Global Pharmacy Automation Market Report 2023: Increasing Healthcare Spending and Rise of E-Pharmacy Drives Growth – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “Global Pharmacy Automation Market: Analysis by Product, End-user, Region, Size and Trends with Impact of COVID-19 and Forecast up to 2028” report has been added to ResearchAndMarkets.com’s offering.

The global pharmacy automation market was valued at US$5.90 billion and is expected to grow to US$9.76 billion by 2028. The term “Pharmacy Automation” refers to the use of technology and automated systems to improve the efficiency, accuracy, safety, and quality of pharmaceutical services.

Autonomous Pharmacy represents the shift in a pharmacies’ medication management approach from manual, headcount-based processes to a more automated and data-driven approach. This transition is supported by a combination of hardware, software, and tech enabled services.

Pharmacy Automation has now become the new norm for the pharmaceutical sector. When combined with Data Analytics, Machine Learning, and Artificial Intelligence systems, pharmacy automation devices are transforming the future of pharmacies.

Some of the reasons companies are switching to pharmacy automation are improved accuracy, increased efficiency, enhanced patient outcomes, improved workflow, and reduced cost, etc. The pharmacy automation market is projected to expand at a CAGR of 8.91% over the forecast period of 2023-2028.

Market Dynamics

Drivers

• Aging Population
• Increasing Healthcare Spending
• Rise of E-Pharmacy
• Favorable Government Regulations
• Technological Advancements
• Rising Patient Safety Concerns
• Emergence of Personalized Medications

Challenges

• High Implementation Cost
• Integration with Existing Systems

Trends

• Increased Adoption of Robotic Dispensing
• Growing Demand for Automated Packaging & Labelling Systems
• Increasing Use of Data Analytics and Machine Learning
• Shift towards Centralized Prescription Filling

Impact Analysis of COVID-19 and Way Forward

The COVID-19 pandemic forced the pharmaceutical industry to become more adaptive and receptive to change. The industry has started to rely on technology, creating a more patient-centric ecosystem, and implementing automation, digital, and analytical tools. These changes have made the industry more efficient, agile, and transparent, benefiting both the industry and patients.

The adoption of technology is expected to sustain even in the post-pandemic era, as pharmaceutical companies have realized the benefits of automation and digitization in streamlining operations, reducing costs, and minimizing errors. The pandemic has also changed the industry’s outlook towards technology, making it more receptive to new advancements, which will lead to further innovation and development.

Competitive Landscape

The global pharmacy automation market is fairly fragmented, with the presence of many players operating worldwide. The pharmacy automation market players mainly provide hardware/connected devices solutions.

The pharmacy automation sector is broadly categorized into two segments namely, the pharmacy automation devices vendors and the supply chain solutions players. Omnicell primarily operates within the pharmacy automation and supply chain management markets. Similar to Omnicell, a few of the connected device vendors also offer tech-enabled services to complement their automation devices offering.

The key players of the pharmacy automation market are:

• Omnicell, Inc.
• Becton, Dickinson and Company (Parata Systems)
• Baxter International Inc.
• KUKA (Swisslog Healthcare)
• Capsa Healthcare
• Oracle Cerner
• Mckesson Corporation
• Yuyama Co., Ltd
• ARxIUM
• Pearson Medical Technologies, LL
• TouchPoint Medical
• RxSafe

For more information about this report visit https://www.researchandmarkets.com/r/lqjn9x

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