Pharmacy Automation Market 2024-Major Applications, Massive Economic Growth, Competitive Scenario, Growth And Forecast By 2031

According to a new report by InsightAce Analytic, the "Pharmacy Automation Market" is anticipated to reach $12,900.0 million by 2031, expanding at a CAGR of 8.77% from 2024 to 2031. Revenue for this market was valued at $6,700.5 million in 2023.

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Latest Drivers Restraint and Opportunities Market Snapshot:

Key factors influencing the global Pharmacy Automation market are:
• Growing need to minimize medication errors
• Rising demand for pharmaceuticals
• Decentralization of pharmacies

The following are the primary obstacles to the Pharmacy Automation market's expansion:
• High initial capital investments
• Reluctance to adopt pharmacy automation systems
• Interoperability problems pharmacy automation systems

Future expansion opportunities for the global Pharmacy Automation market include:
• Rising healthcare expenditures
• Increasing work efficiencies within pharmacies
Strategic measures by market players

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Key Industry Insights & Findings from the report:

• The increasing benefits from pharmacy automation are projected to be the cause of markets growth, as a there is improvement in the work efficiency and more of electronic processes.
• The increasing demand for pharmaceuticals is expected to drive industry growth.
• North America dominated the market and accounted for a revenue share of global revenue in 2023.
One of the significant concerns restraining industry growth is the need for a huge capital investments and adoption of pharmacy automation systems

Market Analysis:

The demand for drug prescription fulfilment solutions, the decentralization of pharmacies, and an increase in the reduction of medication errors are all factors propelling the expansion of the worldwide pharmacy automation market. In addition, rising investments in technological advancements increase the demand for pharmacy automation systems, and the proliferation of pharmacy automation companies offering devices to major participants stimulates the expansion of the pharmacy automation market.
List of Prominent Players in the Pharmacy Automation Market:
• Becton,Dickinson and Company (US)
• Omnicell, Inc. (US)
• Kuka AG (Swisslog Healthcare) (Germany)
• Baxter International Inc. (US)
• Capsa Healthcare (US)
• Baxter International Inc. (US)
• Capsa Healthcare (US)
• Cerner Corporation (US)
• Yuvama 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)

Recent Developments:
• February 2022, Baxter International Inc. (US) announced that the Common Vulnerabilities and Exposures (CVE) program has given its permission to act as a CVE Numbering Authority.
• December 2021, Omnicell, Inc. (US) acquired ReCept Holdings, Inc., (US) along with its specialty pharmacy management services for health systems, provider groups, and federally qualified health centers (FQHCs), to enlarge its Advanced Services portfolio.
• November 2021, Swisslog Healthcare stepped into an innovation agreement with Centre Hospitalier - Le Mans to synergize their expertise in the pharmacy field through the automated packaging and dispensing system, TheraPick. The pharmacy automation system streamlines the flow of medication handling to ensure high patient safety standards. TheraPick separates blistering drugs into Blister Unit Doses (BUDs).

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Dynamics of the Pharmacy Automation Market :

Market Drivers: The Importance of Medication Error Minimization

The proliferation of pharmacy automated systems is a substantial factor propelling the global pharmacy automation market. As a result of inadequate data transmission between pharmacists and physicians and substandard drug prescription practices, pharmacy automation has emerged as a driving force behind market expansion. Additionally, the availability of new medications and advancements in medical procedures contribute to market expansion. Furthermore, by reducing the need for human error corrections, automated medical treatments decrease the likelihood of medical errors that jeopardize patient safety. Additionally, they streamline inventory control by averting drug expiration and stock-outs; these factors are driving market growth.

Challenges: Stringent Regulatory Procedures:
Even with the immense advantages of automation, certain constraining factors are anticipated to impede the growth of the global market throughout the projected timeframe. Regulatory procedures imposed on manufacturers of automated pharmaceutical systems significantly contribute to the market's sluggish worldwide expansion. There are regulations in place to govern the practices of medication dispensing. Moreover, compliance with these regulatory procedures depends on the device's classification. Consequently, the adherence of pharmacy automation manufacturers to regulatory requirements may impede the device's launch, posing a challenge to market expansion.
North America Is Expected To Grow With the Highest CAGR during the Forecast Period:
The North American Pharmacy Automation Market is expected to generate a substantial revenue share and expand at a rapid CAGR. This is due to the increased application of cutting-edge technologies in this field, such as artificial intelligence, machine learning, and robotics. North America has the highest rate of increase in the number of prescription drugs filled in pharmacies; this is due to the region's elderly population and numerous other chronic diseases. In addition, an increasing number of software-enabled automated solutions and product launches and acquisitions by the market's leading companies are occurring in the region, driving the market expansion for pharmacy automation systems.

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Segmentation of Pharmacy Automation Market-
By Product-
• Automated Medication Dispensing and Storage Systems
o Automated Medication Dispensing and Storage Systems,
o by Type
• Robots/Robotic Automated Dispensing Systems
• Carousels
• Automated Dispensing Cabinets

o Automated Medication Dispensing and Storage Systems, By Application/Operation
o Centralized Pharmacies
o Decentralized Pharmacies

• Automated Packaging and Labelling Systems
• Automated Tabletop Counters
• Automated Medication Compounding Systems
• Other Pharmacy Automation Systems
By End User-
• Inpatient Pharmacies
o Acute Care Systems
o Long Term Care Facilities
• Outpatient Pharmacies
o Outpatient/Fast-Track Clinics
o Hospital Retail Settings
• Retail Pharmacies
• Pharmacy Benefit Management Organizations and Mail-Order Pharmacies
By Region-
North America-
• Canada
• Mexico
• The US
Europe-
• The UK
• France
• Germany
• Italy
• Rest of Europe
• Spain
Asia-Pacific-
• India
• China
• South Korea
• Rest of Asia Pacific
• Southeast Asia
• Japan
Latin America-
• Rest of Latin America
• Argentina
• Brazil
Middle East & Africa-
• Rest of Middle East and Africa
• South Africa
• GCC Countries

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