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Pharmacy Automation System Market Competitive Analysis 2033
Pharmacy Automation Devices Market Size
Pharmacy Automation Devices Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $8.49 billion In 2028 At A CAGR Of 21.4% :
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.
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Pharmacy Automation Devices Market Major 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 Driver - 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.
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Prominent Trend - 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.
Pharmacy Automation Devices Market Players
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
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Largest And Fastest Growing Region In The Market
North America was the largest region in the pharmacy automation devices market in 2023. The regions covered in the pharmacy automation devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Pharmacy Automation Devices Market Report Structure
3. Pharmacy Automation Devices Market Trends And Strategies
4. Pharmacy Automation Devices Market - Macro Economic Scenario
5. Pharmacy Automation Devices Market Size And Growth
…..
27. Pharmacy Automation Devices Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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