says an FMI analyst.
Key Takeaways:
- By end user, the hospital pharmacies segment will grow at a high CAGR over the forecast period.
- On the basis of application, drug dispensing and packaging will continue to dominate the global market growth.
- Accounting for 42.6% of the market share in 2021, the medication dispensing cabinets will present a steady growth over the assessment period.
- Germany’s pharmacy automation systems market will register a 7.9% CAGR.
- The pharmacy automation systems market in the U.S. will acquire a 56.6% share of the global market.
- Increasing number of pharmacies drives the target market growth in India.
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Competitive Landscape
AmerisourceBergen Corporation, Baxter International Inc., Swisslog Holdings AG, Care Fusion Corporation, Cerner Corporation, Kirby Lester LLC, Talyst, LLC., Omnicell Inc., and ScriptPro LLC among others are some of the major players in the pharmacy automation systems market profiled in the full version of the report.
Key market players are keen on adopting tactics such as new product releases and increasing investments in research and development. These organizations are also focusing on employing mergers, acquisitions, partnerships, and collaboration strategies to expand their consumer base.
More Insights into Pharmacy Automation Systems Market Report
In its latest report, FMI offers an unbiased analysis of the global pharmacy automation systems market, providing historical data from 2014 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of product type (robotic dispensing machines, carousel storage, tablet splitters), application (drug dispensing & packaging, drug storage, inventory management), end user (hospital pharmacies, clinic pharmacies, retail pharmacies, mail order pharmacies, pharmaceutical SME’s), and region.
According to the latest FMI reports, based on segmentation, the medication dispensing cabinets segment will demonstrate steady growth owing to its higher rate of adoption. The drug dispensing and packaging segment held 47% of the market share in 2021 and will likely retain its lead while the hospital pharmacies segment is anticipated to register a high CAGR during the projection period.
Based on region, the pharmacy automation systems market in Germany is projected to exhibit substantial growth, recording a positive CAGR of 7.9% during 2022-2032. A well-established and advancing healthcare sector, a rising geriatric population, growing concerns regarding improper inventory management, and the high cost of storing inventory are certain considerations that drive the growth of the target market in this country. Germany accounted for 3.3% of the global pharmacy automation systems market share in the year 2021. Other countries like India and the United States are predicted to present impressive growth in the pharmacy automation systems market over the forecast period.
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Key Market Segments Covered in Pharmacy Automation Systems Industry Research
By Product:
- Medication Dispensing Cabinets
- Packaging & Labelling Machines
- IV Pharmacy
- Robotic Dispensing Machines
- Carousel Storage
- Tablet Splitters
By Application:
- Drug Dispensing & Packaging
- Drug Storage
- Inventory Management
By End User:
- Hospital Pharmacies
- Clinic Pharmacies
- Retail Pharmacies
- Mail Order Pharmacies
- Pharmaceutical SME’s
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply-Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
2.3. Inclusions and Exclusions
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Development/Innovation Trends
4. Key Success Factors
4.1. Product Features/ USPs Analysis
4.2. Product Adoption / Usage Analysis
4.3. Key Promotional Strategies, By Key Manufacturers
5. Market Background
5.1. Macro-Economic Factors
5.2. Forecast Factors – Relevance & Impact
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About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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