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Rise in value attributed to the ongoing decentralization of pharmacies.
As noted by MarketsandMarkets, the pharmacy automation industry is predicted to experience significant growth in the near future, as technology is becoming more sophisticated and automated systems are becoming more commonplace in pharmacies. The sector’s market value in terms of revenue was estimated to be worth $5.6 billion and is poised to reach $8.2 billion by 2027, growing at a compound annual growth rate (CAGR) of 7.9% from 2022 to 2027.
The aforementioned technology can help with the dispensing of medications, managing inventory, and preparing prescriptions. Automation can also help to improve accuracy and reduce mistakes, as well as improve patient safety. Further, the increased use of automated systems will lead to more efficient workflow and greater cost savings for pharmacies. As the technology becomes more advanced, it is likely that more pharmacies will be adopting automated systems in the near future.
Growth in the market has been driven by various factors, including the rapid decentralization of pharmacies, the rising geriatric population leading to increased adoption of automated dispensing systems, and the increasing focus on automation to reduce labor costs.