Pharmacy Automation Systems Market Size, Insights, Outlook, Overview And Market Research Report 2024-2033

The Business Research Company has released its latest global market reports, covering insights for 2024 and offering projections up to 2033.

The Business Research Company presents an extensive market research report on the Pharmacy Automation Systems Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.

Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.

Market Sizing:

The pharmacy automation systems market size has grown strongly in recent years. It will grow from $5.42 billion in 2023 to $5.86 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth in the historic period can be attributed to eliminating manual medicine delivery, increased pharmaceutical safety, increased medication errors.

The pharmacy automation systems market size is expected to see strong growth in the next few years. It will grow to $7.91 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. The growth in the forecast period can be attributed to increasing number of retail pharmacies, increasing favorable government policies, growing adoption of robotic pharmacy. Major trends in the forecast period include product innovations,technological advancements, partnerships and collaborations.

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Key Market Players:

Major companies operating in the pharmacy automation systems market market report are CVS Health, AmerisourceBergen Corporation, Cardinal Health, Kroger Company, Danaher Corporation, Rite Aid Corporation, Becton, Dickinson and Company, Cerner Corporation, Epic Systems Corporation, KUKA AG (Swisslog Healthcare), Automated Healthcare Systems Incorporated, Omnicell Inc., Swisslog Holdings AG, Parata Systems LLC, Scriptpro LLC, Capsa Healthcare, Arxium Inc., Talyst LLC, Kirby Lester LLC, Yuyama Co. Ltd., Rx Safe LLC, Pharmatech Corporation, Pearson Medical Technologies, Hy-Tek Medical Limited, Rotech Healthcare

Market Drivers:

The increasing number of medication errors is expected to propel the growth of the pharmacy automation systems market going forward. Medication errors refer to mistakes or preventable incidents related to the use of medications, which can occur at any point in the healthcare process, from prescribing and dispensing to administering and monitoring. Pharmacy automated systems maintain accurate and comprehensive records of medications dispensed and patient histories, helping healthcare providers access information easily and reducing the chance of errors due to incomplete or missing data. For instance, in September 2022, according to the World Health Organization, a Switzerland-based government agency, the rate of medication errors in hospitals ranged from 0.3% to 9.1% in prescriptions and from 1.6% to 2.1% at the dispensing stage in 2022. Further, the cost of medication errors was €2 billion (2.17 billion) in 2022, accounting for 3% of total national healthcare expenditure. Therefore, increasing medication errors drives the pharmacy automation systems market.

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The pharmacy automation systems market market covered in this report is segmented -

1) By Product Type: Automated Medication Dispensing Systems, Automated Medication Compounding Systems, Automated Packaging and Labelling Systems, Automated Table top Counters, Automated Storage and Retrieval Systems
2) By Mode of Automation: Semi-Automatic Systems, Fully-Automatic Systems
3) By End User: Inpatient Pharmacies, Outpatient Pharmacies, Retail Pharmacies, Pharmacy Benefit Management Organizations and Mail-Order Pharmacies

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