Europe Pharmacy Automation Equipment Market
The pharmacy automation involves mechanization of tasks and processes performed in pharmacy or other health care settings. The objective is to reduce errors in medical prescriptions and optimize patient safety. Also, automation systems can help pharmacies streamline the workflow, reduce the risk of mistakes, and improve direct patient-care activities.
Strategic insights for the Europe Pharmacy Automation Equipment provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 1,474.07 Million |
| Market Size by 2028 | US$ 2,445.05 Million |
| Global CAGR (2021 - 2028) | 7.5% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | Europe
|
| Market leaders and key company profiles |
The geographic scope of the Europe Pharmacy Automation Equipment refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
The Europe pharmacy automation equipment market is expected to reach US$ 2,445.05 million by 2028 from US$ 1,474.07 million in 2021; it is estimated to grow at a CAGR of 7.5% from 2021 to 2028. The market growth is attributed to the key factors such as increasing demand for upgraded healthcare services and rising technological developments in automation equipment. However, the concerns regarding data privacy with automated dispensing systems is expected to be restrain the market growth.
The pharmacy automation involves the mechanization of tasks and processes performed in pharmacy or other health care settings. The objective is to reduce errors in medical prescriptions and optimize patient safety. As per the “Later Life in the United Kingdom 2019” report, there are around 12 million people in the UK aged 65 years and above, of which 5.4 million people are aged 75 years and above, ~1.6 million are aged 85+ years, and over 500,000 people are 90+ years. The demand for healthcare services is increasing in the region owing to the surging geriatric population and increasing prevalence of chronic diseases. Therefore, hospitals are struggling to keep up owing to the labor shortages. Pharmacy and nursing staff require modern technology tools to perform their jobs efficiently without compromising on patient safety or care quality. The automated medication dispensing systems reduce workloads and add a higher level of security, tracking, and accountability. Also, the companies operating in the pharmaceutical market are adopting organic and inorganic growth strategies to increase their market share across Europe. Apart from this, artificial intelligence (AI) and machine learning (ML) are also providing exciting opportunities for the pharmacy automation equipment market. Technological advancements and integration of AI are expected to drive the adoption of pharmacy automation equipment during the forecast period.
COVID-19 pandemic has adversely affected European countries. Patients hospitalized for COVID-19 are at a risk for medication error. Various companies have shut down their productions owing to local restrictions in countries. They are revaluating their strategies, risk tolerance, and overall network footprint to address these risks. For instance, in February 2020, Geisinger partnered with Omnicell for automated medication dispensing that will help to drive clinical and operational efficiency, increase medication safety, and reduce costs, ultimately supporting enhanced patient care. Thus, the above-mentioned factor is likely to boost the growth of the Europe pharmacy automation equipment market in coming years. Hence, the impact of the COVID-19 pandemic on the market is positive.
The Europe pharmacy automation equipment market, by type, is segmented into automated medication dispensing systems, automated packaging & labeling systems, automated storage & retrieval systems, automated compounding devices, and tabletop tablet counters. The automated medication dispensing systems segment held the largest share of the market in 2020, whereas the automated compounding devices segment is anticipated to register the highest CAGR in the market during the forecast period.
By end user, the Europe pharmacy automation equipment market is segmented into hospital pharmacy, retail pharmacy, and others. The hospital pharmacy segment held the largest share of the market in 2020, whereas the retail pharmacy segment is estimated to register the highest CAGR in the market during the forecast period.
A few of the primary and secondary sources associated with this report on the Europe pharmacy automation equipment market are European Union (EU), UK National Health Service (NHS) and Ministry of Health and Social Services (MoHSS).
The Europe Pharmacy Automation Equipment Market is valued at US$ 1,474.07 Million in 2021, it is projected to reach US$ 2,445.05 Million by 2028.
As per our report Europe Pharmacy Automation Equipment Market, the market size is valued at US$ 1,474.07 Million in 2021, projecting it to reach US$ 2,445.05 Million by 2028. This translates to a CAGR of approximately 7.5% during the forecast period.
The Europe Pharmacy Automation Equipment Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Europe Pharmacy Automation Equipment Market report:
The Europe Pharmacy Automation Equipment Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Europe Pharmacy Automation Equipment Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Europe Pharmacy Automation Equipment Market value chain can benefit from the information contained in a comprehensive market report.
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