Pharmacy Automation Market in terms of revenue was estimated to be worth $6,700.5 million in 2023 and is poised to reach $12,900.0 million by 2031, growing at a CAGR of 8.77% from 2024 to 2031 according to a new report by InsightAce Analytic.
Latest Drivers Restraint and Opportunities Market Snapshot:
Key factors influencing the global Pharmacy Automation market are: Growing need to minimize medication errors Rising demand for pharmaceuticals Decentralization of pharmacies
The following are the primary obstacles to the Pharmacy Automation market's expansion: High initial capital investments Reluctance to adopt pharmacy automation systems Interoperability problems pharmacy automation systems
Future expansion opportunities for the global Pharmacy Automation market include: Rising healthcare expenditures Increasing work efficiencies within pharmacies Strategic measures by market players
Key Industry Insights & Findings from the report:
The increasing benefits from pharmacy automation are projected to be the cause of markets growth, as a there is improvement in the work efficiency and more of electronic processes. The increasing demand for pharmaceuticals is expected to drive industry growth. North America dominated the market and accounted for a revenue share of global revenue in 2023. One of the significant concerns restraining industry growth is the need for a huge capital investments and adoption of pharmacy automation systems.
Market Analysis: The rise in the minimization of medication errors, decentralization of pharmacies as well as the demand for drug prescription filling solutions are driving growth in the global Pharmacy Automation market. Furthermore, the increasing expenditures on technological developments enhances the demand for Pharmacy Automation systems, and the number of Pharmacy Automation industries to offer Pharmacy Automation devices to major players boosts the Pharmacy Automation market expansion.
List of Prominent Players in the Pharmacy Automation Market: Becton, Dickinson and Company (US) Kuka AG (Swisslog Healthcare) (Germany) Baxter International Inc. (US) Omnicell, Inc. (US) Capsa Healthcare (US) Yuvama Co. Ltd. (Japan) ARxIUM Inc. (US) Cerner Corporation (US) RXsafe, LLC (US) Pearson Medical Technologies (US) Parata Systems LLC (US) ScriptPro LLC (US) Touchpoint Medical Solutions
Recent Developments: February 2022, Baxter International Inc. (US) announced that the Common Vulnerabilities and Exposures (CVE) program has given its permission to act as a CVE Numbering Authority. December 2021, Omnicell, Inc. (US) acquired ReCept Holdings, Inc., (US) along with its specialty pharmacy management services for health systems, provider groups, and federally qualified health centers (FQHCs), to enlarge its Advanced Services portfolio. November 2021, Swisslog Healthcare stepped into an innovation agreement with Centre Hospitalier - Le Mans to synergize their expertise in the pharmacy field through the automated packaging and dispensing system, TheraPick. The pharmacy automation system streamlines the flow of medication handling to ensure high patient safety standards. TheraPick separates blistering drugs into Blister Unit Doses (BUDs).
Pharmacy Automation Market Dynamics: Market Drivers: Need to Minimize Medication Errors The increase in adoption of pharmacy automated systems is a major significant driver for Pharmacy Automation Market globally. Since, there is poor transmission of data between physicians and pharmacists, and poor practice of drug prescriptions leading to pharmacy automation which fuel market growth. Furthermore, the improvement in medical procedures and availability of new medication contributes to market growth. Moreover, these automated medical treatments lower the chances of medical errors required for the patient safety, by reducing the human error corrections, and simplifies inventory control, preventing from drug expiration and stock outs, such factors are boosting market expansion. Challenges: Stringent Regulatory Procedures Despite the huge benefits of automations, there are some limiting constraints projected to hinder global market expansion over the forecast period. One of the key factors contributing to the global market's slow growth is the regulatory procedures for manufacturers of automated pharmaceuticals system. There are certain laws to regulate the medicine dispensing practices. Furthermore, the approval for these regulatory [procedures depends on the class to which the device belongs. As a result, the manufacturers of the pharmacy automation may have to adhere to regulations, which can delay the device launching and thus, act as a challenge to market growth. North America Is Expected To Grow With the Highest CAGR during the Forecast Period The North America Pharmacy Automation Market is likely to record a significant revenue share and to develop a rapid CAGR in the near future. This is because of the increased use of advanced technologies including artificial intelligence, machine learning and robots in this area. The North America has the highest rising number of drug prescriptions at pharmacies, resulting from aging population and many other chronic diseases in the region. Furthermore, the region has the growing number of product launching and acquisition and software-enabled automated solutions by the key market players which are propelling the market growth of Pharmacy Automation Systems.
Segmentation of Pharmacy Automation Market-
By Product- Automated Medication Dispensing and Storage Systems o Automated Medication Dispensing and Storage Systems, by Type Robots/Robotic Automated Dispensing Systems Carousels Automated Dispensing Cabinets o Automated Medication Dispensing and Storage Systems, By Application/Operation Centralized Pharmacies Decentralized Pharmacies Automated Packaging and Labelling Systems Automated Tabletop Counters Automated Medication Compounding Systems Other Pharmacy Automation Systems
By End User- Inpatient Pharmacies o Acute Care Systems o Long Term Care Facilities Outpatient Pharmacies o Outpatient/Fast-Track Clinics o Hospital Retail Settings Retail Pharmacies Pharmacy Benefit Management Organizations and Mail-Order Pharmacies
By Region- North America- The US Canada Mexico Europe- Germany The UK France Italy Spain Rest of Europe Asia-Pacific- China Japan India South Korea Southeast Asia Rest of Asia Pacific Latin America- Brazil Argentina Rest of Latin America Middle East & Africa- GCC Countries South Africa Rest of Middle East and Africa
About Us: InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
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