Pharmacy Automation Market to Reach USD 10,337.7 Million By 2030
The pharmacy automation market is witnessing growth and is projected to reach USD 10,337.7 Million in 2030.
The healthcare sector is facing significant strain due to a rise in injuries and deaths caused by errors in medication prescriptions. Both healthcare and pharmaceutical providers are calling for more precise and efficient technologies to reduce such mistakes. The industry is expected to experience rapid growth in developing countries, primarily due to the increasing elderly population.
According to the World Health Organization (WHO), by 2030, one out of every six individuals globally will be 60 years or older. Currently, there are 1.4 billion people aged 60 or above, up from 1 billion in 2020. The global population of individuals aged 60 or above is projected to double by 2050.
In several nations in APAC, this move in the demographic is projected to boost the populace of patients and the necessity for more effective patient care through effective drug distribution. Because of this, numerous Asian countries are demanding robotic pharmacy operations.
The major reason for hospital readmissions globally is acknowledged to be drug-associated errors and distribution issues. During the administration, production, and distribution of pharmaceuticals, the mix-ups caused by prescriptions and identical labels, insecure drug storage methods, and poor order of communication between medics and druggists are some of the main contributors to medicine errors.
One of the most efficient methods to lessen such errors is via automated systems. In the past few years, automated dispensing machines and automated dispensing cabinets have positively reduced the number of medication administration mistakes in hospitals.
North America, generated the largest revenue share, of above 50%, in recent years. This can be ascribed to its well-known healthcare system, developments in patient management practices, the introduction of enhanced practice management systems, and the existence of key companies.
Additionally, the pandemic has boosted the growth of the industry as per several technology distributors, who are also focusing on pharmacy automation in the coming years.
Moreover, the regional industry has been escalating because of the presence of noteworthy drugstore chains and greater patient volumes. Similarly, the snowballing expenditure in R&D is supporting the expansion of the market, to reduce drug waste and costs. Annually, over 100,000 assumed drug blunders are informed in the U.S.; they are one of the main reasons for demises in this continent.
Furthermore, the pandemic has boosted the growth of the industry as per numerous technology suppliers, who also consider drugstore automation the future. Moreover, the regional industry has been increasing because of the presence of substantial pharmacy chains and high patient sizes. Similarly, the growing expenditure in R&D contributes toward market growth, as does the need to decrease drug waste and prices.
SOURCE: P&S Intelligence
