According to IMARC Group’s latest report, titled “Pharmacy Automation Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global pharmacy automation market reached a value of US$ 5.4 Billion in 2021. Looking forward, IMARC Group expects the pharmacy automation market to reach US$ 8.6 Billion by 2027, exhibiting a CAGR of 8.24% during 2022-2027.
A pharmacy automation system enables mechanical management and distribution of medications. The system helps in reducing human intervention and systematizing routine tasks, such as medicine counting, updating the customer database and inventory, mixing liquids and powders, and database management. It eliminates the chances of errors during dispensing and packaging pharmaceutical products. The system also ensures maximum efficiency, keeps track of narcotics and other controlled drugs, and monitors usage patterns.
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The decentralization of pharmacies and increasing usage of pharmacy automation systems due to various associated advantages over manual medication dispensing are prime factors driving the market growth. The market is also driven by the rising focus on reducing medication errors, rapid improvement in the healthcare infrastructure, especially in emerging economies, and the increasing geriatric population. The rising prevalence of chronic diseases, the initiatives undertaken by the governments of several nations to make quality healthcare easily accessible, and the growing use of robots for dispensing prescriptions and maximizing medical storage are other factors creating a positive outlook for the market.
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