The Global Asia Pacific Pharmacy Automation Market by Product (Automated Medication Dispensing & Storage Systems, Automated Table-Top Counters, Medication Compounding), End User (Inpatient Pharmacies, Outpatient Pharmacies, Retail Pharmacies) - Forecast to 2027" The Asia Pacific pharmacy automation market is projected to reach USD 725 million by 2027 from USD 453 million in 2022, at a CAGR of 9.8% during the forecast period. Growth in the market is mainly driven by the growing need to minimize medication errors, the rapid decentralization of pharmacies, and the rising geriatric population leading to increased adoption of automated dispensing systems.
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Key Market Players
The Asia Pacific pharmacy automation market is consolidated at the top with a large number of leading market players based in developed countries. The prominent players operating in this market include Becton, Dickinson and Company (US), Yuyama Co., Ltd/Yuyama Mfg Co., Ltd (Japan), Omnicell, Inc. (US), KUKA AG (Swisslog Healthcare) (Germany), TOSHO Co, Inc. (Japan), Cerner Corporation (US), TouchPoint Medical Solutions (US), Takazono Corporation (Japan), Capsa Healthcare (US), ARxIUM, Inc. (US), ScriptPro LLC (US), Tension Corporation (US), Meditech Pharmacy Management Solutions (Belgium), Willach Group (Germany), and Stäubli International (Switzerland). Due to the intense competition in the market, major market players are increasingly focusing on expanding their business and strengthening their product portfolio by acquiring smaller players with the desired technological capabilities or geographical presence.
Drivers: Growing need to minimize medication errors
The recognized leading causes of hospital readmission are medication errors and dispensing errors. Poor order communication between physicians and pharmacists, dangerous storage practices in pharmacies, and the confusion arising from similar labels and drug prescriptions during the preparation or dispensing of drugs or during drug administration are some key factors contributing to medication errors. Automated systems are considered one of the most efficient solutions to minimize these errors. In the past, the successful implementation of automated dispensing cabinets (ADCs) and automated dispensing machines (ADMs) in hospitals led to significant reductions in the number of dispensing and medication errors in hospitals.
Restraints: Reluctance to adopt pharmacy automation systems
Despite their benefits, several healthcare professionals and providers are reluctant to adopt or accept IT-based approaches to pharmacy management. This is particularly evident when cultural barriers are involved, especially in emerging economies. Therefore, many pharmacists do not want assistance and are reluctant to adopt pharmacy automation systems as part of their dispensing regimen. Although the benefits of automated pharmacy systems are considerable and the extensive adoption of technology verifies this, until now, only large-volume pharmacies and hospitals could justify the returns on investment (ROIs) obtained from installing these automated systems.
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The automated medication dispensing and storage system segment accounted for the largest share in 2021
Based on products, the pharmacy automation market is segmented into automated medication dispensing and storage systems, automated packaging and labeling systems, automated tabletop counters, automated medication compounding systems, and other pharmacy automation systems. In 2021, the automated medication dispensing and storage systems segment accounted for the largest share of this market, primarily due to the growing need to manage increasing workloads and reduce medication errors.
The inpatient pharmacies segment accounted for the largest share of the pharmacy automation market
Based on end users, the pharmacy automation market is segmented into inpatient pharmacies, outpatient pharmacies, retail pharmacies, and pharmacy benefit management organizations and mail-order pharmacies. In 2021, inpatient pharmacies accounted for the largest share of this market. This is due to the increasing use of pharmacy automation dispensing and storage systems, such as automated dispensing cabinets, across inpatient healthcare facilities.
Australia holds the largest share of the pharmacy automation market
Australia accounted for the largest share of the Asia Pacific pharmacy automation market in 2021. Factors such as growth in the healthcare expenditure and advanced medical infrastructure to contribute to the growth of the Australian pharmacy automation market.
Report Link: Asia Pacific Pharmacy Automation Market
Recent Developments:
- In 2022, Capsa Healthcare (US) announced the acquisition of Humanscale Healthcare (US), a designer and manufacturer of flexible technology solutions and computing workstations based in New York. Combined, Capsa now offers the broadest product suite in the market and expands its ability to provide ergonomically tailored point-of-care computing solutions to healthcare partners worldwide.
- In 2021, Omnicell, Inc. (US) opened a new software development center in Bangalore, India, that will focus on product innovations to deliver cloud-based infrastructures.
- In 2020, Capsa Healthcare (US) acquired RoboPharma, which delivers customized high-speed prescription filling solutions for community pharmacies, hospitals, wholesalers, and central fill operations. With the acquisition, Capsa broadened its reach in the European and Asian pharmacy automation markets.
- In 2020, KUKA AG (Swisslog Healthcare) (Germany) launched its innovative Open Pharmacy platform to enable the transformation of pharmacies into health hubs. The platform includes AirTec, a fast transport solution natively connected to a new generation of EvoTec and TwinTech smart storage solutions. Additionally, the platform includes Living Shelves, a digital kiosk, and MedyBox, a 24/7 secure dispenser.
- In 2019, Capsa Healthcare (US) launched Kirby Lester KL-SR, a robotic dispenser for busy retail and hospital outpatient pharmacies. The KL-SR is a vial-filling robot.
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