The Pharmacy Automation Equipment Market to Grow at CAGR of 7.83% by 2028
Triton Market Research presents the Global Pharmacy Automation Equipment Market report segmented by Industry Verticals (Hospital Pharmacy, Retail Pharmacy, Other Industry Verticals), Technology (Automated Table-top Counter, Automated Medication Dispensing System, Automated Storage and Retrieval System, Automated Packaging and Labeling System, Other Technologies), and by Geography (Latin America, Asia-Pacific, Europe, North America, Middle East and Africa). It further considers the Market Summary, Industry Outlook, Impact of COVID-19, Key Insights, Porter’s Five Forces Analysis, Market Attractiveness Index, Vendor Scorecard, Key Strategic Developments, Drivers, Challenges, Opportunities, Company Profile, Methodology & Scope, Global Market Size, Forecasts & Analysis (2022-2028).
Based on estimates by Triton, the global pharmacy automation equipment market is set to garner 7.83% of CAGR during the forecasted period 2022-2028.
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Pharmacy automation includes decentralized, centralized, or automated labeling, packaging, and other systems. They primarily help in reducing errors, improving overall workflow.
Specialty drugs are high-cost medications useful to treat multiple conditions, such as cancer, arthritis, and multiple sclerosis. These drugs require special handling, effective cost controls, and appropriate clinical outcomes. In this regard, automation helps in reducing medical errors, ensuring patients’ safety. Hence, the growing demand for specialty drugs offers various opportunities to the pharmacy automation equipment market.
The Asia-Pacific is expected to become the fastest evolving region in the pharmacy automation equipment market. This growth is mainly owing to the product development by major companies, rising occurrence of chronic diseases, and surging geriatric population. Other than this, artificial intelligence and machine learning offer opportunities to the region’s studied market. For instance, COBOT, a Chinese startup, introduced a robot for dispensing medicines to identify various drugs apart. Therefore, these factors are expected to widen the scope of the pharmacy automation equipment market.
Pearson Medical Technologies, Becton Dickinson and Company, Alixarx, Amerisourcebergen, Parata Systems LLC, Scriptpro LLC, Newicon Oy, McKesson Corporation, Omnicell Inc, Accu Chart Plus Healthcare System Inc, Capsa Healthcare LLC, Perceptimed Inc, Arxium Inc, Cerner Corporation, Avery Weigh Tronix, Swisslog Holdings AG, and Baxter International Inc are key companies in the pharmacy automation equipment market.
Stringent regulation, high capital investment, and the need for technological expertise restrict the entry of new players significantly. However, the threat of new entrants has grown in the past few years due to the trend consolidating in pharmacy chains. Moreover, the changing regulatory landscape offers lucrative opportunities to new players. Further, several existing companies are competing heavily in the market relating to technical and consumer acquisition. Hence, the threat of new players is expected to be moderate, whereas the competition level is expected to increase in the next few years.
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