Market Introduction
The pharmacy automation involves 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. Also, automation systems can help pharmacies streamline the workflow, reduce the risk of mistakes, and improve direct patient-care activities.
Market Overview and Dynamics
The Asia Pacific pharmacy automation equipment market is expected to reach US$ 1,662.52 million by 2028 from US$ 938.68 million in 2021; it is estimated to grow at a CAGR of 8.0% from 2021 to 2028. The market growth is attributed to the factors such as emerging markets to provide upgraded healthcare services and increasing awareness among pharmacists regarding pharmacy automation. However, lack of awareness about software in emerging nations associated with automated dispensing systems is expected to be restrain the market growth.
In developing countries, pharmaceutical management is an essential factor due to escalating healthcare costs and rising pressure to improve access to services. To ease the access to drugs, governments of developing countries are adopting various strategies. In addition, most of the market players focus on emerging markets—such as China and India—due to surging number of chronic diseases, rising adoption of latest medical technologies in hospitals, and increasing awareness about advanced medical technologies. Additionally, government authorities of the countries in Asia Pacific are focusing on strengthening their medical tourism sector, thereby maximizing the flow of revenue. Moreover, in conventional pharmacies, pharmacists witness various issues such as an increasing medication errors and growing patient waiting times, due to the surging patient load. At present, awareness and concerns regarding medication errors and adverse events are increasing among pharmacists and healthcare professionals, which propels the growth of the Asia Pacific pharmacy automation equipment market.
Asia Pacific has been witnessing a growing number of COVID-19 cases since its outbreak. The pharmacy automation systems offer plentiful benefits to the patients, pharmacies, and the key members of the healthcare team. Automated systems also provide inordinate cost-effective and safety benefits, and they rationalize the pharmacy types by improving data workflow. Also, a rising infection rate has boosted the demand for medications, which has created the need of automated medication dispensing systems. Therefore, the healthcare facilities and pharmacies are preferring these automated systems, which is driving the growth of the Asia Pacific pharmacy automation equipment market.
Key Market Segments
The Asia Pacific 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.
By end user, the Asia Pacific pharmacy automation equipment market is segmented into hospital pharmacy, retail pharmacy, and others. The hospital pharmacy segment held the largest share of the market in 2020, whereas the retail pharmacy segment is estimated to register the highest CAGR in the market during the forecast period.
Major Sources and Companies Listed
A few of the primary and secondary sources associated with this report on the Asia Pacific pharmacy automation equipment market are National Health Service (NHS), Australian Commission on Safety and Quality in Healthcare, and World Travel & Tourism Council (WTTC).
Reasons to buy the report
ASIA PACIFIC PHARMACY AUTOMATION EQUIPMENT MARKET SEGMENTATION
By Type
By End User
By Country
Company Profiles
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 938.68 Million |
| Market Size by 2028 | US$ 1,662.52 Million |
| CAGR (2021 - 2028) | 8.0% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Type
|
| Regions and Countries Covered |
Asia-Pacific
|
| Market leaders and key company profiles |
|
The Asia Pacific Pharmacy Automation Equipment Market is valued at US$ 938.68 Million in 2021, it is projected to reach US$ 1,662.52 Million by 2028.
As per our report Asia Pacific Pharmacy Automation Equipment Market, the market size is valued at US$ 938.68 Million in 2021, projecting it to reach US$ 1,662.52 Million by 2028. This translates to a CAGR of approximately 8.0% during the forecast period.
The Asia Pacific Pharmacy Automation Equipment Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Asia Pacific Pharmacy Automation Equipment Market report:
The Asia Pacific Pharmacy Automation Equipment Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Asia Pacific Pharmacy Automation Equipment Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Asia Pacific Pharmacy Automation Equipment Market value chain can benefit from the information contained in a comprehensive market report.
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