Pharmacy Automation Market to be Worth $7.87 billion by 2030 - by Meticulous Research®

According to a new market research report, Pharmacy Automation Market by Product (Automated Medication Dispensing, Packaging & Labeling, Storage & Retrieval, Medication Compounding Systems, Table-top Counters, and Pharmacy Robots), End User (Retail, Hospital Pharmacies)-Global Forecast to 2030,' published by Meticulous Research®, the pharmacy automation market is projected to reach $7.87 billion by 2030, at a CAGR of 7.6% from 2023 to 2030.

The report offers a competitive landscape based on an extensive assessment of product offerings, geographical presence, and key growth strategies employed by prominent market players over the last three to four years. The key players profiled in the pharmacy automation market study are Omnicell, Inc. (U.S.), ARxIUM, Inc. (U.S.), MCKESSON CORPORATION (U.S.), Swisslog Healthcare (Switzerland), RxSafe, LLC. (U.S.), Becton, Dickinson and Company (U.S.), Capsa Healthcare (U.S.), TOSHO Inc. (Japan), Medical Packaging Inc., LLC (U.S.), TouchPoint, Inc. (U.S.), Noritsu Pharmacy Automation (U.S.), Körber AG (Germany), and ScriptPro LLC (U.S.).

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The growth of the pharmacy automation market is attributed to factors such as the rise of artificial intelligence (AI) in pharmacy, growing focus on automation to reduce labor costs, increasing adoption of robotics technology in automation, and minimizing medication errors using technological innovations. Furthermore, the advancements of compact automated pharmacy systems and increasing healthcare expenses in emerging economies are expected to offer significant growth opportunities for companies in the pharmacy automation market.

However, stringent regulatory procedures and unwillingness to adopt pharmacy automation systems due to high costs restrain the market's growth.

Increase Adoption of Robotics Technology in Automation
In robotics technology, the devices are used to perform multiple tasks without human interference. It can be used in several applications, such as manufacturing, assembly lines, and other manufacturing processes. The use of robotics is one of the significant technologies that play a crucial role in the advancements of hospital pharmacy systems. The manufacturing industry has continually opted for robotics & automation in the manufacturing process. Owing to more flexibility and collaboration, robots are implemented to work safely and cooperatively with the operators. Also, robots are integrated with other technologies, which will further improve their capabilities and allow real-time data analysis for their development.

Robotics are able to work on complex and repetitive tasks and can be easily adapted to the changes in production requirements. They can work precisely and rapidly compared to human workers. It has led to an increase in productivity and saves time. It can also help to reduce labor costs by replacing human workers with automated systems in pharmaceuticals. Also, they are more useful for doing dangerous tasks, such as working in hazardous environments and materials, which improves the safety of human workers. Thus, greater efficiencies, improved efficiency and safety, increased productivity, cost reduction, and customization and flexibility can boost the demand for robotics technology in automation.

The pharmacy automation market is segmented by component [{automated medication dispensing systems, automated packaging & labeling systems, automated storage & retrieval systems, automated medication compound systems, automated table-top tablet counters and capsule counters, and automated pharmacy robots}, End User {retail pharmacies, hospital pharmacies, and other end users}], and geography. The study also evaluates industry competitors and analyzes the market at the regional and country levels.

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Among all the products studied in the report, in 2023, the automated medication dispensing systems segment is expected to account for the largest share of the pharmacy automation market. These systems are computer-controlled machines that store, dispense, and track medications. Factors such as more efficient access to medications, providing secure medication storage in patient care units, increasing safety and efficiency, improving healthcare collaboration, and enabling rapid services to the patients contributed to the largest share of the market's growth.

Among all the end users studied in the report, in 2023, the retail pharmacies segment is expected to account for the largest share of the pharmacy automation market. Retail pharmacies can experience growth in revenue and profitability through pharmacy automation. These pharmacies can increase their capacity by automating tasks such as inventory management and prescription dispensing to offer more customers and control a greater number of prescriptions. As a result, improved productivity, cost savings, medication safety, operational efficiency, and customer satisfaction are attributed to the largest share of the segment.

Based on geography, in 2023, North America is expected to dominate the global pharmacy automation market. North America's major market share is attributed to an advanced healthcare system in the U.S. and Canada, the widespread adoption of advanced healthcare technology solutions, and the strong presence of key players in the region.

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/pharmacy-automation-market-5700

Scope of the Report:

Pharmacy Automation Market Assessment-by Products
• Automated Medication Dispensing Systems
• Automated Packaging & Labelling Systems
• Automated Storage & Retrieval Systems
• Automated Medication Compound Systems
• Automated Table-top Tablet Counters and Capsule Counters
• Automated Pharmacy Robots

Pharmacy Automation Market Assessment-by End User
• Retail Pharmacies
• Hospital Pharmacies
• Other End Users
(Note: Other end users comprise clinical pharmacies, industrial pharmacies, and compounding pharmacies.)

Pharmacy Automation Market Assessment-by Geography
• North America
o U.S.
o Canada
• Europe
o Germany
o France
o U.K.
o Italy
o Spain
o Rest of Europe (RoE)
• Asia-Pacific
o Japan
o China
o India
o Australia
o South Korea
o Rest of APAC (RoAPAC)
• Latin America
• Middle East & Africa

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This release was published on openPR.