New study: Pharmacy Automation market demand and industry analysis from 2016 to 2023

The pharmacy automation market is expected reach US$ 9.55 Bn by 2022

According to a new market report published by Credence Research Inc “Pharmacy Automation Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2015 – 2022,” the pharmacy automation market is expected reach US$ 9.55 Bn by 2022, as healthcare providers and retail pharmacies are focusing to reduce incidences of medication errors and adverse drugs effects.  In addition, pharmacists are facing pressure from increasing number patients. Thus, hospital as well as retail pharmacies are installing advanced technologies to reduce medication errors. In addition, retail drug chains across the world are focusing to reduce their operating cost due to rising drug prices and reducing drug reimbursements. Advanced pharmacy automation solutions not only reduce medication errors but also help in inventory management. Automation also reduces number of staff required to manage and control pharmacy operations which reduces cost per employee for healthcare providers. All these benefits are expected spur the demand for pharmacy automation solutions through the forecast period 2016 – 2022.

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We have considered automated solutions used in hospital and retail pharmacies. Hospital pharmacies accounted for the largest revenue share of 56.5% in the overall market by end use sector. This segment is expected to see a significant growth with rising installation of prescription management and medication management solutions in large and medium size hospitals across the world. These systems are gaining popularity in the U.S., Europe and Asia Pacific with shifting trend towards patient centric pharmacy systems from product centric pharmacy systems. Retail pharmacy segment is expected to be the fastest growing end use segment for pharmacy automation solutions. Retails pharmacists are focusing to cost per prescription in order to reduce their fixed costs. This is increasing the demand for central prescription filling systems (central prescription dispensing systems) from retail segment. Hospitals are looking for hybrid solutions in which provide benefits of both centralized as well as decentralized systems. However, retail pharmacists are installing centralized automation solutions.

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The automated medication dispensing systems is the largest product segment in pharmacy automation market by products. Large size medication dispensing systems are gaining popularity in large size hospitals with increasing awareness about their benefits and advancement in technology. Advanced table top counters integrated with packaging and labeling solutions are gaining popularity in retail as well as hospital pharmacies. Automated compounding devices (ACD’s) segment is predicted to witness fastest growth in the next six years with increasing installation of these solutions in laboratories, hospitals, and pharmacists in order to reduce drugs compounding errors.

North America is the matured market for pharmacy automation solutions as most of the hospitals and retails pharmacy stores are already equipped with these solutions. North America accounted for more than half of the revenue share in the global pharmacy automation market. However, considerable growth is expected in this market as hospitals replacing their outdated solutions with advanced technologies to improve efficiency and patients’ safety. Asia Pacific is expected to witness fastest growth with rising number drug chains and growing medical tourism in the region.

The market comprises large number of multinational players such as CareFusion, AmerisourceBergen Corp, Swisslog Holding Ltd, Omnicell, Kirby Lester, McKesson Corporation, ScritPro and Parata system and others.

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