DUBLIN–(BUSINESS WIRE)–The “Asia Pacific Pharmacy Automation Market by Product (Automated Medication Dispensing & Storage Systems, Automated Table-Top Counters, Medication Compounding), End User (Inpatient Pharmacies, Outpatient Pharmacies, Retail Pharmacies) – Forecast to 2027” report has been added to ResearchAndMarkets.com’s offering.
The Asia Pacific pharmacy automation market is projected to reach USD 725 million by 2027 from USD 453 million in 2022, at a CAGR of 9.8% during the forecast period.
The growth in this market is attributed to the rapid decentralization of pharmacies, growing geriatric population to increased adoption of automated dispensing systems, and growing investments for healthcare infrastructure development. However, the stringent regulations that delay product launches retrain the growth of this market.
Based on product, the automated medication dispensing and storage systems segment holds the largest market share in 2021
Based on products, the Asia Pacific pharmacy automation market is segmented into automated medication dispensing and storage systems, automated packaging and labeling systems, automated tabletop counters, automated medication compounding systems, and other pharmacy automation systems. In 2021, the automated medication dispensing and storage systems segment accounted for the largest share of this market, primarily due to the increasing occurrence of medication errors and the implementation of stringent regulatory guidelines for patient safety and medication dispensing across regions. Automated medication dispensing and storage systems allow the care providers to dispense medication faster and more accurately with the help of in-built advanced features that allow medication storage, picking, dispensing, and labelling.
Based on type, the automated medication dispensing cabinets (ADC) segment accounted for the largest share of the automated medication dispensing and storage market
Based on type, the automated medication dispensing and storage systems market is segmented into robots/robotic automated dispensing systems, carousels, and automated dispensing cabinets (ADCs). In 2021, automated medication dispensing cabinets accounted for the largest share of this market. These systems helps in the safer administration of drugs and increases process efficiency and also enable the effective and economical utilization of professional resources available within a healthcare facility.
The retail pharmacies end-user segment is expected to register the highest CAGR during the forecast period
Based on end users, the Asia Pacific pharmacy automation market is segmented into inpatient pharmacies, outpatient pharmacies, retail pharmacies, and pharmacy benefit management organizations and mail-order pharmacies. The retail pharmacies segment is expected to register the highest growth during the forecast period. This is mainly due to the growing need to incorporate automated solutions in order to achieve faster workflow and maintain record accuracy. Pharmacy automation systems and solutions help in integrating and managing the entire pharmacy inventory and supply workflows. Moreover, these solutions also assist the pharmacists in maintaining dispensed medication records and faster prescription filling, thereby making the workflow for accurate and limiting the chances of errors.
Market Dynamics
Drivers
- Growing Need to Minimize Medication Errors
- Decentralization of Pharmacies
- Rising Geriatric Population Leading to Increased Adoption of Automated Dispensing Systems
- Growing Investments for Healthcare Infrastructural Development
- Increasing Specialty Drug Dispensing
Restraints
- Reluctance to Adopt Pharmacy Automation Systems
- High Initial Capital Investments
- Lack of Skilled Personnel
Opportunities
- Increasing Awareness Among Pharmacists
- High Growth Opportunities in Emerging Markets
- Healthcare Cost-Reduction Measures
Challenges
- Stringent Regulatory Procedures
- Risk of Cross-Contamination
Companies Mentioned
- Arxium, Inc.
- Beckton, Dickinson and Company
- Capsa Healthcare
- Cerner Corporation
- Kuka Aktiengesellschaft (Swisslog Healthcare)
- Meditech Pharmacy Management Solutions
- Omnicell, Inc.
- Scriptpro, LLC
- Staubli International
- Takazono Corporation
- Tension Corporation
- Tosho Co, Inc.
- Touchpoint Medical Solutions
- Willach Group
- Yuyama Co., Ltd./Yuyama Mfg Co., Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/qo4x9e