Pharmacy Automation Market To Reach USD 10,337.7 Million by 2030, Says P&S Intelligence

NEW YORK, March 1, 2023 /PRNewswire/ -- In 2022, the pharmacy automation market was worth around USD 5,782.1 million, and it is projected to advance at a 7.5% CAGR from 2022 to 2030, hitting USD 10,337.7 million in 2030, as per P&S Intelligence.

The whole healthcare sector is under huge burden because of a surge in the number of wounds and fatalities due to wrong prescriptions. Healthcare and pharmacology providers are, thus, demanding more-accurate and -effective technologies to eliminate such errors.

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Emerging Economies To Create Profitable Prospects

The industry is projected to develop more quickly in developing countries, mainly because of the increasing aging population.

As per the WHO, by 2030, one in every six individuals in the world will be 60 years or older. In 2030, there will be 1.4 billion individuals aged 60, up from 1 billion in 2020. Further, the number of people throughout the world who are aged 60 or above will double by 2050.

In several nations in APAC, this shift in the demographic is projected to boost the populace of patients and the necessity for more-effective care through accurate drug distribution. Because of this, numerous Asian countries are demanding robotic pharmacy operations.

Industry Is Driven by Growing Demand to Lessen Medication Errors

The major reason for hospital readmissions globally is acknowledged to be drug-associated errors and distribution issues. During the administration, production, and distribution of pharmaceuticals, the mix-up caused by prescriptions and identical labels, improper drug storage methods, and poor communication between healthcare providers is the main contributor to medicine errors.

One of the best methods to lessen such errors is automated systems. In the past few years, automated dispensing machines and cabinets have reduced the number of medication administration mistakes in hospitals.

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North American Pharmacies Have Most Extensively Embraced Automation

North America held the largest revenue share, of above 50%, in 2022. This can be ascribed to its advanced healthcare system, developments in patient management practices, introduction of enhanced practice management systems, and existence of key companies.

Additionally, the pandemic has boosted the growth of the industry as per several technology distributors, who are focusing on pharmacy automation.

Moreover, the regional industry has been advancing because of the presence of noteworthy drugstore chains and great patient volumes. Similarly, the snowballing expenditure on R&D is supporting the expansion of the market, with the healthcare fraternity focusing to reduce drug waste and costs.

Annually, over 100,000 assumed drug blunders are registered in the U.S. each year, and they are one of the main reasons for demises in this continent.

Pharmacy Automation Market Report Coverage

Pharmacy Automation Market by Product

• Medication Dispensing & Storage Systems
• Packaging & Labeling Systems
• Tabletop Counters
• Medication Compounding Systems

Pharmacy Automation Market by End User

• Inpatient Pharmacies
• Outpatient Pharmacies
• Retail Pharmacies
• Pharmacy Benefit Management Organizations and Mail-Order Pharmacies

Pharmacy Automation Market Regional Analysis

• North America
• U.S.
• Canada
• Europe
• Germany
• U.K.
• France
• Italy
• Spain
• Asia-Pacific
• Japan
• China
• India
• South Korea
• Australia
• Latin America
• Brazil
• Mexico
• Middle East and Africa
• Saudi Arabia
• South Africa
• U.A.E.

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SOURCE P&S Intelligence