CHICAGO, Aug. 9, 2023 /PRNewswire/ -- In the near future, the Asia Pacific pharmacy automation industry is poised to undergo a transformative evolution, driven by rapid technological advancements and growing healthcare demands. With an increasing emphasis on efficient medication management and patient safety, pharmacy automation solutions such as robotic dispensing systems, automated compounding machines, and intelligent inventory management tools are expected to witness widespread adoption across the region's diverse healthcare landscape. This surge in automation adoption, fueled by the need to minimize medication errors, enhance operational efficiency, and accommodate the rising patient population, will likely lead to streamlined workflows, reduced labor burdens, and improved medication accuracy within pharmacies and healthcare facilities throughout the Asia Pacific region.
Asia Pacific Pharmacy Automation Market in terms of revenue was estimated to be worth $496 million in 2023 and is poised to reach $763 million by 2028, growing at a CAGR of 9.0% from 2023 to 2028 according to a new report by MarketsandMarkets™.
The increasing awareness among pharmacists, healthcare cost-reduction measures, and significant growth potential in emerging markets are some of the key factors that offer opportunities to the market during the forecast period. However, the stringent regulatory procedures, and the risk of cross-contamination are some of the factors challenging the market growth to some extent.
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Asia Pacific Pharmacy Automation Market Scope:
Report Coverage | Details |
Market Revenue in 2023 | $496 million |
Estimated Value by 2028 | $763 million |
Growth Rate | Poised to grow at a CAGR of 9.0% |
Market Size Available for | 2021–2028 |
Forecast Period | 2023–2028 |
Forecast Units | Value (USD Million) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Product, End user |
Geographies Covered | Asia Pacific |
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunities | Increasing awareness among pharmacists |
Key Market Drivers | Technological advancements and integration with healthcare systems |
The automated packaging and labeling systems segment is expected to register a substantial growth in the Asia Pacific pharmacy automation market, by product
The automated packaging and labeling systems segment is expected to register a substantial growth in the Asia Pacific pharmacy automation market, by component. This growth can be attributed to increasing need to minimize medication errors, reduce labor costs, and increase productivity. The need to improve dispensing accuracy & productivity and lower the overall cost of the process is also a major driver for the automated packaging and labeling systems market.
China is to witness a considerable growth rate during the forecast period.
The market in China is projected to grow at a considerable CAGR during the forecast period. Factors such as rising government initiatives, increasing medical tourism, growing government & private investments expected to bring about the creation of new market participants, growing emergence of various technologically advanced products are anticipated to drive the development of pharmacy automation applications in the China. Along with the abovementioned, the surging aging population, growing healthcare expenditure, urbanization & changing lifestyle, and the growth of e-commerce & online pharmacies will also help to bolster the growth of pharmacy automation market in China.
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Asia Pacific Pharmacy Automation Market Dynamics:
Drivers:
- Technological advancements and integration with healthcare systems
Restraints:
- Lack of skilled personnel
Opportunities:
- Increasing awareness among pharmacists
Challenges:
- Risk of cross-contamination
Key Market Players:
Becton, Dickinson and Company (BD) (US), Yuyama Co., Ltd/Yuyama Mfg Co., Ltd (Japan), Omnicell, Inc. (US), KUKA AG (Swisslog Healthcare) (Germany), TOSHO Co, Inc. (Japan), Oracle Corporation (US), TouchPoint Medical Solutions (US), Takazono Corporation (Japan), Capsa Healthcare (US), ARxIUM, Inc. (US), Mckesson Corporation (US), ATS Corporation (Canada), ScriptPro LLC (US), Hanmi Pharma Co., Ltd. (South Korea), NIHON CHOUZAI Co., Ltd. (Japan), and GETECH (Singapore) are the major players in this market. These companies are majorly focusing on the strategies such as agreements, collaborations, partnerships, and service launches in order to remain competitive and further increase their share in the market.
Recent Developments:
- In October 2022, Omnicell launched Specialty Pharmacy Services to help health systems establish and optimize specialty pharmacy programs. The offering aimed to improve access to specialty medications, generate financial outcomes through a value-based service model, and provide comprehensive technology and expertise for medication management.
- In July 2022, BD acquired MedKeeper, a provider of cloud-based pharmacy management applications. This acquisition strengthens BD's presence in the pharmacy sector and enhances its medication management capabilities, particularly in the preparation of compounded medications.
- In June 2022, Oracle Corporation completed the acquisition of Cerner Corporation, with approximately 69.2% of Cerner's outstanding shares being tendered. The acquisition aimed to revolutionize the healthcare industry by combining clinical capabilities with enterprise platforms, analytics, and automation expertise.
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Asia Pacific Pharmacy Automation Market Advantages:
- Enhanced Patient Safety: Pharmacy automation systems minimize the risk of medication errors through precise dispensing, accurate labeling, and stringent quality checks, ensuring patients receive the correct medications in the right doses.
- Improved Medication Management: Automation streamlines medication inventory tracking, reducing the likelihood of stockouts and wastage. This enables pharmacies to maintain optimal stock levels and respond more effectively to patient needs.
- Efficient Workflow: Automated systems handle routine tasks such as prescription filling, pill counting, and compounding, allowing pharmacy staff to focus on more complex patient care activities, thus improving overall efficiency.
- Reduced Labor Costs: Pharmacy automation reduces the need for manual intervention in repetitive tasks, enabling pharmacies to allocate human resources more efficiently and potentially lowering labor expenses.
- Quick Service Delivery: Automated prescription processing expedites service delivery, minimizing waiting times for patients and increasing customer satisfaction.
- Data-Driven Insights: Automation systems collect valuable data on medication usage, patient preferences, and inventory trends, facilitating informed decision-making for pharmacy management and inventory optimization.
- Regulatory Compliance: Pharmacy automation ensures adherence to regulatory standards and guidelines, reducing the risk of errors that could lead to compliance breaches.
- Minimized Cross-Contamination: Automated compounding systems maintain sterile conditions, minimizing the risk of contamination during medication preparation.
- Scalability: As the healthcare industry expands to accommodate a growing population, pharmacy automation can be easily scaled to meet increased demand, ensuring consistent and reliable service.
- Technological Innovation: The adoption of pharmacy automation encourages the development of new technologies and solutions, fostering a culture of innovation in healthcare and pharmacy management.
- Remote Access: Some pharmacy automation systems allow remote monitoring and management, enabling pharmacists to oversee operations and make adjustments even when not physically present.
- Faster Prescription Filling: Automated systems can process a high volume of prescriptions quickly, reducing patient wait times and improving the overall pharmacy experience.
In conclusion, the Asia Pacific pharmacy automation market offers a host of advantages that range from enhancing patient safety and medication management to optimizing workflows and reducing labor costs. These advantages not only benefit pharmacies but also contribute to the overall efficiency and quality of healthcare services across the region.
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