Pharmacy Automation Systems Market

According to Stratistics MRC, the Global Pharmacy Automation Systems Market is accounted for $6.15 billion in 2023 and is expected to reach $11.91 billion by 2030 growing at a CAGR of 9.9% during the forecast period. Pharmacy automation systems encompass a range of technologies and processes designed to streamline and improve various aspects of medication management and dispensing in pharmacies. Automated solutions provide enormous advantages in terms of cost-effectiveness and safety, and by streamlining data flows, they rationalize pharmaceutical processes. By boosting patient safety, streamlining drug management procedures, and freeing chemists to concentrate on delivering excellent clinical care, pharmacy automation technologies play a critical role in contemporary healthcare.

According to a Drug Store News article, 66% of prescribers and 48% of pharmacists reported seeing an increase in the usage of automation and other technologies.



Market Dynamics:

Driver:

Growing desire to reduce medication mistakes

Globally, readmission to the hospital is most frequently caused by medication and distribution problems. Medication errors are frequently caused by a lack of clear order communication between doctors and chemists, unsafe pharmacy storage procedures, and confusion brought on by identical labels and prescriptions when drugs are prepared, dispensed, or administered. These systems allow healthcare professionals to focus more on patient care and less on administrative tasks, ultimately leading to better overall healthcare quality. Therefore, automated systems are regarded as one of the best ways to reduce these mistakes.

Restraint:

Strict regulations

The degree of regulatory scrutiny varies from one area to another and is determined by the class to which a certain gadget belongs. The use of automated dispensing devices (ADDs) in medical settings is subject to a variety of state boards of pharmacy standards. These boards are state organizations in charge of overseeing and regulating pharmacy practice and issuing state licenses to pharmacists. As a result, producers of automated pharmacy systems must follow a number of rules; doing so is time-consuming and might delay the release of new products. Thus, the strict rules and regulations hinder the market growth by restricting new entrants.

Opportunity:

Rising demand for pharmaceuticals

On a worldwide scale, there is a rising need for medicines as a result of the rising prevalence of chronic illnesses including cancer, diabetes, obesity, and asthma, among others. The availability of better healthcare facilities is contributing to an increase in the world's aging population. The rising demand for medicines is also aided by increased research and development that results in the introduction of innovative and effective treatments for particular ailments. Additionally, the government's expanding measures to improve the health sector are promoting market expansion.

Threat:

High capital investments

Pharmacy automation systems need a substantial upfront investment. This covers the price of buying the necessary equipment, software, and any extras like conveyors, robotic arms, and storage facilities. Robotics, computer vision, artificial intelligence (AI), and advanced software algorithms are all used in pharmacy automation systems. The entire cost of these components is impacted by the enormous resources needed for research, development, and production. Therefore, the market expansion is being hampered by the fact that only large hospitals and pharmacies can afford this equipment.

Covid-19 Impact

The market for pharmacy automation systems has benefited from the COVID-19 flare-ups. The increased need for automation in pharmacies is partially responsible for this. Additionally, due to a staffing shortage during the epidemic, the need for automation systems rose. The pandemic increased the amount of prescriptions being filled at pharmacies throughout the world, which in turn increased demand for automated dispensing systems and grew the industry.

The automated dispensing cabinets segment is expected to be the largest during the forecast period

The automated dispensing cabinets segment is estimated to have a lucrative growth, due to its secured medication storage, 24/7 access to medications, reduced medication errors and customized access and permissions. Automated dispensing cabinets are a cornerstone of modern pharmacy operations. ADCs are often integrated with pharmacy management software, allowing for seamless communication between the cabinet and the pharmacy's central database. Its detailed records of all transactions and streamline workflow processes boost the segment demand.

The drug dispensing & packaging segment is expected to have the highest CAGR during the forecast period

The drug dispensing & packaging segment is anticipated to witness the fastest CAGR growth during the forecast period, due to its improved precision, efficiency, and safety. Automation systems can rapidly and accurately dispense medications. Medication dispensing may be done quickly and precisely via automation systems. They use cutting-edge technology, including robots and barcode scanning, to make sure that each prescription is filled with the right drug and dose. Real-time monitoring of drug stock levels is done by these systems. They make sure that every container is appropriately tagged with the relevant details, such as the medicine name, dose, patient information, and expiration date. All of these factors encourage sector growth.

Region with largest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to the increasing investment in R&D. The Asia-Pacific region is incredibly diverse in terms of healthcare infrastructure, policies, and regulations. Countries like Japan, South Korea, Singapore, and Australia tend to have highly advanced healthcare systems. Further, the growing need to minimize medication errors, aging population with chronic diseases and the rising demand for pharmaceuticals are boosting the market growth in the region.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period. Pharmacy operations are precise and effective in North America. Well-known international companies like BD, Omnicell, Capsa Healthcare and McKesson are present in this region. Increased concerns about insufficient inventory management may encourage the development of high-volume dispensing cabinets in the region. Additionally, the markets for pharmacy automation equipment in North America are expected to rise because of technological advances in drug administration in hospitals and pharmacies.



Key players in the market

Some of the key players profiled in the Pharmacy Automation Systems Market include Baxter International Inc., Becton, Dickinson, and Company, Capsa Solutions LLC, Cerner Corporation, Danaher Corporation, Lonza Group, McKesson Corporation, Omnicell Inc., Innovation Associates, Parata Systems LLC, Rxsafe LLC, ScriptPro LLC, Yuyama Co. Ltd, AmerisourceBergen Corporation, Deenova SRL, Arxium Inc., Humanscale Healthcare, Talyst LLC, Care Fusion Corporation and Kirby Lester LLC.

Key Developments:

In January 2023, AmerisourceBergen Corporation announced the completion of its acquisition of PharmaLex Holding GmbH. The acquisition of PharmaLex enhances AmerisourceBergen Corporation’s growth strategy by advancing its leadership in specialty services and global platform of pharma manufacturer services capabilities.

In December 2022, Omnicell, Inc. completed the acquisition of ReCept Holdings, Inc. The addition of ReCept’s specialty pharmacy management services for health systems, provider groups, and federally qualified health centers (FQHCs) expanded Omnicell’s Advanced Services portfolio to address the growing and complex specialty pharmacy market.

In June 2022, Becton, Dickinson and Company, and Frazier Healthcare Partners, entered into a definitive agreement for BD to acquire Parata Systems, an innovative provider of pharmacy automation solutions, for USD 1.525 billion. Parata's portfolio of innovative pharmacy automation solutions powers a growing network of pharmacies to reduce costs, enhance patient safety and improve the patient experience.

Products Covered:
• Services
• Software
• Systems

Types Covered:
• Carousels
• Robots/Robotic Automated Dispensing Systems
• Automated Tabletop Counters
• Automated Dispensing Cabinets
• Automated Packaging and Labelling Systems
• Automated Medication Compounding Systems
• Tablet Splitters
• IV Pharmacy

Pharmacy Types Covered:
• Federal
• Chain
• Independent

Applications Covered:
• Inventory Management
• Drug Dispensing & Packaging
• Drug Storage
• Other Applications

End Users Covered:
• Central Fill/Mail Order Pharmacies
• Online Pharmacies
• Retail Pharmacies
• Outpatient Pharmacies
• Inpatient Pharmacies

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