The Asia Pacific pharmacy automation market is projected to grow at a high CAGR during the forecast period.
Pharmacy Automation essentially involves handling and distributing medications, mechanically. This can be used in any pharmacy task and hence helps in increasing efficiency in dispensing medications. These systems also aid in tracing patient’s information.
A major reason for the growth of this market is the growing demand for automated solutions, rising diseases and the Asia Pacific Demographic transition.
Being home to an extensively large heterogeneous population, the health of the people residing in the Asia Pacific region is influenced by several socio-economic factors. These factors contribute significantly to the rising diseases among people. According to World Health Organization (WHO), Globally, deaths due to Non-Communicable Diseases were estimated to be 44 million in 2020 with an estimated 10.4 million deaths alone in the South-East Asia region. According to UNPFA, the Asia and Pacific region accounts for 60 percent of the world’s population that is 4.3 billion people. The number of people aged 60 years and older is projected to reach 1.3 billion (more than double) by 2050, owing to lower mortality rates and rapid urbanization.
Also, a growing tendency of pharmacists towards the automation system due to its efficiency and efficacy in managing routine tasks such as storage, packaging, and compounding has remarkably fueled the demand for the Pharmacy Automation Market in the Asia Pacific Region.
The increase in the rate of hospitalization, unavailability of bed, and product permutation is expected to drive the demand for this market in the forecast period.
According to OECD, “The number of beds is 3 and 2.7 per 1000 population on average across upper-middle and lower-middle and low-income Asia-Pacific countries respectively. The stock of beds is less than one per 1000 population in Bangladesh, Pakistan, Cambodia, and India.” With the rapidly aging population and rising diseases, the rate of hospitalization has increased, with fewer beds available. All this has led to an increase in demand for pharmacy automation.
Moreover, robotics and various software are used in the automation of traditional pharmacies. These technological innovations in pharmacy automation solutions have helped in minimizing the risk of errors, managing drugs, and information regarding the health condition of the patient, thereby letting the physicians focus more on preventive care, curative care, and palliative care. Technological innovation has also contributed notably to reducing the cost of manual labor. All these factors have boosted the overall growth in the Asia-Pacific pharmacy automation market
The outbreak of COVID-19 is also projected to positively impact the growth of the pharmacy automation market.
According to the WHO, more than 38 million COVID-19 cases have been recorded in the Asia Pacific region, as of 2021. Due to the upsurge of COVID-19, the pharmacy automation market has been witnessing a positive impression. The rate of infection among people has been rapidly increasing, thereby increasing the demand for medication across the Asia Pacific countries. To minimize the spread and impact of the virus, hospitals and pharmacies are rapidly adopting automated solutions. The ever-increasing demand for drugs can be met effectively by the pharmacy automation system.
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