Pharmacy Automation Devices Market Size Worth $9.5 Billion By 2028: Grand View Research, Inc.

SAN FRANCISCO, Feb. 16, 2021 /PRNewswire/ -- The global pharmacy automation devices market size is expected to reach USD 9.5 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 9.3% from 2021 to 2028. The increasing burden of chronic diseases and the growing geriatric population are leading to an increase in the number of prescriptions. This, in turn, is resulting in a rise in the number of medication errors. For instance, 237.4 million medication errors occurred in England in 2018, according to the article published in The Pharmaceutical Journal. This is driving the demand for pharmacy automation devices. Moreover, an increase in initiatives by various organizations, such as the American Society of Health-System Pharmacists, to reduce medication errors is positively impacting the market growth.

Key suggestions from the report:

• The market is driven by various technological advancements and increasing investments in the automation sector
• Based on product, the medication dispensing systems segment dominated the market in 2020 owing to the increasing adoption of these products to avoid errors while dispensing medication
• By end-use, the retail pharmacy segment dominated the market in 2020 owing to high adoption rates of these devices and investments by major retail chains, such as CVS Health and Walgreens
• North America dominated the market in 2020 owing to the presence of a large number of automation companies in the region

Read 150 page research report with ToC on "Pharmacy Automation Devices Market Size, Share & Trends Analysis Report By Product (Medication Dispensing Systems, Automated Medication Compounding Systems), By End Use, And Segment Forecasts, 2021 - 2028" at: https://www.grandviewresearch.com/industry-analysis/pharmacy-automation-market

In 2020, the medication dispensing systems product segment accounted for the largest revenue share owing to the benefits offered by these products, such as minimized medication errors, better inventory management, improved medication adherence for patients with complex treatments, improved patient care, minimized drug waste with true split-fills, improved storage capacity, and reduced administrative burden among the end-users. The automated medication compounding systems segment is anticipated to witness the fastest growth during the forecast period. Reduction in compounding errors and contamination is a major factor driving the segment. Moreover, the increasing adoption of these devices for sterile compounding is fueling the segment growth.

The retail pharmacy end-use segment accounted for the largest revenue share in 2020. The rising adoption of these solutions, the presence of a large number of retail pharmacies, and growing investments in this sector are driving the segment. For instance, in May 2018, McKesson Co., a Healthcare Information Technology (HIT) company, entered into an agreement with Discount Drug Mart, which is an Ohio-based retail drug store, to build an automated central fill pharmacy. The hospital pharmacy is anticipated to witness the fastest growth during the forecast period owing to the adoption of automated technologies by hospitals. For instance, in February 2020, Geisinger, a health provider in the U.S., partnered with Omnicell, Inc. for the implementation of an automated dispensing system.

In 2020, North America dominated the market. This is attributed to the presence of a large number of industry players, such as BD, Omnicell, Baxter, AmerisourceBergen, and Cerner. The majority of the companies such as BD and Baxter generated more than 50% of sales revenue in the U.S. Asia Pacific is anticipated to witness the fastest growth during the forecast period. Rapid adoption in automated solutions, investments in the adoption of healthcare IT infrastructure, and high healthcare spending are the key factors contributing to the growth of the market. Moreover, initiatives by public and private bodies to reduce medication errors are likely to drive the regional market.

Grand View Research has segmented the global pharmacy automation devices market on the basis of product, end-use and region:

• Pharmacy Automation Devices Product Outlook (Revenue, USD Million, 2016 - 2028)
• Medication Dispensing Systems
• Packaging and Labeling Systems
• Storage and Retrieval Systems
• Automated Medication Compounding Systems
• Tabletop Tablet Counters
• Pharmacy Automation Devices End-use Outlook (Revenue, USD Million, 2016 - 2028)
• Hospital Pharmacy
• Retail Pharmacy
• Pharmacy Automation Devices Regional Outlook (Revenue, USD Million, 2016 - 2028)
• North America
• U.S.
• Canada
• Europe
• Germany
• U.K.
• France
• Spain
• Italy
• Russia
• Asia Pacific
• China
• India
• Japan
• Australia
• Singapore
• South Korea
• Central & South America
• Brazil
• Mexico
• Argentina
• Middle East & Africa
• South Africa
• Saudi Arabia
• UAE

List of Key Players of Pharmacy Automation Devices Market

• Amerisource Bergen Corporation
• Accu Chart Plus Healthcare Systems, Inc.
• Omnicell, Inc.
• McKesson Corporation
• Pearson Medical Technologies, LLC
• Baxter
• Talyst, LLC
• ScriptPro, LLC
• CareFusion (Becton Dickinson And Company)
• Medacist Solutions Group, LLC
• Kirby Lester
• Cerner Corporation
• iA
• ARxIUM
• TouchPoint Medical
• Deenova S.R.L
• Parata Systems, LLC
• Swisslog Healthcare
• Yuyama Co. Ltd.

Find more research reports on  Medical Devices industry, by Grand View Research:

• Medical Automation Market – The global medical automation market was valued at USD 34.21 billion in 2015. The rising prevalence of chronic diseases and the increasing adoption of automated equipment for diagnosis and therapy are the factors propelling market growth.
• Medication Management System Market –global medication management system market size was valued at USD 1.20 billion in 2016 and is projected to grow at a CAGR of 20.5% over the forecast period.
• Automated Dispensing Machines Market – The global automated dispensing machines market was valued at USD 2.9 billion in 2015 and is projected to grow at a lucrative CAGR of over 7% over the forecast period.

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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