At 10.1% CAGR, the Asia Pacific Pharmacy Automation Systems Market is Projected to be worth US$ 3,716.19 million by 2030, says Business Market Insights

According to Business Market Insights research, the Asia Pacific pharmacy automation systems market was valued at US$ 1,722.69 million in 2022 and is expected to reach US$ 3,716.19 million by 2030, registering a CAGR of 10.1% from 2022 to 2030. Growing risk of medication errors is among the critical factors attributed to the Asia Pacific pharmacy automation systems market expansion.

Medication errors are alarming and are considered the third leading cause of death worldwide. As per WHO, medication errors and unsafe drug practices are the main causes of preventable injury in healthcare systems worldwide. Fifty percent of medical care's avoidable harm is linked to medication, with the biggest contributors being errors in prescription and monitoring. Medication errors are expected to cost US$ 42 billion a year globally and a medication error causes 1 death in 1 million of the population globally. On the other hand, the risks of drug-related injuries due to medication errors are much higher. Distractions are the leading cause of ~75% of medication errors. Distractions are common when healthcare professionals are engaged in multiple tasks, including speaking to consultants, speaking to patient family members, examining the patient, and conversing with insurance professionals simultaneously. Moreover, in these situations, they fail to complete their duties on time and suffer a lapse of judgment, leading to medication errors. Distortion is another factor responsible for the maximum number of medication errors. Distortion is a result of poor writing, use of abbreviations, misunderstood symbols, or improper translation. Further, pharmacists and nurses find difficulties to understand the handwritten prescription for medicines that leads to wrong delivery of medicines to the patients. Thus, the growing number of medication errors triggers the demand for pharmacy automation systems.

On the contrary, high capitalization cost and problems associated with pharmacy automation systems hampers the growth of Asia Pacific pharmacy automation systems market.

Based on type, the Asia Pacific pharmacy automation systems market is categorized into automation medication dispensing systems (product type and operation), automated packaging and labelling systems, automated table-top counters, automated storage and retrieval systems, and other types. The automation medication dispensing systems segment held 35.4% market share in 2022, amassing US$ 610.57 million. It is projected to garner US$ 1,370.13 million by 2030 to expand at 10.6% CAGR during 2022-2030.

Based on end user, the Asia Pacific pharmacy automation systems market is categorized into hospital pharmacy, retail pharmacy, and others. The hospital pharmacy segment held 60.7% share of Asia Pacific pharmacy automation systems market in 2022, amassing US$ 1,045.24 million. It is projected to garner US$ 2,317.13 million by 2030 to expand at 10.5% CAGR during 2022-2030.

Based on country, the Asia Pacific pharmacy automation systems market has been categorized into China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 41.0% share of Asia Pacific pharmacy automation systems market in 2022. It was assessed at US$ 706.30 million in 2022 and is likely to hit US$ 1,570.09 million by 2030, exhibiting a CAGR of 10.5% during 2022-2030.

Key players operating in the Asia Pacific pharmacy automation systems market are McKesson Corp, Becton Dickinson and Co, Capsa Solutions LLC, Omnicell Inc, Oracle Corp, YUYAMA Manufacturing Co Ltd, Veradigm LLC, and Swisslog Healthcare AG, among others.

- In Feb 2023, Nova Scotia and Oracle Cerner Begin a New Era in Healthcare.

- In Jan 2022, Allscripts Announced Corporate Name Change to Veradigm Inc.



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