The global pharmacy automation market reached a value of $5.4B in 2021, according to a report by Research & Markets. The report projects that the market will reach $8.6B by 2027, exhibiting a CAGR of 8.06% during 2021-2027.
Pharmacy automation refers to the use of mechanized systems for digitizing medical and healthcare workflow processes. These systems aid in performing multiple functions to systematize routine tasks and reduce human intervention. Some of these tasks include mixing liquids and powders for compounding, medicine counting, updating customer databases and inventory management. They also aid in eliminating errors during packaging and dispensing pharmaceutical products. Pharmacy automation further keeps track of narcotics and other controlled drugs and monitors usage patterns and ensures maximum efficiency in operations.
The increasing need to reduce errors in medical processes, along with the decentralization of pharmacies, represent as the key factors driving the growth of the market. Pharmacy automation is becoming a crucial component of the modern healthcare industry, as they are highly flexible and self-adaptive.
For instance, automation machines prevent cross-contamination of medicines through separate storage cells and chutes facility, which facilitates the tracking of lot numbers and expiration dates with bar codes for convenient scanning and stock management. Furthermore, various technological advancements are resulting in higher success rates post-treatment and surgeries, along with the delivery of efficient patient care, which is significantly contributing to the market growth.
Also, increasing prevalence of chronic diseases and rising geriatric population across the globe have amplified the need for automated drug dispensing systems in hospitals and pharmacies. Other factors, including the implementation of various government policies to make quality healthcare facilities accessible to all and the utilization of robots for maximizing medical storage and dispensing prescriptions, are projected to drive the market in the coming years.