Jersey City, NJ, April 03, 2023 (GLOBE NEWSWIRE) -- The Global Pharmacy Automation Market is estimated to reach over USD 12.91 billion by 2031, exhibiting a CAGR of 8.50% during the forecast period.
Pharmacy automation refers to the mechanization or automation of tasks performed in pharmacies or other healthcare facilities. This includes distributing medications, packing, labeling, storage and retrieval systems, countertop counters, and other procedures. The introduction of technologies, such as automated dispensing units or cabinets, tele-pharmacy, automated patient CRM outreach, drug monitoring programs, maintenance, medication reminders, and others, has significantly contributed to making the industry processes more streamlined and has resulted in a reduction in costs incurred due to wastage or wrong dosage. As a result, per-dose costs have decreased.
The expansion of the global pharmacy automation market is anticipated to be propelled by an increase in mergers and acquisitions as well as an increase in the number of partnerships between businesses to expand their production capabilities. Globally, there are more people in their senior years, and thus, both the number of prescriptions written and the number of life-threatening and chronic diseases are increasing. Over the projected period, rising healthcare costs will fuel the expansion and development of the global pharmacy automation market. The expanding global market for pharmacy automation is anticipated to benefit from the booming pharmaceutical industry.
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Recent Developments:
- In June 2022, BD (Becton, Dickinson and Company) and Frazier Healthcare Partners, a premier private equity firm specializing in the healthcare industry, reported a definitive agreement for BD to acquire Parata Systems, an innovative provider of pharmacy automation solutions, for $1.525 billion. Innovative pharmacy automation solutions from Parata enable an expanding network of pharmacies to reduce costs, improve patient safety, and enhance the patient experience.
List of Prominent Players in the Pharmacy Automation Market:
- Becton, Dickinson and Company (US)
- Omnicell, Inc. (US)
- Kuka AG (Swisslog Healthcare) (Germany)
- Baxter International Inc. (US)
- Capsa Healthcare (US)
- Baxter International Inc. (US)
- Capsa Healthcare (US)
- Cerner Corporation (US)
- Yuvama Co., Ltd (Japan)
- ARxIUM Inc. (US)
- Parata Systems LLC (US
- RXsafe LLC (US)
- ScriptPro LLC (US)
- Pearson Medical Technologies LLC
- Medical Packaging Inc
- Tension Corporation (US)
- Noritsu Pharmacy Automation (US)
- Euclid Medical Products (US)
- TouchPoint Medical Solutions (US)
- Meditech Pharmacy Management Solutions (Beligum)
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Pharmacy Automation Market Report Scope:
| Report Attribute | Specifications |
| Market Size Value In 2022 | USD 6.29 billion |
| Revenue Forecast In 2031 | USD 12.91 billion |
| Growth Rate CAGR | CAGR of 8.50% from 2023 to 2031 |
| Quantitative Units | Representation of revenue in US$ Billion and CAGR from 2023 to 2031 |
| Historic Year | 2019 to 2022 |
| Forecast Year | 2023-2031 |
| Report Coverage | The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
| Segments Covered | Product, End-User |
| Regional Scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country Scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
Market Dynamics:
Drivers:
The pharmacy automation market is anticipated to expand rapidly after experiencing tremendous growth in recent years. The population of seniors has grown throughout the world, and as a result, doctors are prescribing more medications for conditions that are commonly known to be fatal. Due to increasing public knowledge of technology's advantages, the worldwide pharmacy automation industry is anticipated to expand in the years to come.
The adoption of automation systems in the healthcare sector, including automated dispensing systems, compounding systems, labeling systems, and storage and retrieval systems, will be a major driver of the pharmacy automation market. As patient populations have grown, significant technical improvements and the growing need for fewer prescription errors have created the demand for pharmacy automation.
Challenges:
Factors like a refusal to acknowledge pharmacy automation systems due to the increasing price of the pharmacy automation system are expected to limit the implementation of pharmacy automation systems, hence restricting the market's growth. There have been short monotony in the adoption of automation in pharmacies in underdeveloped and growing nations, which are likely to hamper the market expansion over the forecast period.
Regional Trends:
The North America pharmacy automation market is expected to register a major market share in revenue and is projected to grow at a high CAGR shortly. Some of the main factors influencing the expansion of the area are the established healthcare system, improvements in patient management, and hospital management systems. Additionally, the area market has been expanding due to the presence of significant pharmacy chain stores and high patient volumes.
The region's expansion has also been pushed by the need to lower expenses and reduce medication waste. Besides, the Asia Pacific region holds the second-largest share of the market. The growing elderly population who require medication for chronic diseases contributes to this growth. The need for lower drug costs, reduced medication errors, and proper workflow management in hospital pharmacies and standalone facilities have all contributed to the region's expansion. Due to the significant growth potential this region has been providing for the business.
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Segmentation of Pharmacy Automation Market-
By Product-
- Automated Medication Dispensing and Storage Systems
- Automated Medication Dispensing and Storage Systems, by Type
- Robots/Robotic Automated Dispensing Systems
- Carousels
- Automated Dispensing Cabinets
- Automated Medication Dispensing and Storage Systems, By Application/Operation
- Centralized Pharmacies
- Decentralized Pharmacies
- Automated Medication Dispensing and Storage Systems, by Type
- Automated Packaging and Labelling Systems
- Automated Tabletop Counters
- Automated Medication Compounding Systems
- Other Pharmacy Automation Systems
By End User
- Inpatient Pharmacies
- Acute Care Systems
- Long Term Care Facilities
- Outpatient Pharmacies
- Outpatient/Fast-Track Clinics
- Hospital Retail Settings
- Retail Pharmacies
- Pharmacy Benefit Management Organizations and Mail-Order Pharmacies
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- South East Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of Middle East and Africa
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