The pharmacy automation equipment market was valued at US$ 4,984.70 million in 2020 and is projected to reach US$ 9,195.36 million by 2028; it is expected to grow at a CAGR of 8.0% from 2021 to 2028.

According The Insight Partners study on “Pharmacy Automation Equipment Market   Forecast to 2028 – COVID-19 Impact and Global Analysis – By Type, End User” The report offers insights and in-depth analysis of the Pharmacy Automation Equipment Market emphasizing on various parameters, such as market trends and opportunities, market dynamics, and competitive landscape analysis of leading market players across North America, Europe, Asia Pacific, South and Central America, and Middle East Africa. It also includes the impact analysis of COVID-19 pandemic across the regions.

The major factors driving to the growth of the market are increasing medication errors, and rising demand for healthcare services. However, the problems associated with automated dispensing systems such as regular software updates and high system maintenance requirement are restricting the market growth. The pharmacy automation equipment market mechanizes various processes in pharmacy and other health care settings, with a main objective to reduce errors in medical prescriptions and optimize patient safety. Also, automation systems help in streamlining the workflow, reduce the risk of errors, and enhance safety of patients.

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Market Insights

Increasing Medication Errors Drive Pharmacy Automation Equipment Market Growth

A medication error involves inappropriate and ineffective dispensing of medicines that can harm patients. Common medication errors include dispensing a wrong drug, incorrect drug quantity, wrong drug strength, and item omission. Every year, the US Food and Drug Administration (FDA) receives over 100,000 reports associated with medication errors. Further, as per the study Medication Errors, published in Stat Pearls in June 2020, every year, ~7,000–9,000 people die in the US due to medication errors. Similarly, as per the estimates of the study “Prevalence and Economic Burden of Medication Errors in the NHS In England,” published in 2018, ~237 million medication errors occur in the NHS, while avoidable adverse drug reactions (ADRs) lead to hundreds of deaths. ~75% of the medication errors occur due to distractions as the healthcare professionals are engaged in multiple tasks, including examining the patient, speaking to consultants, speaking to patient family members, and conversing with insurance professionals. Sometimes, a lapse of judgment, due to an urge to complete the duty early, also leads to a medication error. Another major cause of medication error is distortion caused due to poor writing, abbreviation usage, misunderstood symbols, or improper translation. Moreover, illegible writing has been a major concern faced by both pharmacists and nurses since many years. Thus, the increasing number of medication errors is boosting the adoption of pharmacy automation equipment.

COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns.

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Type-Based Insights

Based on type, the pharmacy automation equipment market is segmented into automated medication dispensing systems, automated packaging & labeling systems, automated storage & retrieval systems, automated compounding devices, and tabletop tablet counters. The automated medication dispensing systems segment held the largest share of the market in 2020. Growth of the market for this segment is ascribed to the increasing number of errors in medication and dispensing, escalating demand for specialty drug prescription filling solutions, and stringent government policies compelling healthcare institutes and pharmacists decentralize pharmacies for improved patient care services. Further, the pharmacy automation equipment market for automated compounding devices segment is expected to witness the highest CAGR during 2021–2028.

End User-Based Insights

Based on end user, the pharmacy automation equipment market is segmented into hospital pharmacy, retail pharmacy, and others. The hospital pharmacy segment held the largest share of the market in 2020. However, the retail pharmacy segment is estimated to register the highest CAGR in the market during the forecast period. The growth of the retail pharmacy segment is majorly attributed to the stringent government norms pertaining to medicine inventory and untapped market of remote locations.

Pharmacy Automation Equipment Market: Competitive Landscape and Key Developments

Talyst LLC (Swisslog Healthcare),AmerisourceBergen,Baxter International Inc,Capsa Healthcare,OMNICELL INC,Cerner Corporation, McKESSON CORPORATION,ScriptPro LLC,BD, YUYAMA Co., Ltd

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