Report : Asia Pacific Outpatient Central Fulfillment Market Forecast to 2030 - Regional Analysis - by Product Type (Automated Medication Dispensing Systems, Automated Packaging and Labelling Systems, Automated Tabletop Counters, Automated Storage and Retrieval Systems, and Others) and End User (Hospital Pharmacies, Retail Pharmacies, and Mail-Order Pharmacies)
At 12.1% CAGR, Asia Pacific Outpatient Central Fulfillment Market is Projected to be Worth US$ 126.44 Million by 2030, says Business Market Insights
According to Business Market Insights' research, the Asia Pacific outpatient central fulfillment market was valued at US$ 50.60 million in 2022 and is expected to reach US$ 126.44 million by 2030, registering a CAGR of 12.1% from 2022 to 2030. Risk of medication errors and rising aging population and emerging markets are among the critical factors attributed to the Asia Pacific outpatient central fulfillment market expansion.
A medication error can be a result of inappropriate and ineffective medication dispensing. Common medication errors that have the potential to harm patients include dispensing a wrong drug, an incorrect quantity of a drug, and a wrong drug strength. Moreover, these errors may be caused due to omitting items unintentionally. Medication errors are alarming and are considered the third leading cause of death worldwide. The World Health Organization (WHO) also stated that a medication error causes 1 death in 1 million population globally. Unsafe practices in medicine have been causing unavoidable risks in the healthcare sector.
Distractions are the leading cause of medication errors. Distractions occur because healthcare professionals are engaged in multiple tasks throughout the day, including examining the patient, interacting with consultants, speaking to patients' family members, and conversing with insurance professionals. Sometimes a lapse of judgment develops in a hurry to complete their duties, which may lead to a medication error.
Another major cause of medication error is distortion. Poor writing, abbreviations, misunderstood symbols, or improper translation cause distortions. Further, pharmacists and nurses find it difficult to understand the handwritten prescription for medicines, leading to the wrong delivery of medicines to the patients. Thus, the undeniable possibility of medication errors triggers the demand for automation in pharmacy operations, thereby bolstering the growth of the outpatient central fulfillment market.
On the contrary, high capital requirements and problems associated with automation system operations hurdle the growth of Asia Pacific outpatient central fulfillment market.
Based on product type, the Asia Pacific outpatient central fulfillment market is categorized into automated medication dispensing systems, automated packaging and labelling systems, automated tabletop counters, automated storage and retrieval systems, and others. The automated medication dispensing systems segment held 32.4% share of Asia Pacific outpatient central fulfillment market in 2022, amassing US$ 16.41 million. It is projected to garner US$ 43.58 million by 2030 to expand at 13.0% CAGR during 2022-2030.
In terms of end user, the Asia Pacific outpatient central fulfillment market is segmented into hospital pharmacies, retail pharmacies, and mail-order pharmacies. The hospital pharmacies segment held 53.8% share of Asia Pacific outpatient central fulfillment market in 2022, amassing US$ 27.23 million. It is projected to garner US$ 70.86 million by 2030 to expand at 12.7% CAGR during 2022-2030.
Based on country, the Asia Pacific outpatient central fulfillment market has been categorized into China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 33.7% share of Asia Pacific outpatient central fulfillment market in 2022. It was assessed at US$ 17.04 million in 2022 and is likely to hit US$ 44.01 million by 2030, exhibiting a CAGR of 12.6% during 2022-2030.
Key players operating in the Asia Pacific outpatient central fulfillment market are Becton Dickinson and Co; Capsa Solutions, LLC; Cardinal Health Inc; McKesson Corp; and Omnicell Inc, among others.
- In October 2022, Omnicell Inc announced the launch of Specialty Pharmacy Services. The services are dedicated to setting up, operating, and optimizing a specialty pharmacy program. Specialty Pharmacy Services is a complete program created to assist health institutions with establishing and maintaining a hospital-owned, fully managed specialty pharmacy.
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