Pharmacy Automation Devices Market Report 2022: Increasing Healthcare Spending and Surge in Demand for Reducing Medication Errors Drive Sector

Dublin, Dec. 29, 2022 (GLOBE NEWSWIRE) -- The "Pharmacy Automation Devices Market by Product, by End-user, and by Region - Global Forecast to 2023-2033" report has been added to's offering.

The pharmacy automation market size is estimated to be USD 5,289.7 million in 2022 and is expected to witness a CAGR of 9.91% during the forecast period 2023-2033.

Growing geriatric population, automation in retail pharmacy globally, and technological innovations are some of the factors projected to drive the market growth in near future.

Furthermore, increasing healthcare spending and surge in demand for reducing medication errors are other factors supporting the market growth, However, strict regulations and rising cost of pharmacy system implementation are predicted to limit market growth.

Automation in retail pharmacy is predicted spur the market growth during the forecast period. Robotic dispensing can improve prescription volumes while decreasing staff training expenses. The initial cost of establishing automated systems may be significant, but after the workflow is optimised, it saves far more. For instance, the installation of the ScriptPro dispensing robot, according to a Colorado pharmacy owner, boosted his prescription volume by 50%. According to the CEO of another pharmacy business, the robot's installation raised his prescription volume by 70%.

Growing geriatric population globally is expected to fuel the market growth during the projected period. As a result, both the number of chronic and life-threatening diseases and the number of prescriptions written are increasing. In England, the National Health Service issues an estimated 237 million prescription errors annually, which cause hundreds of fatalities, according to a report published in June 2021 titled Economic analysis of the prevalence and clinical and economic consequences of medication error in England. To reduce expenses while enhancing patient safety, pharmacies and hospitals are embracing innovative pharmaceutical automation technology.

By Product

The market is categorized into storage and retrieval systems, packaging and labeling systems, tabletop tablet counters, medication dispensing systems, automated medication compounding systems. In 2022, the medication dispensing systems segment accounted for the highest revenue share due to these systems' better safety features and precision in medication distribution, which reduce the chances of patients receiving the wrong medications. Additionally, it helps in efficient inventory management and lowers costs by controlling storage. Patients who receive the wrong prescriptions not only risk harm to their health, but also face huge financial consequences. According to a study published in StatPearls, over 9,000 individuals die each year as a result of medication errors, with expenses connected with patient management exceeding USD 40 billion yearly. The automated medication compounding systems segment is anticipated to increase at the fastest rate over the projected period. This is due to even a thorough manual compounding procedure is susceptible to mistakes, which can have a significant impact on how the pharmaceuticals turn out. Thus, the probability of these mistakes occurring when combining pharmaceuticals is decreased or eliminated with an automated compounding system.

By End User

The market is categorized into inpatient pharmacies, outpatient pharmacies, retail pharmacy, and pharmacy benefit management organizations and mail-order pharmacies. In the global market, the retail pharmacy segment accounted for the largest revenue share in 2022 owing to rise in retail pharmacies across all nations. Automation in retail pharmacies is revolutionizing the way costs are reduced on many levels. According to the OECD library, there are now more pharmacies in all OECD companies. In the years 2000 to 2019, Japan had the highest density due to increasing government efforts. Only 25% of pharmacists in Canada were employed in healthcare settings in 2019, with 75% of them continuing to work in community or retail pharmacies. The hospital pharmacy segment has shown the fastest growth. This is a result of high pressure on hospitals and clinics to reduce medication dispensing errors. Additionally, automation is more effective than its human counterparts and makes workflow management simple. Another benefit of managing the inventory for these hospital pharmacies is a decrease in medication waste. The segment has experienced rapid growth as a result of all these factors.

Regional Markets

In 2022, North America region accounted for the highest revenue in the pharmacy automation market and is expected to maintain its dominance during the forecast period. This is attributed to expansion of the region are the established healthcare system, improvements in patient management, and hospital management systems. According to a report in Drug Store News, 66% of prescribers and 48% of pharmacists stated that in the past 15 months, there has been an increase in the usage of automation and other technology.

Key Topics Covered:

1. Research Methodology

2. Introduction: Pharmacy Automation Devices

3. Executive Summary

4. Market Dynamics

5. Market Environment Analysis

6. COVID-19 Impact Analysis: Pharmacy Automation Devices Market

7. Market Analysis by Product

8. Market Analysis by End User

9. Regional Market Analysis

10. North America Pharmacy Automation Devices Market

11. Europe Pharmacy Automation Devices Market

12. Asia Pacific Pharmacy Automation Devices Market

13. Latin America Pharmacy Automation Devices Market

14. MEA Pharmacy Automation Devices Market

15. Competitor Analysis

16. Company Profiles

17. Conclusion & Recommendations

Companies Mentioned

  • Parata Systems LLC
  • Baxter
  • Deenova S.R.L
  • TouchPoint Medical
  • ScriptPro LLC
  • iA
  • Talyst LLC
  • Medacist Solutions Group LLC
  • Accu Chart Plus Healthcare Systems Inc.
  • McKesson Corp.
  • Pearson Medical Technologies LLC
  • Kirby Lester
  • Cerner Corp.
  • Omnicell Inc.
  • ARxIUM
  • Swisslog Healthcare
  • CareFusion (Becton Dickinson and Company)
  • Yuyama Co. Ltd.

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