(PharmaNewsWire.Com, January 24, 2024 ) The report "Asia Pacific Pharmacy Automation Market by Product Type (Dispensing, Storage - Robotic, Carousel, Cabinet), Packaging & Labelling, Table top, Medication Compounding, End user (Inpatient, Outpatient, Hospital Retail, PBM, Mail-order) - Forecast to 2028", is projected to reach USD 763 million by 2028 from USD 496 million in 2023, at a CAGR of 9.0% during the forecast period.
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.
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.
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.
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