Forecasted Growth, Demand, and Key Drivers in the Pharmacy Automation Devices Market to 2033

The pharmacy automation devices market size has grown rapidly in recent years. It will grow from $5.5 billion in 2023 to $6.11 billion in 2024 at a compound annual growth rate (CAGR) of 11.2%. The growth in the historic period can be attributed to increasing prescription volume, demand for error reduction, pressure to improve operational efficiency, regulatory compliance requirements, pharmacy workforce shortages, patient demand for quick service, inventory management challenges.

The pharmacy automation devices market size is expected to see rapid growth in the next few years. It will grow to $9.15 billion in 2028 at a compound annual growth rate (CAGR) of 10.6%. The growth in the forecast period can be attributed to globalization of pharmacy services, pharmacy workflow optimization, growing emphasis on preventive care, patient-centric medication management, focus on sustainable practices, expansion of telemedicine services. Major trends in the forecast period include adoption of robotics and automation, centralized automated dispensing systems (cads), integration of artificial intelligence (ai), telepharmacy services, medication verification technologies, automated prescription filling machines.

Market Overview -
Pharmacy automation devices automate the distribution, sorting, packaging, and counting of prescription medications, which are used to minimize the possibility of errors and increase direct patient care.

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Rising Medicine Waste Drives Pharmacy Automation Devices Market Growth
The rising medicine wastage is expected to propel the growth of the pharmacy automation devices market going forward. Medicine waste is defined as undesired medications such as expired, unused, spilled, and contaminated pharmaceutical items, pills, vaccines, and sera that are no longer needed and must be disposed of properly. Automated dispensing machines enable physicians to treat critically ill patients more efficiently by offering convenient access to medications for emergencies during and after pharmacy hours without producing any medicine wastage. Therefore, pharmacies are adopting automated devices to reduce their waste, which increases demand for the market. For instance, in October 2021, according to the report published by the National Library of Medicine, a US-based library of medicine, pharmaceutical supplies were the most wasteful class of medications, accounting for 37.1% of total waste. The highest class of pharmaceutical dosage form was tablet and injection, with overall wastage rates of 20.78% and 16.49%, respectively. The overall pharmaceutical wastage rate was 3.68%, amounting to USD 159,762.66 and the main cause of wastage (92.05%) was expiry. The rate of pharmaceutical waste in health centers was nearly twice that of hospitals. Therefore, the rising medicine wastage is driving the demand for the pharmacy automation devices market.

Competitive Landscape -
Major companies operating in the pharmacy automation devices market report are Omnicell Inc., McKesson Corporation, Baxter International Inc., Becton Dickinson & Company, Cerner Corporation, ARxIUM Inc., Capsa Healthcare, ScriptPro LLC, Deenova SRL, Swisslog Healthcare, RxSafe LLC, Yuyama Co Ltd., Accu Chart Plus Healthcare Systems Inc., Amerisource Bergen Corp, Talyst LLC, Medacist Solutions Group LLC, Kirby Lester, TouchPoint Medical, Kuka AG, Danaher Corporation, Lonza Group., Parata Systems LLC, Aesynt Incorporated, Innovation PharmaAssist Robotics Pvt Ltd., ForHealth Technologies, Health Robotics Srl, Pearson Medical Technologies LLC, R/X Automation Solutions Inc., Talon Innovations Corporation, Tension Packaging & Automation

Pharmacy Automation Devices Market Embraces Product Innovation For Enhanced Efficiency
Product innovation is the key trend gaining popularity in the pharmacy automation devices market. Major companies operating in the pharmacy automation devices market are focused on developing new and innovative solutions to meet customer demand. For instance, in August 2021, Innovative Associates, a US-based software-enabled pharmacy automation devices firm, launched smartPod and iA Therapy Management Solutions to Diminish Prescription Filling Process Inefficiencies. SmartPod is an iA next-generation robot that provides revolutionary scale in a central fill pharmacy setting. SmartPod is an innovative autofill device with built-in modularity that enables pharmacy providers to change and scale their centralized fulfillment solutions to match demand. iA provides a treatment management solution for pharmacy providers looking for alternatives to the traditional bottle or vial dispensing methods using the BD RowaTM Pouch Packaging Solution. Using iA's intelligent pharmacy operations software, Innovative Associates aims to design a patient's prescriptions in easy-to-open adherence pouch packs. This service can be centralized in a single fulfillment location.

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Key Segments -

The pharmacy automation devices market covered in this report is segmented -
1) By Product: Medication Dispensing Systems, Packaging And Labeling Systems, Storage And Retrieval Systems, Automated Medication Compounding Systems, Tabletop Tablet Counters
2) By End-User: Retail Pharmacy, Inpatient Pharmacies, Outpatient Pharmacies, Pharmacy Benefit Management Organizations and Mail-Order Pharmacies

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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