Pharmacy Automation Market

Market Synopsis:

The Global Pharmacy Automation Market is valued at USD 5565.82 Million in the year 2022 and is forecasted to reach a value of USD 9707.06 Million by the year 2030. The Global Market is anticipated to grow to exhibit a Compound Annual Growth Rate (CAGR) of 7.20% over the forecast period.

Pharmacy Automation technologies provide several benefits, including reduced vulnerability to pharmaceutical shortages, reduced medication waste, reduced medication cost per dosage, and improved patient safety. The use of RFID, barcode scanning technologies, a smart dashboard, and data security in pharmacies for a more fluid workflow is expected to improve overall efficiency during the forecast period. The complicated and unprecedented issue of managing corporate compliance in a digital environment has raised external pressure on businesses to improve transparency and employ cutting-edge technology. Various automating solutions are now available thanks to recent technological advancements in the Pharmacy Automation field.

Faster prescription processing, fewer pharmaceutical errors and inventory problems, and lower pharmacy costs are just a few of the advantages of the Pharmacy Automation Market. Furthermore, improvements in the largest emerging healthcare infrastructure are likely to open new avenues for market expansion. Besides, high capital expenditure and strict informal norms, on the other hand, are significant barriers to market expansion over the upcoming years. In addition, Pharmacy Automation companies are increasing their footprint throughout emerging markets in searching for new opportunities over the upcoming years.

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Also, the growing demand for specialized drug prescription filling solutions, the growing desire to reduce medication errors, and the decentralization of pharmacies are all driving the Pharmacy Automation industry over the upcoming years. However, constraints such as a reluctance to accept Pharmacy Automation systems due to the high cost of the Pharmacy Automation system are expected to hinder Pharmacy Automation system adoption, hence limiting the market's growth during the forecast period.

The requirement to reduce medication errors, manual drug dispensing, and the advancement of advanced parts innovation is driving the Pharmacy Automation system market. In addition, the rise in work costs and an increase in the geriatric population have fueled the expansion of the Pharmacy Automation Market over the upcoming years.

Market Segmentation:

The Pharmacy Automation Market is segmented based on Product, End-Users and Region. Based on Product, the market is sub-segmented as Automated Medication Dispensing & Storage Systems, Automated Packaging & Labelling Systems, Automated Tabletop Counters, Automated Medication Compounding Systems, and Other Pharmacy Automation Systems. Based on End-Users, the market is sub-segmented as Inpatient Pharmacies, Outpatient Pharmacies, Retail Pharmacies, Pharmacy Benefit Management Organizations & Mail-Order Pharmacies.

Based On End Users:

Based on End-Users, the market is sub-segmented as Inpatient Pharmacies, Outpatient Pharmacies, Retail Pharmacies, Pharmacy Benefit Management Organizations and Mail-Order Pharmacies. Retail Pharmacy holds the largest share in the market during the forecast period. Retail pharmacies include supermarket pharmacies, chain pharmacies, mass merchandiser pharmacies, and independent pharmacies. The expanding need to prevent dispensing errors, the expansion in the number of retail pharmacies, and the increased pressure on pharmacists are all contributing to the segment's growth. Furthermore, key technological companies like Microsoft, IBM, and Google are working on automation and cloud solutions for the pharmaceutical and healthcare industries to overcome security gaps and secure healthcare and pharmaceutical manufacturing networks from outside threats.

Based on Product:

Based on Product, the market is sub-segmented as Automated Medication Dispensing & Storage Systems, Automated Packaging & Labelling Systems, Automated Tabletop Counters, Automated Medication Compounding Systems, and Other Pharmacy Automation Systems. The Automated Medication Dispensing and Storage Systems sub-segment is anticipated to grow at the highest rate during the forecast period. The recycled content packaging provides better use of eco-friendly resources and techniques which is driving the growth of the segment during the forecast period. Recycled content packaging makes use of plastic, metal, paper, and glass which are further reused by the manufacturers as a raw material to make new packaging products.

North America is Projected to Grow at the Highest CAGR During the Forecast Period

North America is accounted to grow at the highest Compound Annual Growth Rate (CAGR) during the forecast period. The increased number of drug prescriptions at pharmacies because of the aging population is related to the rise of the Pharmacy Automation system market in North America. Also, the market for Pharmacy Automation equipment in North America is expected to rise because of technological advances in drug administration in hospitals and pharmacies. Increased concerns about insufficient inventory management may encourage the development of high-volume dispensing cabinets in the region, as this will increase the cost of maintaining items, putting merchants under financial hardship.

The market for Pharmacy Automation equipment in North America is projected to be driven by technological developments in drug administration in hospitals and pharmacies. During the forecast period, Asia Pacific is expected to grow at the fastest rate. The increased need to reduce pharmaceutical errors, pharmacy decentralization, player technical improvements, and the rapidly growing geriatric population are expected to drive market expansion.

Competitive Landscape:

The key players in the Global Pharmacy Automation Market include- Becton Dickinson and Company (US), Omnicell Inc. (US), KUKA AG (Swisslog Healthcare) (Germany), Baxter International Inc. (US), Capsa Healthcare (US), Cerner Corporation (US), Yuyama Co. Ltd. (Japan), ARxIUM Inc. (US), Parata Systems LLC (US), RxSafe LLC (US), ScriptPro LLC (US), Pearson Medical Technologies LLC (US), Medical Packaging Inc. LLC (US), Tension Corporation (US), Noritsu Pharmacy Automation (US), Euclid Medical Products (US), TouchPoint Medical Solutions (US), Meditech Pharmacy Management Solutions (Belgium), Innovation Associates (US), McKesson Corporation (US), Willach Group (Group), Stäubli International (Switzerland), MedAvail (Canada), Pharmacy Automation System (US), Deenova SRL (Italy) and others.

Segmentation of the Global Pharmacy Automation Market: