Pharmacy Automation Market Poised for Robust Growth with a CAGR of 7.9% by 2030
According to a new report published by MarkWide Research, titled, “Pharmacy Automation Market,” the global pharmacy automation market is on the verge of significant expansion. The demand for efficient medication dispensing systems and the need to reduce medication errors are driving the adoption of pharmacy automation solutions.
The report reveals that the global pharmacy automation market is expected to witness a substantial CAGR of 7.9% over the forecast period from 2023 to 2030. This growth is attributed to the increasing pressure on healthcare facilities to streamline their operations and enhance patient safety.
Key Findings from the Report:
- Medication Dispensing Automation: Pharmacy automation systems, including robotic prescription dispensing, are becoming vital tools for pharmacists to reduce errors, improve prescription accuracy, and optimize workflow.
- Growing Healthcare Industry: The global healthcare industry is expanding, with a rising geriatric population and increased healthcare expenditures. This growth is boosting the demand for pharmacy automation solutions.
- Patient Safety and Medication Adherence: Automation helps in ensuring accurate medication dispensing and enhancing patient safety. It also aids in improving medication adherence by providing automated reminders and dosage management.
- Integration of AI and Machine Learning: The incorporation of artificial intelligence and machine learning in pharmacy automation systems is driving predictive analytics for inventory management and optimizing prescription fulfillment.
- Pharmacy Chains and Hospitals: Large pharmacy chains and hospitals are the primary users of pharmacy automation solutions. However, there is a growing trend of automation adoption in smaller pharmacies as well.
Market Forecast:
The report indicates that the global pharmacy automation market is currently valued at $5.6 billion in 2023 and is projected to reach $10.7 billion by 2030, with a CAGR of 7.9% during the forecast period. North America and Europe are expected to dominate the market due to their advanced healthcare infrastructure.
Company Profiles:
Key players in the global pharmacy automation market include Omnicell, Inc., McKesson Corporation, Swisslog Healthcare, and ScriptPro LLC. These companies are investing in research and development to introduce innovative automation solutions that cater to the evolving needs of healthcare providers.
Conclusion:
The global pharmacy automation market is experiencing significant growth, driven by the need for efficient and safe medication dispensing systems. With a projected CAGR of 7.9% by 2030, this market presents opportunities for automation solution providers to meet the demands of healthcare facilities and improve patient care.