Understanding the Impact of Pharmacy Automation on Drug Distribution
According to the latest industry analysis, the pharmacy automation system market is projected to reach USD 5,621.5 million by 2024. With a strong growth trajectory, the market is expected to expand at a compound annual growth rate (CAGR) of 8.00% from 2024 to 2034. By the end of the forecast period, the market valuation is anticipated to exceed USD 12,136.3 million.
The pharmacy automation market has seen substantial advancements, particularly in hospital and retail pharmacies, driven by the integration of cutting-edge smart technologies. This surge in innovation has propelled the market to new heights, positioning it for significant growth over the next decade.
These systems are used by both inpatient and outpatient pharmacies. Pharmacy automation systems also include properties like the ability to measure personalized medications, track and update consumers’ information in a database, and monitor the all-over procedure of inventory management and distribution. Consequently, they are a suitable replacement for manual dispensing across drugstores. The installation of these systems has immensely improved the efficiency and security of storing, administering, filling, packaging, and labeling prescription medications. These considerations, coupled with other factors like the introduction of cost-effective automation solutions, incorporation of advancing technology into the target product, etc., are likely to drive the growth of the pharmacy automation systems market during the forecast period.
Furthermore, the rising awareness of the benefits of pharmacy automation technologies is encouraging many small and mid-sized healthcare hospitals and retail pharmacies to replace their traditional pharmacy operation practices with these systems. This will boost the market prospects during the next decade.
“Rising awareness of the advantages of pharmacy automation systems along with favorable government policies will supplement the global growth of the pharmacy automation systems market over the forecast period,” says an FMI analyst.
