Pharmacy Automation Market Share 2021 Global Technology, Application, Growth Factors, Opportunities, Analysis And Forecast to 2029

The Pharmacy Automation Market is thriving, with a market size of USD 6.39 billion in 2022, and it is expected to experience a substantial 8.5% growth in Pharmacy Automation revenue from 2023 to 2029, reaching nearly USD 9.92 billion.

Market Overview:

Pharmacy Automation Systems, which mechanize medication handling and distribution in hospitals and pharmacies, are increasingly in demand. The Pharmacy Automation Market is primarily driven by the need for error-free medication and the growing emphasis on infrastructure development to provide advanced healthcare solutions in emerging markets. Errors in medical prescriptions contribute to injury and death rates, placing significant pressure on the healthcare sector to shift towards automation. Pharmacy automation encompasses automated medication handling, dispensing, inventory management, and more. Key factors expected to drive the pharmacy automation market growth include the imperative to reduce medication errors, technological advancements, pharmacy decentralization, and an aging population. Additionally, the pharmaceutical industry's expansion in developing regions is expected to fuel market growth.

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What are Pharmacy Automation Market Dynamics ?

Market Drivers:

Growing Expenditure on Healthcare Sector: Pharmacy automation, combined with analytics and software, has revolutionized retail pharmacy operations worldwide. Automation enhances efficiency, profitability, and reduces medication waste, leading to lower per-dose costs. The growing annual expenditure on prescription and over-the-counter drugs has led to an increased adoption of pharmacy automation systems to lower costs.

Increasing Need to Reduce Medication Errors: Medication and dispensing errors are among the leading causes of hospital readmissions globally. Automated systems have proven effective in reducing medication errors. The implementation of automated dispensing cabinets and machines in hospitals has led to a significant reduction in the number of errors.

Market Restraints:

High Initial Capital Expenditures: Adoption of IT-based pharmacy management approaches is often resisted due to cultural barriers, especially in developing economies. While automation systems offer substantial benefits, many pharmacists are reluctant to incorporate them due to the high initial investment. Automated systems have historically been adopted more by large-volume pharmacies and hospitals.

What is Pharmacy Automation Market Segmentation ?

by Product

• Medication Dispensing Systems
o Robots/Robotic Automated Dispensing Systems
o Carousels
o Automated Dispensing Cabinets

• Packaging And Labeling Systems
• Storage And Retrieval Systems
• Automated Medication Compounding Systems
• Tabletop Tablet Counters

By Product: In 2022, medication dispensing systems dominated, accounting for over 24.5% of global revenue. These systems offer enhanced safety and accuracy, leading to fewer instances of incorrect medications being dispensed to patients. They also contribute to effective inventory management and cost reduction.

by End-use

• Retail Pharmacy
• Inpatient Pharmacies
• Outpatient Pharmacies
• Pharmacy Benefit Management Organizations and Mail-Order Pharmacies

By End-Use: The retail pharmacy segment held the largest share (53.4%) in 2022, driven by the increase in the number of retail pharmacies in various countries. On the other hand, the hospital pharmacy segment is witnessing rapid growth due to the need to reduce medication errors and improve efficiency.

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Who are Pharmacy Automation Market Key Players?

• Amerisource Bergen Corp.
• Accu Chart Plus Healthcare Systems, Inc.
• Omnicell, Inc.
• McKesson Co.
• Pearson Medical Technologies LLC
• Baxter International, Inc.
• Talyst LLC
• ScriptPro LLC
• Becton Dickinson & Company
• Medacist
• Kirby Lester
• Cerner Corp.
• iA
• ARxIUM
• TouchPoint Medical
• Deenova SRL
• Parata Systems
• Swisslog Healthcare
• Yuyama
• Capsa Healthcare

Table of content for the Pharmacy Automation Market includes:

Part 01: Executive Summary

Part 02: Scope of the Pharmacy Automation Market Report

Part 03: Pharmacy Automation Market Landscape

Part 04: Pharmacy Automation Market Sizing

Part 05: Pharmacy Automation Market Segmentation by Type

Part 06: Five Forces Analysis

Part 07: Customer Landscape

Part 08: Geographic Landscape

Part 09: Decision Framework

Part 10: Drivers and Challenges

Part 11: Market Trends

Part 12: Vendor Landscape

Part 13: Vendor Analysis

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Pharmacy Automation Market Regional Insights:

North America: The North American pharmacy automation market has grown significantly due to the rising prevalence of chronic diseases and increased patient numbers. The automation systems have played a crucial role in handling medication and drugs during the COVID-19 pandemic, and they have been instrumental in reducing errors and ensuring safety.

Asia-Pacific: The Asia-Pacific region is expected to witness significant growth, driven by an aging population and rising healthcare costs. The increasing allocation of healthcare expenditure for assisted living facilities and hospitals to cater to the elderly population is expected to drive market demand in several Asian countries.

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