The global pharmacy automation market revenue is expected to reach USD 10,337.7 million by 2030, exhibiting a CAGR of 7.5% during 2022–2030. This can be attributed to the rise in the geriatric population, increase in the expenditure on medical infrastructure, and surge in the frequency of mergers, acquisitions, and partnerships between firms. Moreover, the significant growth in the senior citizen population around the world results in an increase in the rate of chronic conditions and a substantial spike in the dispensing of medicines.
In addition, the demand for pharmacy automation systems is driven mostly by the measures of governments to tighten medical safety regulations and enhance reimbursement processes. The usage of the systems assists in increasing the efficiency of pharmacies, in light of the mandates for dosage, prescription labeling, and packing.
The growing pressure on the providers of healthcare services to reduce the likelihood of medication errors is another significant factor driving the growth globally. Moreover, the number of individuals who require prescription drugs has drastically increased across the globe. The significance of employing these automated systems has been strongly emphasized by this factor, along with the rising healthcare costs.
Furthermore, industry expansion is projected to be fueled by an increase in the count of mergers and acquisitions, as well as in the number of partnerships between businesses to expand their product capabilities. The major industry participants, especially in the emerging economies, are concentrating on continual product development, while offering goods at affordable prices.
The industry is also prospering as a result of pharmacists' increasing awareness of these systems. Due to the outdated operating procedures in pharmacies, the number of medication mistakes has risen. As per a study, drug error costs and patient wait times are increasing as a result of the increasing patient load. Healthcare professionals' concerns about drug mistakes and adverse effects are growing too, which, in turn, is propelling the sector’s growth.
Additionally, the growing investments in the creation of cutting-edge technologies and the increasing opportunities in emerging markets will present profitable chances for the expansion of the industry during the forecast time frame.
The medication compounding systems category is expected to display steady growth rate, of 6%, over this decade. This is because errors can occur even with extremely accurate manual compounding procedures, which can have a considerable impact on how the pharmaceuticals turn out. The likelihood of these mistakes in the pharmaceutical mixing process is decreased or eliminated with an automated compounding system. As the process is carried out in an aseptic chamber, it also completely eliminates the possibility of contamination.
The CAGR of the APAC market is expected to be the highest during the forecast period. The rising elderly population, who regularly requires medicines for a range of chronic and acute conditions, is a key driver for this growth. Apart from this, the need for fewer or no medication errors, lower drug costs, and proper management of hospital pharmacy and standalone facility workflow all drive the industry expansion in the region.
Additionally, due to the enormous unmet needs in terms of modern healthcare systems and medication management systems, this region has been offering this field a tremendous growth potential. Moreover, the increasing expenditure on medical facilities, growing demand for health technology solutions, and rising number of firms establishing production facilities in APAC nations will propel the growth.
China is projected to be the largest user of these systems in this region. This can be ascribed to the rapid spike in the population of geriatric citizens, which is among the fastest growing in the People’s Republic.
Key players in the market include Omnicell Inc., McKesson Corporation, Pearson Medical Technologies LLC, Baxter International Inc., Talyst LLC, ScriptPro LLC, Becton, Dickinson & Company, Capsa Healthcare, and Cerner Corporation.