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BOSTON — According to the latest BCC Research study, the demand for Pharmacy Automation: Technologies and Global Markets is growing from $7.8 billion in 2023 to $12.7 billion by the end of 2028, at a compound annual growth rate (CAGR) of 10.2% from 2023 through 2028.
This BCC research report provides a detailed analysis of the global pharmacy automation market, focusing on product type, application, and region. It provides estimates and forecasts for 2023-2028. year, setting 2022 as the base year. Market segments include distribution/storage, packaging/archiving, software/logistics, etc. Applications span inpatient and outpatient segments, including acute care, long-term care, ambulatory clinical care, hospital retail, pharmacy benefit management, and chain retail. The report highlights trends, challenges and vendors with a focus on the US and developed Europe with additional data from other regions.
Amidst the COVID-19 pandemic, pharmacists are increasingly turning to automation to minimize medication errors and ensure patient safety. With nearly 90% of office-based physicians in the U.S. utilizing some form of electronic health records, the importance of streamlined data management is evident. In the pharmacy automation market, the inpatient segment holds dominance, driven by the imperative for efficiency and safety in hospital settings. This urgency is further fueled by the opioid crisis, which has claimed over a million lives since 1999, prompting a heightened demand for automation to mitigate drug errors and deliver value-based care to outpatients across the nation.
Key Drivers of Pharmacy Automation Technologies and Global Markets
Rising Prescription Volumes in Pharmacies: As more and more people request prescriptions; pharmacies are under pressure to process them efficiently. Automated systems, such as robotic dispensing machines, speed up the process, reduce errors and allow pharmacists to focus on patient care.
Surge in Demand for Automated Packaging and Labeling Solutions: Accurate packaging and labeling are essential for safety. Automated systems ensure that medicines are packaged correctly with correct instructions and labelling, reducing errors and complying with regulations.
Continuous Need to Reduce Medication Errors: Medication errors can be dangerous. Automated technologies such as robotic dispensers and barcode scanning ensure accurate distribution and immediate inventory tracking, helping to eliminate errors.
To read more about the Pharmacy Automation Technology and Global Market report, click here for more information.
