pharmacy automation systems Market

The global pharmacy automation systems market is expected to reach US$ 11.12 billion in 2022 to US$ 22.63 billion by 2030; the market is estimated to record a CAGR of 9.3% from 2022 to 2030.

The key factors driving the market's growth are the increasing 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 systems' shortcomings.

Growing Risks of Medication Errors

Medication errors are alarming and are considered the third leading cause of death worldwide. Unsafe practices in medicine have been causing unavoidable risks in the healthcare sector. An article published by the European Alliance for Access to Safe Medicines in September 2022 states that medication errors result in 160,000 deaths annually. The article also revealed that medication errors account for 50% of preventable risks annually in the healthcare sector, with a yearly cost of ~ US$ 42 billion. As per European Alliance for Access to Safe Medicines, countries such as the US, Spain, and Germany collectively report 60,000-131,000 deaths yearly due to medication errors. The World Health Organization stated that a medication error causes 1 death in 1 million of the population globally.

On the other hand, the risks of drug-related injuries due to medication errors are much higher. Distractions are the leading cause of ~75% of medication errors. Distractions are common when healthcare professionals are engaged in multiple tasks, including speaking to consultants, speaking to patient family members, examining the patient, and conversing with insurance professionals simultaneously. Moreover, in these situations, they fail to complete their duties on time and suffer a lapse of judgment, leading to medication errors. Distortion is another factor responsible for the maximum number of medication errors. Distortion is a result of poor writing, use of abbreviations, misunderstood symbols, or improper translation. Further, pharmacists and nurses find difficulties to understand the handwritten prescription for medicines that leads to wrong delivery of medicines to the patients. Thus, the growing number of medication errors triggers the demand for pharmacy automation systems leading to increase pharmacy automation systems market.

Pharmacy Automation Systems Market: Segmental Overview

Based on type, the pharmacy automation systems market is segmented 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 held a larger market share in 2022 and the same segment is expected to register a higher CAGR during 2022-2030. Further, 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 segmented into hospital pharmacy, retail pharmacy, and others. The hospital pharmacy segment held a larger market share in 2022. It is expected to register a higher CAGR during 2022-2030. Hospital pharmacies determine the quality and safety of medicines administered to hospital patients. Despite such a crucial role, the number of medication errors in these settings is high. ADM help reduce dispensing errors in pharmacies. Many hospitals (particularly in developed countries) are adopting pharmacy automation systems to ensure accuracy, repeatability, and patient safety. Digitizing processes helps enhance workflows, manage costs, and improve efficiencies, driving better outcomes and allowing hospital facilities to focus mainly on patient care. In March 2020, Swisslog Healthcare, in partnership with PipelineRx and Savioke, launched the Meds-to-Beds program, an initiative to provide outpatient pharmacy services at the time of discharge. The program includes automatic robotic delivery of prescribed medication and consulting to expand pharmacy capacity.

Pharmacy Automation Systems Market: Geographical Overview

Europe holds the second largest share of the pharmacy automation systems market. The pharmacy automation systems market in this region is split into the Germany, the UK, Italy, Spain, France, and the Rest of Europe. The presence of numerous domestic market players and the increasing incidences of chronic diseases are the key factors driving the market growth Europe. 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. For instance, 12,000 BD Row systems developed in Germany by BD are installed worldwide. Similarly, various other players in the country are developing innovative automated pharmacy systems. In June 2021, the French government announced its US$ 7.1 billion (7.5) billion budget under its Health Innovation Plan. The government plans to redevelop the French economy with Vision France 2030. Upgrading infrastructure would propel the adoption of pharmacy automation systems and solutions in medical facility centers. 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 US$ 79.4 million (?98 million) to the healthcare systems. Similarly, Spain, Italy, Ireland, and the Netherlands show progressive use of innovative medical prescription and dispensing technologies.

The pharmacy automation systems market in LATAM is segmented into Brazil, Caribbean countries, Argentina, and the Rest of LATAM. The pharmacy automation systems market has served growth opportunities in Brazil due to growing medical tourism and improving healthcare infrastructure, which is anticipated to increase the adoption of pharmacy automation systems in the region. As the demographic makeup of Caribbean countries is shifting toward a larger older population, the potential of digital automated health systems in providing effective treatments to deal with chronic diseases cannot be exaggerated. In Caribbean countries, noncommunicable diseases (NCDs) are the leading causes of mortality, morbidity, and disability. a Latin American-based pharmacist company, Apotheka America, uses TCGRx as its technology solution partner. Apotheka Group has over 18,000 pharmacies and 1,500 automated systems installed worldwide. Apotheka America and TCGRx partnership will enable them to access the next generation of packaging and adherence automation (ATP), medication imaging, and verification technology (InspectRx), leading to market growth. In addition, the growing number of hospitals will leverage opportunities for various drug companies to enter the market and will create growth opportunities for the pharmacy automation systems manufacturers to collaborate with the hospitals and enhance market growth in the coming years. Thus, such strategies are expected to surge the adoption of pharmacy automated systems across the country and assist the market in growing in the coming years.

A few of the major primary and secondary sources referred to while preparing the report on the pharmacy automation systems market are the (AATS) American Association for Thoracic Surgery, Spanish National Health System (SNS), FDA (Food and Drug Administration), EMA (European Medicines Agency), and NICE (National Institute for Health and Care Excellence).