Report : Europe Pharmacy Automation Equipment Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Automated Medication Dispensing Systems, Automated Packaging & Labeling Systems, Automated Storage & Retrieval Systems, Automated Compounding Devices, and Tabletop Tablet Counters) and End User (Hospital Pharmacy, Retail Pharmacy, and Others)
The automated compounding devices segment by type is estimated to lead the market growth during the forecast period.
According to a new market research study of “Europe Pharmacy Automation Equipment Market Forecast to 2028 - COVID-19 Impact and Regional Analysis by Type, End User and Country.” The Europe pharmacy automation equipment market is expected to reach US$ 2,445.05 million by 2028 from US$ 1,374.42 million in 2020; it is estimated to grow with a CAGR of 7.5% from 2021 to 2028. The report highlights trends prevailing in the Europe pharmacy automation equipment market and the factors driving market along with those that act as hindrances.
The Europe pharmacy automation equipment market, by type, is segmented into automated medication dispensing systems, automated packaging & labeling systems, automated storage & retrieval systems, automated compounding devices, and tabletop tablet counters. The automated medication dispensing systems segment held the largest share of the market in 2020, whereas the automated compounding devices segment is anticipated to register the highest CAGR in the market during the forecast period.
The pharmacy automation involves the mechanization of tasks and processes performed in pharmacy or other health care settings. The objective is to reduce errors in medical prescriptions and optimize patient safety. As per the “Later Life in the United Kingdom 2019” report, there are around 12 million people in the UK aged 65 years and above, of which 5.4 million people are aged 75 years and above, ~1.6 million are aged 85+ years, and over 500,000 people are 90+ years. The demand for healthcare services is increasing in the region owing to the surging geriatric population and increasing prevalence of chronic diseases. Therefore, hospitals are struggling to keep up owing to the labor shortages. Pharmacy and nursing staff require modern technology tools to perform their jobs efficiently without compromising on patient safety or care quality. The automated medication dispensing systems reduce workloads and add a higher level of security, tracking, and accountability. Also, the companies operating in the pharmaceutical market are adopting organic and inorganic growth strategies to increase their market share across Europe. Apart from this, artificial intelligence (AI) and machine learning (ML) are also providing exciting opportunities for the pharmacy automation equipment market. Technological advancements and integration of AI are expected to drive the adoption of pharmacy automation equipment during the forecast period.
COVID-19 pandemic has adversely affected European countries. Patients hospitalized for COVID-19 are at a risk for medication error. Various companies have shut down their productions owing to local restrictions in countries. They are revaluating their strategies, risk tolerance, and overall network footprint to address these risks. For instance, in February 2020, Geisinger partnered with Omnicell for automated medication dispensing that will help to drive clinical and operational efficiency, increase medication safety, and reduce costs, ultimately supporting enhanced patient care. Thus, the above-mentioned factor is likely to boost the growth of the Europe pharmacy automation equipment market in coming years. Hence, the impact of the COVID-19 pandemic on the market is positive.
The market growth is attributed to the key factors such as increasing demand for upgraded healthcare services and rising technological developments in automation equipment. However, the concerns regarding data privacy with automated dispensing systems is expected to be restrain the market growth.
AmerisourceBergen, Baxter International Inc., Capsa Healthcare, OMNICELL INC., Cerner Corporation, MCKESSON CORPORATION, and BD are among the leading companies operating in the Europe pharmacy automation equipment market.
The report segments in Europe Pharmacy Automation Equipment Market as follows:
- Automated Medication Dispensing Systems
- Automated Packaging & Labeling Systems
- Automated Storage & Retrieval Systems
- Automated Compounding Devices
- Tabletop Tablet Counters
By End User
- Hospital Pharmacy
- Retail Pharmacy
- Rest of Europe
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