The global pharmacy automation market is projected to reach USD 5.38 Billion by 2022, at a CAGR of 8.2% from 2017 to 2022. The market growth can be attributed to a number of factors such as the growing need to minimize medication errors, rapid decentralization of pharmacies, changing population demographics, and rising labor costs.
Automated medication dispensing systems accounted for the largest share of the pharmacy automation market in 2016. Decentralized automated dispensing system is expected to be the fastest growing product segment in the automated medication dispensing systems market during the forecast period. This is mainly attributed to the rising demand for accurate and timely dispensing of a treatment regimen and the need for avoiding dispensing errors associated with the type and dosage of commonly prescribed medication.
Retail pharmacies is expected to be the fastest growing end user segment in the pharmacy automation market during the forecast period. Rising number of retail pharmacies and increasing workload on pharmacists are the major factors driving the rising adoption of pharmacy automation systems in retail pharmacies.
In 2016, North America accounted for the largest share of the global pharmacy automation market, largely attributed to the increasing number of drug prescriptions at pharmacies resulting from growth in the aging population. Furthermore, growth in insurance coverage in the U.S. has increased the burden on the country's healthcare system, which has highlighted the need for improving efficiency and management of work in North America. With the rapid rise in the number of patients, demand for quality care, and effective upgradation of the healthcare IT infrastructure is expected to have a positive impact on the demand for pharmacy automation systems market in APAC and Latin America.
The major players in the pharmacy automation market 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.).