London, UK -- (SBWire) -- 03/17/2022 --According to Triton's research report, the global pharmacy automation equipment market, which gained revenue worth $5128.3 million in 2021, is expected to progress at 7.83% of CAGR by 2028.
A recent study by Triton Market Research titled 'Global Pharmacy Automation Equipment Market' comprises the Global Analysis and Forecasts by Verticals (Hospital Pharmacy, Retail Pharmacy, Other Industry Verticals), Technology (Automated Packaging and Labeling System, Automated Storage and Retrieval System, Automated Table-top Counter, Automated Medication Dispensing System, Other Technologies), and by Geography (Latin America, Middle East and Africa, Asia-Pacific, North America, Europe).
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According to Triton's report, the global pharmacy automation equipment market is expected to grow at a CAGR of 7.83% over the forecasted phase 2022-2028, garnering $8712.6 million by 2028.
Pharmacy automation decreases medication errors and is deployed in hospitals and retail pharmacies. It includes automated medication dispensing systems, automated labeling systems, and more.
Over the years, decentralized pharmacy services have gained significant traction as they offer patient safety and increase efficiency in inpatient care. Moreover, these services are cost effective, making them an ideal choice for hospital and retail pharmacies. Therefore, the growing inclination towards decentralized pharmacy services widens the scope and growth of the pharmacy automation equipment market globally.
Conversely, the shortage of financial backing, coupled with complexities in operating automated systems, are limiting the growth of the pharmacy automation equipment market.
The pharmacy automation equipment market is segmented into verticals and technology. Based on verticals, it is trifurcated into hospital pharmacy, retail pharmacy, and other industry verticals. The technology section includes automated packaging and labeling system, automated storage and retrieval system, automated table-top counter, automated medication dispensing system, and other technologies.
Globally, North America holds the largest market for pharmacy automation equipment and is expected to continue its stronghold till 2028. The region's market is growing owing to the various strategic initiatives launched by government bodies. Additionally, the rising awareness among pharmacies for automated systems, high prevalence of chronic diseases, and rising geriatric population support the overall growth of the pharmacy automation equipment market in the US and Canada.
Avery Weigh Tronix, Becton Dickinson and Company, Pearson Medical Technologies, Baxter International Inc, Omnicell Inc, McKesson Corporation, Amerisourcebergen, Capsa Healthcare LLC, Cerner Corporation, Swisslog Holdings AG, Parata Systems LLC, Scriptpro LLC, Arxium Inc, Perceptimed Inc, Alixarx, Newicon Oy, and Accu Chart Plus Healthcare System Inc are leading firms in the pharmacy automation equipment market.
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Question & Answer: Pharmacy Automation Equipment Market
Question 1: What factor widens the scope and growth of the pharmacy automation equipment market globally?
Answer: Over the years, decentralized pharmacy services have gained significant traction as they offer patient safety and increase efficiency in inpatient care. Moreover, these services are cost effective, making them an ideal choice for hospital and retail pharmacies. Therefore, the growing inclination towards decentralized pharmacy services widens the scope and growth of the pharmacy automation equipment market globally.
Question 2: What factors are limiting the growth of the pharmacy automation equipment market?
Answer: The shortage of financial backing, coupled with complexities in operating automated systems, are limiting the growth of the pharmacy automation equipment market.
Question 3: Which region holds the largest market for pharmacy automation equipment?
Answer: Globally, North America holds the largest market for pharmacy automation equipment and is expected to continue its stronghold till 2028. The region's market is growing owing to the various strategic initiatives launched by government bodies. Additionally, the rising awareness among pharmacies for automated systems, high prevalence of chronic diseases, and rising geriatric population support the overall growth of the pharmacy automation equipment market in the US and Canada.
Question 4: Which are the leading firms in the pharmacy automation equipment market?
Answer: Avery Weigh Tronix, Becton Dickinson and Company, Pearson Medical Technologies, Baxter International Inc, Omnicell Inc, McKesson Corporation, Amerisourcebergen, Capsa Healthcare LLC, Cerner Corporation, Swisslog Holdings AG, Parata Systems LLC, Scriptpro LLC, Arxium Inc, Perceptimed Inc, Alixarx, Newicon Oy, and Accu Chart Plus Healthcare System Inc are leading firms in the pharmacy automation equipment market.
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