NEWARK, Del, Jan. 03, 2024 (GLOBE NEWSWIRE) -- According to a Future Market Insights (FMI) report, it is anticipated that the global pharmacy automation market would grow from US$ 6.1 Billion in 2023 to US$ 13.3 Billion by 2033. From 2023 to 2033, the market is anticipated to grow at a compound annual growth rate of 8.1%.
Robotic systems automate several physical tasks involved in pharmacy operations, such as dispensing medications, packaging prescriptions, and transporting medications throughout the pharmacy. This enables pharmacists to focus on more clinical tasks, such as patient counseling and medication management.
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Artificial intelligence (AI) and machine learning (ML) are increasingly used in pharmacy automation systems for a wide range of tasks in the pharmacy, including prescription filling, inventory management, and patient counseling. For example, AI-powered prescription filling systems can automatically fill prescriptions accurately and quickly, reducing the risk of human error.
Cloud-based systems are more affordable and easier to implement than traditional on-premises systems. They also offer greater flexibility and scalability, making them a good option for pharmacies of all sizes, stimulating the adoption of cloud-based pharmacy automation systems.
Key Takeaways:
- The global pharmacy automation market is estimated to register a CAGR of 8.1%, reaching a valuation of US$ 13.3 Billion by 2033.
- The market grew at a CAGR of 10.2% during the historical period from 2018 to 2022.
- The United States is anticipated to dominate the global market by registering an 8.3% CAGR during the forecast period.
- The market in China is anticipated to progress at a CAGR of 8.7% through 2033.
- The market in Japan is expected to secure a CAGR of 9.3% during the forecast period.
"Interoperability allows pharmacy automation systems to communicate with other systems, such as electronic health records (EHRs) and laboratory information systems (LISs). This can improve the efficiency of pharmacy operations and reduce the risk of errors, increasing focus on interoperability between pharmacy automation systems and other healthcare IT systems," - opines Sabyasachi Ghosh Associate Vice President at Future Market Insights (FMI).
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Key Players and Strategies for Success in the Pharmacy Automation Market
In recent years, there has been a surge in investments and collaborations within the industry with venture capital firms and businesses. These strategic partnerships and financial investments aim to accelerate research and development, scale production, and expand market reach.
Recent Developments in the Pharmacy Automation Market:
- In 2023, Omnicell launched its new specialty pharmacy services offering to help health systems establish and optimize specialty pharmacy programs. This service includes a suite of pharmacy automation solutions, such as robotic dispensing systems and cloud-based inventory management software.
- In 2021, BD launched its new AutoLink IV compounding system. This system automates the compounding of intravenous (IV) medications, reducing the risk of errors and improving the efficiency of pharmacy operations.
- In 2022, Parata Systems launched its new RxFill 360 dispensing system. This system uses AI and robotics to automate prescription filling, from order entry to labeling.
Key Players:
- Becton
- Cerner Corporation
- Parata Systems LLC
- Yuyama Co. Ltd
- PerceptiMed Inc
- McKesson Corporation
- Capsa Solutions LLC
- Omnicell Inc
- Dickinson and Company
- Arxium Inc
- Scriptpro LLC
- Swisslog Holdings AG
- Rxsafe LLC
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Pharmacy Automation Market Segmentation Analysis:
By Product:
- Medication Dispensing Systems
- Automated Medication Compounding Systems
- Packaging and Labeling Systems
- Storage and Retrieval Systems
- Tabletop Tablet Counters
By End-use Sector:
- Inpatient Pharmacies
- Acute Care Settings
- Long Term Care Facilities
- Outpatient Pharmacies
- Outpatient/Fast Track Clinics
- Hospital Retail Settings
- Pharmacy Benefit Management Organization and Mail Order Pharmacies
- Retail Pharmacies
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excluding Japan (APEJ)
- Japan
- Middle East & Africa
Author:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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