Asia Pacific Is The Fastest Growing Region for Pharmacy Automation Systems Market
According to our latest report on " Pharmacy Automation Systems Market Size and Forecast to 2030 -Global Analysis - by Type, and End User," the market value was estimated to be US$ 11.12 billion in 2022 and is expected to reach US$ 22.63 billion by 2030. The market is estimated to grow at a growth rate of 9.3% during 2022-2030. The study highlights some of the key factors and trends that impacts the market and focuses on prominent players and their strategies.
The key factors driving the market's growth are growing adoption of robotic pharmacies and growing risk of medication errors. However, the pharmacy automation systems market growth is likely to be affected by high capitalization cost requirements and shortcomings of systems.
Artificial intelligence (AI) has brought a significant evolution in the healthcare sector. AI complements the deployment of robotics in drug and medicine businesses. In addition, it has the potential to assist pharmacists and clinical personnel in identifying problems such as potentially harmful drug interactions, cross-verifying patient data, drug-disease contraindications, drug-drug interactions, improper dosages, and repetition of drug therapies more effectively than ever. In addition to solving these problems, AI can provide real-time guidance when prescribing medicine, dispensing, and administering medicine. Moreover, AI would help provide personalized medicines to patients, aiding in pharmacy management. AI in medicine dispensing will enhance the efficiency of automated dispensing cabinets, pill dispensers, and their features, such as alarm modules, speakers, and other features. Thus, AI has the capability to reduce pharmacists' efforts in medicine dispensing, allowing them to focus more on patient care.
According to the article "Innovative Robotic Technologies and Artificial Intelligence in Pharmacy and Medicine: Paving the Way for the Future of Health Care-A Review," published by MDPI in August 2023, ~37% of the operating players have prioritized their investment plans to integrated AI technologies in their pharmacy systems by 2026. Moreover, considering the widespread trend of remote care, which gained popularity during the COVID-19 pandemic, nearly 42% of healthcare players have continued to sustain their growth with remote care. Thus, it is anticipated that the use of AI in the pharmacy sector will lead to new growth trends in the pharmacy automation systems market in the coming years.
McKesson Corp, Becton Dickinson and Company, Capsa Solutions LLC, Omnicell Inc, Oracle Corp, Deenova Srl, ScriptPro LLC, Veradigm LLC, Innovation Associates, YUYAMA Manufacturing Co Ltd, and Swisslog Healthcare AG.are among the key players operating in the global pharmacy automation systems market.
Pharmacy Automation Systems Market, by Region, 2022 and 2030 (%)
Source: The Insight Partners Analysis
The report segments the global pharmacy automation systems market as follows:
The pharmacy automation systems market is segmented based on type, and end user. Based on type, the pharmacy automation systems market is categorized into automated medication dispensing systems, automated packaging and labelling systems, automated table-top counters, automated storage and retrieval systems, and other types. The automated medication dispensing systems segment was the larger market share holder in 2022 and is anticipated to mark a higher CAGR during the 2022-2030. The automated medication dispensing systems is further divided into product type and operation. The pharmacy automation systems market for automated dispensing systems by product type is subsegmented into robotic automated systems, carousels, and automated dispensing cabinets. Likewise, based on operation, the pharmacy automation equipment market for automated dispensing systems is subsegmented into centralized prescription fulfillment and centralized prescription fulfillment.
Based on end user, the pharmacy automation systems market is classified into retail and hospital pharmacy, and others. The hospital pharmacy segment held a larger market share in 2022 and the same segment is anticipated to register a higher CAGR during 2022-2030. Geographically, the pharmacy automation systems market is divided into North America (the US, Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain, and the Rest of Europe), Asia Pacific (China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (the UAE, Saudi Arabia, South Africa, and the Rest of Middle East & Africa), and LATAM (Brazil, Argentina, Caribbean Countries, and the Rest of LATAM).
North America held the largest market share in 2022. The growth of the market in the region is attributed to factors such as growing public awareness about automated technologies and rising strategic moves by governments and pharmacy automation system vendors. In 2021, Rx Billing Genie, LP launched the Rx Billing Genie app. The company's collaboration with the Canadian Pharmacists Association is driving the adoption of the Rx Billing Genie app across the country. Further, in 2022, the Canadian Pharmacists Association announced the Compendium of Pharmaceuticals and Specialties (CPS) will operate completely online. Such strategic decisions will provide impetus for the pharmacy automation systems market growth in Canada in the coming years.
In Mexico, the growing medical tourism, leading to an upsurge in medicine prescriptions, provides vital growth opportunities to the pharmacy automation systems market. With the increasing burden on pharmacies, the frequency of medication errors is also on the in the country. According to data published by Pemex Hospital, in March 2020, 342 patients witnessed complications due to medication errors in Mexico City. Thus, healthcare facility centers are installing pharmacy automation systems to reduce these errors.
Europe holds the second largest pharmacy automation systems market share in 2022. The presence of numerous domestic market players and the increasing incidences of chronic diseases are the key factors driving the market growth in this region. Germany is one of the major contributors to the global pharmacy automation systems market. The country has the presence of many players that develop and manufacture medical devices, along with their accessories required in the healthcare industry. In addition, several medical dispenser manufacturers operate in Germany. The healthcare sector is developing faster in France. Moreover, the country has been investing significantly to regain its position in the global healthcare market. The UK has been suffering from a high cost of medication errors. In a year, nearly 273 medication errors are reported in the country, costing the healthcare systems US$ 79.4 million (