Europe pharmacy automation market is projected to grow at a CAGR of 5.92% during the forecast period to reach a total market size of US$1.905 billion in 2022 from US$1.349 billion in 2016. By application, robotic dispensing system will witness the fastest market growth and is expected to grow at a robust CAGR during the forecast period. By end user, European hospital pharmacy automation market is projected to grow at a CAGR of 5.02% during the forecast period.
The continuous support towards adoption of pharmacy automation systems in both hospitals and retail stores throughout Europe among pharmacy organizations, governmental departments, and professional bodies is major factor supporting the growth of pharmacy automation in Europe.
Europe Pharmacy Automation Market by End User
By end user, the Europe pharmacy automation market is segmented as hospital pharmacy and retail pharmacy. The market size of both end users has been discussed in detail in this chapter.The market for pharmacy automation within retail pharmacy will grow at the highest CAGR of X.XX% during the forecast period to continue its dominance throughout the forecast period. Increasing number of chronic diseases like diabetes, obesity, and hypertension along with the rising healthcare costs is leading to the high demand for OTC drug and medicines as people are being encouraged to self-treat chronic conditions.
This is leading to escalating demand for pharmacy automation to free up floor space, eliminate waste theft and diversion and improve productivity and thus, profitability. The expansion of retail pharmacy provides a great opportunity for market players to gain a foothold for growth. In fiscal 2016, McKesson expanded its retail presence in Europe through the growth of its European pharmacy network.
The hospital pharmacy segment of Europe pharmacy automation market is estimated to reach US$XX.XX billion in 2022 from US$XX.XX billion in 2016. Increasing cases of human errors in the type and dosage of medication, shortage of qualified medical staff, and growing regional population owing to the rise in immigration in the past few years requiring increasing medical care are some of the factor that are driving the Europe hospital pharmacy automation market.
Increased healthcare and drug costs coupled with greater focus on the quality of clinical care is further escalating the demand for automation solutions for hospital pharmacy.Hospital Pharmacy Automation market in Europe is poised to grow from US$X.XXX billion in 2016 to US$X.XXX billion in 2022 due to rising healthcare costs in the region. Hospitals in Europe are adopting centralized robots to improve the efficiency of supply chain while reducing medical errors. we have completed all segments of this market in market research and analysis report.
Europe Pharmacy Automation Market by Geography
Europe pharmacy automation market is further segmented by region as United Kingdom, Germany, France, Spain, and others. This is due to the presence of major pharmacy automation market players such as Omnicell, Avantec, and McKesson among others in the region coupled with the desire to improve quality and reduce costs through pharmacy automation while expanding their distribution capabilities. Availability of less storage space and need for saving nursing time in European hospitals is further spurring the demand for pharmacy-based dispensing devices.
United Kingdom will witness a healthy CAGR during the forecast period owing to rising healthcare costs and increasing complexity in the drug supply chain in healthcare sector. Since most ICUs in European hospitals use IT systems such as radiology displays and computerized laboratory
the adoption rate of ADDs is increasing exponentially in the region. However, the rate is low in general hospitals due to high installation costs of automated medication dispensing systems. Recently, Omnicell launched its newest automated dispensing systems- XT Automated Dispensing Cabinets, IV solutions, and drug diversion analytics software at the European Association of Hospital Pharmacists (EAHP) Congress in France.
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