(PharmaNewsWire.Com, May 12, 2020 ) The major factors that are expected to be driving the Pharmacy Automation Industry are the growing need to minimize medication errors, rapid decentralization of pharmacies, rising geriatric population and rising labor cost. On the other hand, reluctance among the healthcare organizations to adopt pharmacy automation systems is expected to restrain the overall market growth to a certain extent during the forecast period.
According to the new market research report " Pharmacy Automation Industry by Product (Medication Dispensing System (Robot, Carousel), Packaging & Labeling System (Unit Dose, Multi Dose), Tabletop Counter, Storage System), End User (Inpatient, Outpatient, Retail Pharmacy) - Global Forecast to 2022", , published by MarketsandMarkets™, the Pharmacy Automation Industry is estimated to grow from USD 3.63 billion in 2017 to USD 5.38 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 8.2% during the forecast period.
By product, the automated medication dispensing systems segment accounted for the largest share of the Pharmacy Automation Industry
Based on product, the Pharmacy Automation Industry is segmented into automated medication dispensing systems, automated packaging and labelling systems, automated table top counters, automated medication compounding systems, automated storage and retrieval systems, and other pharmacy automation systems.
By end user, the retail pharmacies segment to record the highest CAGR during the forecast period On the basis of end users the market is classified into inpatient pharmacies, outpatient pharmacies, pharmacy benefit management organization and mail order pharmacies, and retail pharmacies. Retail pharmacies is the fastest growing end user segment in the Pharmacy Automation Industry during the forecast period.
North America to account for the largest market size during the forecast period. North America is expected to hold the largest market size in the Pharmacy Automation Industry during the forecast period, followed by the European region. The large share of the North American Pharmacy Automation Industry can largely be attributed to the increasing number of drug prescriptions at pharmacies resulting from growth in the aging population.
The major players in the Pharmacy Automation Industry are Becton, Dickinson, and Company (U.S.), Omnicell, Inc. (U.S.), Cerner Corporation (U.S.), Capsa Healthcare (U.S.), Parata Systems LLC (U.S), Baxter International, Inc. (U.S.), ScriptPro LLC (U.S.), KUKA AG (Germany), TCGRx Pharmacy Workflow Solutions (U.S.), RxSafe, LLC (U.S.), ARxIUM Inc. (U.S.) and Talyst Systems, LLC (U.S.).
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