PHARMACY AUTOMATION MARKET ANALYSIS

Pharmacy Automation Market, By Product (Dispensing Systems, Pill Sorting Machines, Labeling Machines, Packaging Machines, Inventory Management, Automated Storage and Retrieval Systems, Others), By End-user Industry (Inpatient Pharmacies (Acute Care Settings, Long Term Care Facilities), Outpatient Pharmacies (Outpatient/Fast Track Clinics, Hospital Retail Settings), Pharmacy Benefit Management Organization and Mail Order Pharmacies, Retail Pharmacies), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)

Published In : Jan 2024
Code : CMI472
Pages :176
Formats :
Excel and PDF
Industry : Medical Devices

Regional Analysis

North America is the largest market for pharmacy automation, with a share of 41% market share in 2022, as key market players are focusing on the launch of new products in the region. For instance, in March 2022, Omnicell, Inc., a leading provider of medication management and adherence tools for health systems and pharmacies, launched the IVX station. This solution is designed to scale the benefits of leveraging IV robotic technology, thereby making it accessible to the mainstream market. The company’s fully automated IV compounding robot was designed to provide patient safety, accuracy, cost savings, supply chain control, and compliance benefits of its predecessors while addressing industry issues with throughput and reliability.

Asia Pacific is the second largest market for pharmacy automation. Medication dispensing systems have emerged as the leading segment among all product types in pharmacy automation market across Asia Pacific region. These systems experience high adoption rates due to rising need for improved medication control and workflow efficiency in hospitals as well as retail pharmacies. Rapid growth in elderly population suffering from chronic diseases coupled with shortage of pharmacists is driving increasing focus on streamlining dispensing activities.

Europe is the third-largest market for pharmacy automations, with a market share of 19.9% in 2022. The growth of this market is due to increasing startups that are incorporating digital technologies for expanding pharmacy automation market across the country. For instance, in 2021, Phlo Connect, a market-leading Application Programming Interface-driven pharmacy infrastructure platform, launched a new paperless prescription solution that no longer requires a ‘wet signature’ to provide patients with medicines. The advanced digital signing technology is the latest integration for market-leading digital pharmacy platform Phlo Connect that supports healthtech companies and private healthcare providers to offer a complete end-to-end digital pharmacy service.