Press release
Pharmacy Automation Market Set to Reach $12.71 Billion by 2029 with 11.6% Yearly Growth
Pharmacy Automation Market
The rise in the incidences of diseases is anticipated to boost the expansion of the pharmacy automation market. The term "disease rate" characterizes the frequency of a specific disease's occurrence within a specific demographic over a designated period. Factors such as growing population, increased international travel and commerce, climate change, pollution, and the emergence of novel infectious agents or variations are contributing to a spike in disease rates. Pharmacy automation is designed to counteract disease rates by streamlining processes for dispensing medications, thus boosting accuracy and efficiency in disease control. Pharmacy automation systems can expedite the distribution and tracking of drugs, allowing medical providers to react swiftly if patient conditions deteriorate. For example, the World Health Organization, an intergovernmental organization based in Switzerland, forecasted in February 2024 that by 2050, more than 35 million new cancer cases would arise, reflecting a 77% rise compared to the projected 20 million cases in 2022. Consequently, the rise in the disease prevalence is fueling the expansion of the pharmacy automation market.
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What growth opportunities are expected to drive the pharmacy automation market's CAGR through 2034?
The size of the pharmacy automation market has experienced significant expansion in the past few years. The market, which is anticipated to be worth $7.32 billion in 2024, is projected to increase to $8.2 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 12.0%. This growth during the historical period can be traced back to factors such as the scarcity of skilled pharmacy personnel, strict rules and regulations, the urgency to minimize medication mistakes, improved handling of data, and the public's demand for quicker services.
Anticipated to witness substantial expansion over the following years, the pharmacy automation market is projected to rise to $12.71 billion by 2029, growing at a compound annual growth rate (CAGR) of 11.6%. This growth scenario from the forecast span can be attributed to the increasing prevalence of prescriptions due to elderly populations, expansion of retail pharmacy chains, emphasis on patient experience, escalating labor charges, and amalgamation with EHR (electronic health record) systems. The upcoming trends over the forecast timespan include AI-driven systems, adoption of telepharmacy solutions, heightened use of robotic systems, centralized prescription processing setups, and blockchain technology incorporation.
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What are the emerging trends shaping the future of the pharmacy automation market?
Major players in the pharmacy automation market are striving to extend their product range by incorporating cutting-edge pharmacy automation solutions such as progressive automated drug dispensing systems, to get an upper hand in the business. Progressive automated drug dispensing systems correspond to high-tech solutions intended to mechanize and optimize the procedure of dispensing medications in medical environments. For example, in October 2023, JVM Co. Ltd., a pharmacy automation system manufacturer based in South Korea, rolled out MENITH, an automated dispensing apparatus equipped with a robotic arm that has articulated motion. MENITH is a progressive product by JVM that comes with a multi-joint cooperative robot arm engineered to completely automate the canister exchange procedure. It offers a dispensing speed, which is more than double the speed of traditional pouch-type automated dispensing devices and can distribute up to 120 pouches per minute. It is also equipped with an automated inspection system that diminishes the time and energy needed for the pharmacy dispensing process.
Which growth-oriented segments of the pharmacy automation market are leading the industry's development?
The pharmacy automation market covered in this report is segmented -
1) By Product: Dispensing Systems, Pill Sorting Machines, Labelling Machines, Packaging Machines, Inventory Management, Automated Storage and Retrieval Systems, Other Products
2) By Application: Drug Dispensing And Packaging, Drug Storage, Inventory Management
3) By End User: Inpatient Pharmacies, Outpatient Pharmacies, Retail Pharmacies, Pharmacy Benefit Management Organizations And Mail-Order Pharmacies
Subsegments:
1) By Dispensing Systems: Prescription Dispensing Systems, Automated Dispensing Cabinets, Robot-Assisted Dispensing
2) By Pill Sorting Machines: Manual Pill Sorting Machines, Automated Pill Sorting Machines
3) By Labelling Machines: Labeling For Bottles And Containers, Labeling For Blister Packs, Automated Label Application Machines
4) By Packaging Machines: Pill Packaging Machines, Blister Packaging Machines, Bottle Packaging Machines
5) By Inventory Management: Inventory Tracking Systems, Drug Replenishment Systems, Stock Auditing Systems
6) By Automated Storage And Retrieval Systems: Vertical Lift Modules (Vlms), Automated Shelving Systems, Carousel Storage Systems
7) By Other Products: Prescription Verification Systems, Pharmacy Workflow Automation Tools
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What regions are leading the charge in the pharmacy automation market?
North America was the largest region in the pharmacy automation market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the pharmacy automation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What companies are at the forefront of innovation in the pharmacy automation market?
Major companies operating in the pharmacy automation market report are Mckesson Corporation; AmerisourceBergen Corporation; Oracle Corporation; Baxter International Inc.; Cerner Corporation; Pearson Medical Technologies LLC; Omnicell Inc.; Swisslog Holding AG; Tension Corporation; Noritsu Koki Co. Ltd.; Scriptpro LLC; Capsa Healthcare LLC; Alixar Healthcare Private Limited; Deenova S.R.L; ARxIUM Inc.; Talyst Systems LLC; Touchpoint Medical Solutions Pvt. Ltd.; Kirby Lester LLC; Yuyama Co. Ltd.; Willach GmbH; RxSafe LLC; Meditech Pharmacy Management Solutions Inc.; Accu-Chart Plus Healthcare System Inc.; PDX Pharmaceuticals Inc.; Newicon Ltd.
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What Is Covered In The Pharmacy Automation Global Market Report?
•Market Size Forecast: Examine the pharmacy automation market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the pharmacy automation market for a structured understanding.
•Key Players Overview: Analyze major players in the pharmacy automation market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the pharmacy automation market.
•Segment Contributions: Evaluate how different segments drive overall growth in the pharmacy automation market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the pharmacy automation market.
•Industry Challenges: Identify potential risks and obstacles affecting the pharmacy automation market.
•Competitive Landscape: Review strategic developments in the pharmacy automation market, including expansions, agreements, and new product launches.
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