Global Pharmacy Automation Market Assessment, By Product [Systems, Software, Services], By Pharmacy Size [Large Size Pharmacy, Medium Size Pharmacy, Small Size Pharmacy], By Application [Dispensing, Compounding, Packaging and Labelling, Storage, Inventory Management], By End-user [Hospital Pharmacy, Retail Pharmacy, Online Pharmacy], By Region, Opportunities and Forecast, 2017-2031F

Global pharmacy automation market size was valued at USD 6.51 billion in 2023, which is expected to reach USD 11.31 billion in 2031, with a CAGR of 7.15% for the forecast period between 2024 and 2031F. Since the coronavirus pandemic, the pharmaceutical industry began to see more reasons to reduce handling errors and boost service delivery. After years of development and research, pharmacy automation was the answer. Following the COVID-19 pandemic, the pharmaceutical sector started prioritizing solutions to improve service delivery and reduce handling errors.

The pharmacy automation market has showcased significant growth and development in recent years attributed to the need to minimize medication errors. Manual handling of medications and their dispensing increases the chance of error, leading to barriers in patient compliance. The increasing prescription volume, growing disease prevalence, increasing automation, EHR compliance in healthcare system, need for increasing workflow and cost efficiency have fueled the demand for pharmacy automation.

Integration of pharmacy automation systems with electronic health records (EHR) and other healthcare IT systems will enable better interoperability in healthcare systems. Several market players are producing innovative solutions to automate the pharmacy workflow, further boosting the market. Moreover, recent developments in the pharmacy automation market have focused on enhancing reliability, precision, and ease of work.

For instance, in June 2022, Becton Dickinson (BD) bought Parata Systems from Frazier Healthcare Partners for USD 1.525 billion. The deal allows the medical technology giant to enter the pharmacy automation market, a space seeing strong growth as both established pharmacies and new digital-first entrants look to modernize workflow to improve efficiencies and cut costs.

Increasing Demand for Minimal Medication Error

Medication and dispensing errors are the result of poor communication between pharmacists and prescribers, and sometimes personal errors of pharmacists. Medication or dispensing errors include anomalies in drug substance, dose, dosage form, incorrect labelling, inappropriate packaging. Minimizing such errors can be challenging due to late realization of error. With automated pharmacy, dispensing errors can be minimized to zero, preventing any harm to patients. Based on a factsheet by the WHO in September 2023, one out of every thirty patients in healthcare are affected by medication-related harm, with more than 25% of this harm is considered as severe or dangerous to life. 50% of avoidable harm in healthcare is related to medications.

Increasing Prescription Volume and Prevalence of Chronic Diseases

The pharmacy retail industry is demanding automation to improve the workflow and increase efficiency, owing to the increasing prevalence of chronic diseases. The increasing prevalence of chronic diseases is leading to an increasing volume of prescriptions on pharmacy counters. With a limited workforce, handling it can be a major challenge. Pharmacy automation helps in handling the huge volume of prescriptions with ease, ensuring patients receive their medicines with minimal error. As per an article published in Frontiers, by 2035, 35.66% of the adult population 50 years and older will have at least one chronic condition, which is expected to increase to 47.81% by 2050. Hence, the increasing prevalence of chronic diseases and prescription volume are the factors driving the pharmacy automation market.

Growing Investments in Pharma-Automation-Based Startups

The global pharmacy automation market has witnessed an increasing investment trend over the past few years. Many market players are developing automation tools to expedite innovation and productivity in pharmacy automation. Stakeholders are developing highly efficient pharmacy automation solutions to target the current shortcomings such as high volume of prescriptions and staff shortage. Private and public sectors are anticipating promising growth and revenue on their investments.

In October 2023, USD 9 million were invested in Plenful, a San Francisco-based firm that provides pharmacy technicians with workflow tools that automate manual and administrative tasks. The business stated that it has inked contracts with over 20 customers and concluded a USD 9 million investment round led by Bessemer Venture Partners.

Impact of COVID-19

The pandemic had a positive impact on the pharmacy automation market globally. The pandemic created a strong demand for the adoption of automation in pharmacy to reduce the workload on pharmacists. The COVID-19 pandemic led to a rapid increase in prescription volume that surged the demand for automation in pharmacies to ensure timely dispensing with limited staff. Pharmacy automation offered benefits such as speed, accuracy, and reliability during the pandemic. The demand for prescriptions was high during the pandemic as the workforce and supplies were running short. The success of pharmacy automation during the pandemic made industry realize its significance which led to further growth of pharmacy automation technology.

Global Pharmacy Automation Market: Report Scope

Global Pharmacy Automation Market Assessment, Opportunities and Forecast, 2016-2030F”, is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of global pharmacy automation market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, COVID-19, opportunities, and forecast between 2023 and 2030F. Additionally, the report profiles the leading players in the industry mentioning their respective market share, business model, competitive intelligence, etc.

Report Attribute	Details
Base Year of the Analysis	2023
Historical Period	2017-2022
Forecast Period	2024-2031F
Projected Growth Rate	CAGR of 7.15% between 2024 and 2031F
Revenue Forecast in 2031	USD 11.31 billion
Units	Revenue in USD billion
Segments Covered	Product, Pharmacy Size, Application, End-User
Regions Covered	North America, Europe, South America, Asia-Pacific, Middle East and Africa
Key Companies Profiled	Arxium Inc., Becton Dickinson & Company, Capsa Solutions LLC, Cerner Corporation, Omnicell Inc., Rxsafe LLC, Scriptpro LLC, Yuyama Co. Ltd., McKesson Corporation, Swisslog Holdings AG, PerceptiMed Inc., Avery Weigh-Tronix and Accu-Chart Plus Healthcare System Inc.
Customization Scope	15% free report customisation with purchase
Pricing and Purchase Options	Avail the customized purchase options to fulfil your precise research needs
Delivery Format	PDF and Excel through email (subject to the license purchased)

 

In this report, global pharmacy automation market has been segmented into the following categories: 

1.       By Product

1.1.    Systems

1.1.1. Automated Medication Dispensing Systems

1.1.1.1.              Robots/Robotic Dispensing Systems

1.1.1.2.              Automated Dispensing Cabinets

1.1.2. Automated Packaging and Labelling Systems

1.1.3. Automated Table-top Counters

1.1.4. Automated Storage and Retrieval Systems

1.1.5. Automated Medication Compounding System

1.2.    Software

1.3.    Services

2.       By Pharmacy Size

2.1.    Large Size Pharmacy

2.2.    Medium Size Pharmacy

2.3.    Small Size Pharmacy

3.       By Application

3.1.    Dispensing

3.2.    Compounding

3.3.    Packaging and Labelling

3.4.    Storage

3.5.    Inventory Management

4.       By End-user

4.1.    Hospital Pharmacy

4.1.1. Inpatient Pharmacy

4.1.2. Outpatient Pharmacy

4.2.    Retail Pharmacy

4.3.    Online Pharmacy

5.       By Region

5.1.    North America

5.2.    Europe

5.3.    South America

5.4.    Asia-Pacific

5.5.    Middle East and Africa

Key Players Landscape and Outlook

The global pharmacy automation market is highly competitive, with a few major players dominating the market. These players are Becton Dickison & Company, Capsa Solution LLC, and Omnicell Inc. These companies have a strong global presence, vast distribution network, and prioritize innovation. They are constantly investing in research and development to develop new technologies and products that meet the needs of their customers.

Synergy Medical introduced SynMed Ultra, a novel pharmacy automation system, in April 2023. This system can dispense oral drugs in blister packs at a high throughput. Filling more than 100 multi-dose blister packets in an hour, this automation system assists pharmacists in preparing medications for patients with precision.

Key Players Operating in the Global Pharmacy Automation Market are:

·         Arxium Inc.

·         Becton Dickinson & Company

·         Capsa Solutions LLC

·         Cerner Corporation

·         Omnicell Inc.

·         Rxsafe LLC

·         Scriptpro LLC

·         Yuyama Co. Ltd.

·         McKesson Corporation

·         Swisslog Holdings AG

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