Pharmacy Automation Devices Market
PUBLISHED: 2024 ID: SMRC25575
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Pharmacy Automation Devices Market

Pharmacy Automation Devices Market Forecasts to 2030 - Global Analysis By Product (Packaging & Labeling Systems, Storage & Retrieval Systems, Tabletop Tablet Counters, Automated Medication Compounding Systems and Medication Dispensing Systems), Technology, Application, End User and By Geography

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4.8 (77 reviews)
Published: 2024 ID: SMRC25575

This report covers the impact of COVID-19 on this global market
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Years Covered

2021-2030

Estimated Year Value (2023)

US $6.15 BN

Projected Year Value (2030)

US $13.5BN

CAGR (2023 - 2030)

11.9%

Regions Covered

North America, Europe, Asia Pacific, South America, and Middle East & Africa

Countries Covered

US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa

Largest Market

Asia Pacific

Highest Growing Market

North America


According to Stratistics MRC, the Global Pharmacy Automation Devices Market is accounted for $6.15 billion in 2023 and is expected to reach $13.5 billion by 2030 growing at a CAGR of 11.9% during the forecast period. Pharmacy automation devices streamline medication dispensing, improving efficiency and reducing errors in healthcare settings. These advanced systems, such as robotic dispensers and automated pill packaging machines, handle tasks like counting, labeling, and organizing medications. By automating routine processes, these devices enhance accuracy, minimize manual labor, and enhance patient safety. Pharmacy automation devices contribute to a more streamlined and error-resistant medication distribution process, ultimately benefiting both healthcare providers and patients.

Market Dynamics: 

Driver: 

Increasing medication errors

The escalating concerns and consequences of medication errors have propelled the demand for Pharmacy Automation Devices. As these errors pose significant risks to patient safety, there is a pressing need to enhance accuracy in prescription dispensing. Automation not only minimizes human errors but also improves workflow efficiency, ensuring precise medication management. Furthermore, the pharmaceutical industry's increasing reliance on automation technologies reflects a strategic response to the imperative of patient safety, thereby fostering the expansion of the market.

Restraint:

High initial investment

Smaller pharmacies and healthcare facilities with constrained budgets may find it financially challenging to invest in these systems. This financial barrier inhibits widespread adoption, limiting the potential benefits of improved efficiency and reduced errors. The disparity in access to automation technology exacerbates healthcare inequalities, hindering smaller players from keeping pace with larger institutions. As a result, the overall impact of high initial investment acts as a restricting factor, impeding the broader integration of Pharmacy Automation Devices

Opportunity:

Rising healthcare expenditure

Faced with the need for operational efficiency and cost-effectiveness, healthcare providers increasingly adopt automation solutions. Pharmacy automation devices address this demand by streamlining processes, reducing labor costs, and enhancing workflow efficiency. As healthcare budgets grow, the industry's inclination toward automation technologies intensifies, making these devices indispensable in optimizing pharmacy operations. This symbiotic relationship between rising healthcare expenditure and the adoption of automation underscores the pivotal role these devices play in healthcare management.

Threat:

Cybersecurity and data privacy challenges 

Concerns over the protection of sensitive patient information deter healthcare providers from embracing automation solutions. The potential for data breaches compromises patient confidentiality and undermines trust in automated systems. Addressing these challenges requires substantial investments in robust cybersecurity measures, diverting resources from core healthcare functions. 

Covid-19 Impact

The increased demand for healthcare services, coupled with the need for contactless operations and social distancing, has underscored the importance of automation. Pharmacies seek to enhance efficiency, reduce human touchpoints, and ensure uninterrupted medication dispensing during crises. This surge in demand for automation technologies, including robotics and AI-driven solutions, reflects a paradigm shift in the pharmaceutical landscape.

The packaging & labeling systems segment is expected to be the largest during the forecast period

The packaging & labeling systems segment is estimated to have a lucrative growth, due to efficient and accurate packaging, coupled with advanced labeling solutions, enhances medication safety and adherence. Automation in these processes reduces errors, ensuring the right medication reaches the patient. Moreover, integration of smart packaging technologies facilitates real-time tracking and monitoring driving the growth of the market.

The automated dispensing systems (ADS) segment is expected to have the highest CAGR during the forecast period

The automated dispensing systems (ADS) segment is anticipated to witness the highest CAGR growth during the forecast period. By automating the drug dispensing process, ADS improves operational efficiency, ensuring timely and precise medication delivery. The integration of ADS with electronic health records (EHR) further optimizes patient care and pharmacy management. Thus, the demand for pharmacy automation devices surges as healthcare providers recognize the transformative benefits of ADS in enhancing patient safety, reducing manual errors, and improving overall pharmacy operations.

Region with largest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to the rising healthcare infrastructure development, increased healthcare spending, and a growing aging population. Countries like China, Japan, and India are witnessing heightened demand for automation solutions to manage expanding pharmaceutical needs efficiently. Furthermore, government initiatives, technological advancements, and the need for operational efficiency contribute to the region's flourishing pharmacy automation market

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period, owing to factors like stringent regulatory standards, technological advancements, and the imperative to reduce medication errors. The region, encompassing the United States and Canada, witnesses a significant drive toward pharmacy automation to enhance patient safety and optimize healthcare workflows. With a focus on improving overall efficiency and compliance with regulatory requirements, North America's pharmacy automation sector continues to evolve as an essential component of advanced healthcare delivery systems.

Key players in the market

Some of the key players in the Pharmacy Automation Devices Market include Accu-Chart Plus Healthcare Systems, Inc., Aesynt, Inc, Amerisource Bergen Corporation, Baxter, Cerner Oracle, Deenova S.R.L, Forhealth Technologies, Fulcrum Pharmacy Management, Inc., Health Robotics S.R.L., ARxIUM, Kirby Lester, McKesson Corporation, Medacist Solutions Group, LLC, Pearson Medical Technologies, Pyxis Corporation, Scriptpro LLC, Talyst, LLC, Touchpoint Medical and Yuyama Co. Ltd/Yuyama MFG Co. Ltd  

Key Developments:

In February 2024, Cencora’s formularydecisions launches payer resource for cell and gene therapy products. Through this CGT resource, registered healthcare payers which collectively represent more than 269 million covered lives will have access to a detailed overview of the CGT landscape and product-based information.

In November 2023, Baxter Issues Urgent Medical Device correction for novum IQ syringe infusion pump due to potential impact of downstream occlusions on infusion volume. The correction is due to the potential for an incomplete infusion following one or more downstream occlusion alarms. Baxter notified impacted customers in October and is developing a software upgrade to resolve the issue.

In November 2023, The Baxter International Foundation and UNICEF Partner to Expand Access to Safe Water and Sanitation in Egypt. This program is designed to deliver prevention-focused, climate-resilient water, sanitation and hygiene (WASH) services for families and children in Egypt

Products Covered:
• Packaging & Labeling Systems
• Storage & Retrieval Systems
• Tabletop Tablet Counters
• Automated Medication Compounding Systems
• Medication Dispensing Systems
 
Technologies Covered:
• Robotics
• Automated Dispensing Systems (ADS)
• Barcoding and Radio Frequency Identification (RFID)
• Medication Pouch Packaging Systems
• Other Technology

Applications Covered:
• Drug Storage 
• Medication Expiry Control 
• Efficient Inventory Management 
• Stock Management 
• Automatic Reordering Of Medications 
• Other Applications 

End Users Covered:
• Retail pharmacies 
• Inpatient pharmacies 
• Pharmacy Benefit Management Organizations (PBMOs) 
• Outpatient pharmacies 
• Other End Users 

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan        
o China        
o India        
o Australia  
o New Zealand
o South Korea
o Rest of Asia Pacific    
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa 
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings: 
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Table of Contents

1 Executive Summary         
           
2 Preface          
 2.1 Abstract         
 2.2 Stake Holders        
 2.3 Research Scope        
 2.4 Research Methodology       
  2.4.1 Data Mining       
  2.4.2 Data Analysis       
  2.4.3 Data Validation       
  2.4.4 Research Approach       
 2.5 Research Sources        
  2.5.1 Primary Research Sources      
  2.5.2 Secondary Research Sources      
  2.5.3 Assumptions       
           
3 Market Trend Analysis        
 3.1 Introduction        
 3.2 Drivers         
 3.3 Restraints        
 3.4 Opportunities        
 3.5 Threats         
 3.6 Technology Analysis       
 3.7 Product Analysis        
 3.8 Application Analysis       
 3.9 End User Analysis        
 3.10 Emerging Markets        
 3.11 Impact of Covid-19        
           
4 Porters Five Force Analysis        
 4.1 Bargaining power of suppliers       
 4.2 Bargaining power of buyers       
 4.3 Threat of substitutes       
 4.4 Threat of new entrants       
 4.5 Competitive rivalry        
           
5 Global Pharmacy Automation Devices Market, By Product     
 5.1 Introduction        
 5.2 Packaging & Labeling Systems       
 5.3 Storage & Retrieval Systems       
 5.4 Tabletop Tablet Counters       
 5.5 Automated Medication Compounding Systems     
 5.6 Medication Dispensing Systems      
  5.6.1 Carousels       
  5.6.2 Automated Dispensing Cabinets     
  5.6.3 Robotic Automated Dispensing Systems     
           
6 Global Pharmacy Automation Devices Market, By Technology     
 6.1 Introduction        
 6.2 Robotics         
 6.3 Automated Dispensing Systems (ADS)      
 6.4 Barcoding and Radio Frequency Identification (RFID)    
 6.5 Medication Pouch Packaging Systems      
 6.6 Other Technology        
           
7 Global Pharmacy Automation Devices Market, By Application     
 7.1 Introduction        
 7.2 Drug Storage        
 7.3 Medication Expiry Control       
 7.4 Efficient Inventory Management      
 7.5 Stock Management        
 7.6 Automatic Reordering Of Medications      
 7.7 Other Applications        
           
8 Global Pharmacy Automation Devices Market, By End User     
 8.1 Introduction        
 8.2 Retail pharmacies        
 8.3 Inpatient pharmacies       
 8.4 Pharmacy Benefit Management Organizations (PBMOs)    
 8.5 Outpatient pharmacies       
 8.6 Other End Users        
           
9 Global Pharmacy Automation Devices Market, By Geography     
 9.1 Introduction        
 9.2 North America        
  9.2.1 US        
  9.2.2 Canada        
  9.2.3 Mexico        
 9.3 Europe         
  9.3.1 Germany        
  9.3.2 UK        
  9.3.3 Italy        
  9.3.4 France        
  9.3.5 Spain        
  9.3.6 Rest of Europe       
 9.4 Asia Pacific        
  9.4.1 Japan        
  9.4.2 China        
  9.4.3 India        
  9.4.4 Australia        
  9.4.5 New Zealand       
  9.4.6 South Korea       
  9.4.7 Rest of Asia Pacific       
 9.5 South America        
  9.5.1 Argentina       
  9.5.2 Brazil        
  9.5.3 Chile        
  9.5.4 Rest of South America      
 9.6 Middle East & Africa       
  9.6.1 Saudi Arabia       
  9.6.2 UAE        
  9.6.3 Qatar        
  9.6.4 South Africa       
  9.6.5 Rest of Middle East & Africa      
           
10 Key Developments         
 10.1 Agreements, Partnerships, Collaborations and Joint Ventures    
 10.2 Acquisitions & Mergers       
 10.3 New Product Launch       
 10.4 Expansions        
 10.5 Other Key Strategies       
           
11 Company Profiling         
 11.1 Accu-Chart Plus Healthcare Systems, Inc.      
 11.2 Aesynt, Inc        
 11.3 Amerisource Bergen Corporation      
 11.4 Baxter         
 11.5 Cerner Oracle        
 11.6 Deenova S.R.L        
 11.7 Forhealth Technologies       
 11.8 Fulcrum Pharmacy Management, Inc.      
 11.9 Health Robotics S.R.L.       
 11.10 ARxIUM         
 11.11 Kirby Lester         
 11.12 McKesson Corporation       
 11.13 Medacist Solutions Group, LLC       
 11.14 Pearson Medical Technologies       
 11.15 Pyxis Corporation        
 11.16 Scriptpro LLC        
 11.17 Talyst, LLC        
 11.18 Touchpoint Medical        
 11.19 Yuyama Co. Ltd/Yuyama MFG Co. Ltd      
           
List of Tables          
1 Global Pharmacy Automation Devices Market Outlook, By Region (2021-2030) ($MN)  
2 Global Pharmacy Automation Devices Market Outlook, By Product (2021-2030) ($MN)  
3 Global Pharmacy Automation Devices Market Outlook, By Packaging & Labeling Systems (2021-2030) ($MN)
4 Global Pharmacy Automation Devices Market Outlook, By Storage & Retrieval Systems (2021-2030) ($MN)
5 Global Pharmacy Automation Devices Market Outlook, By Tabletop Tablet Counters (2021-2030) ($MN) 
6 Global Pharmacy Automation Devices Market Outlook, By Automated Medication Compounding Systems (2021-2030) ($MN)
7 Global Pharmacy Automation Devices Market Outlook, By Medication Dispensing Systems (2021-2030) ($MN)
8 Global Pharmacy Automation Devices Market Outlook, By Carousels (2021-2030) ($MN)  
9 Global Pharmacy Automation Devices Market Outlook, By Automated Dispensing Cabinets (2021-2030) ($MN)
10 Global Pharmacy Automation Devices Market Outlook, By Robotic Automated Dispensing Systems (2021-2030) ($MN)
11 Global Pharmacy Automation Devices Market Outlook, By Technology (2021-2030) ($MN)  
12 Global Pharmacy Automation Devices Market Outlook, By Robotics (2021-2030) ($MN)  
13 Global Pharmacy Automation Devices Market Outlook, By Automated Dispensing Systems (ADS) (2021-2030) ($MN)
14 Global Pharmacy Automation Devices Market Outlook, By Barcoding and Radio Frequency Identification (RFID) (2021-2030) ($MN)
15 Global Pharmacy Automation Devices Market Outlook, By Medication Pouch Packaging Systems (2021-2030) ($MN)
16 Global Pharmacy Automation Devices Market Outlook, By Other Technology (2021-2030) ($MN) 
17 Global Pharmacy Automation Devices Market Outlook, By Application (2021-2030) ($MN)  
18 Global Pharmacy Automation Devices Market Outlook, By Drug Storage (2021-2030) ($MN)  
19 Global Pharmacy Automation Devices Market Outlook, By Medication Expiry Control (2021-2030) ($MN) 
20 Global Pharmacy Automation Devices Market Outlook, By Efficient Inventory Management (2021-2030) ($MN)
21 Global Pharmacy Automation Devices Market Outlook, By Stock Management (2021-2030) ($MN) 
22 Global Pharmacy Automation Devices Market Outlook, By Automatic Reordering Of Medications (2021-2030) ($MN)
23 Global Pharmacy Automation Devices Market Outlook, By Other Applications (2021-2030) ($MN) 
24 Global Pharmacy Automation Devices Market Outlook, By End User (2021-2030) ($MN)  
25 Global Pharmacy Automation Devices Market Outlook, By Retail pharmacies (2021-2030) ($MN) 
26 Global Pharmacy Automation Devices Market Outlook, By Inpatient pharmacies (2021-2030) ($MN) 
27 Global Pharmacy Automation Devices Market Outlook, By Pharmacy Benefit Management Organizations (PBMOs) (2021-2030) ($MN)
28 Global Pharmacy Automation Devices Market Outlook, By Outpatient pharmacies (2021-2030) ($MN) 
29 Global Pharmacy Automation Devices Market Outlook, By Other End Users (2021-2030) ($MN)  
           
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.

List of Figures

RESEARCH METHODOLOGY


Research Methodology

We at Stratistics opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.

Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.

Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.

Data Mining

The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.

Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.

Data Analysis

From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:

  • Product Lifecycle Analysis
  • Competitor analysis
  • Risk analysis
  • Porters Analysis
  • PESTEL Analysis
  • SWOT Analysis

The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.


Data Validation

The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.

We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.

The data validation involves the primary research from the industry experts belonging to:

  • Leading Companies
  • Suppliers & Distributors
  • Manufacturers
  • Consumers
  • Industry/Strategic Consultants

Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.


For more details about research methodology, kindly write to us at info@strategymrc.com

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