Vancouver, Aug. 28, 2023 (GLOBE NEWSWIRE) -- The worldwide market for pharmacy automation had a value of USD 5.41 Billion in the year 2021. As per the latest analysis conducted by Emergen Research, it is anticipated to maintain a consistent Compound Annual Growth Rate (CAGR) of 8.3% throughout the forecast period. This growth is primarily attributed to several key drivers. These include a growing demand for minimizing medication errors, continuous technological enhancements within the pharmacy and medical domains, an upsurge in the integration of robots within the pharmaceutical sector, and government-led initiatives aimed at improving vaccine and drug dispensation processes.
In today's context, there is a growing dependence on automation and robotics. Robots have become crucial in maintaining stringent hygiene standards, executing tasks without errors, and safeguarding workers from hazardous work environments. As an example, on March 30, 2022, Walgreens Boots Alliance inaugurated robot-operated micro-fulfillment centers across the United States. These centers cater to customers' prescription needs, reflecting the evolving roles of both stores and pharmacists.
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Presently, a range of emerging technologies are available, one of which is 'telepharmacy.' This term refers to the practice of remotely providing pharmaceutical products and services to patients. This approach enables patients to receive their medications and treatments within the comfort of their homes. Services encompass patient counseling sessions, monitoring of drug treatments, authorization of prescription renewals, overseeing formulary compliance through teleconferencing, and the prior approval of prescribed medications.
Despite these advancements, the growth of market revenue is expected to face certain hindrances. These challenges include a lack of awareness regarding the appropriate usage of pharmacy products, concerns about cost-effectiveness, a shortage of adequately trained personnel, and the expenses associated with maintaining medical equipment.
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Scope of Research
| Report Details | Outcome |
| Market Size in 2021 | USD 5.41 Billion |
| CAGR (2022–2030) | 8.3% |
| Revenue Forecast to 2030 | USD 11.12 Billion |
| Base Year for Estimation | 2021 |
| Historical Data | 2019–2020 |
| Forecast Period | 2022–2030 |
| Quantitative Units | Revenue in USD Billion and CAGR in % from 2022 to 2030 |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments Covered | Product, mode of automation, end-use and region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Country Scope | U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa |
| Key Companies Profiled | BD, Oracle, Parata Systems, LLC., ScriptPro LLC., PVA., KUKA AG, Talyst, LLC., RxSafe, LLC., ARxIUM, Noritsu Pharmacy Automation |
| Customization Scope | 10 hours of free customization and expert consultation |
Major Companies and Competitive Landscape
The global pharmacy automation market is fairly fragmented with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective pharmacy automation solutions. Some major players included in the global pharmacy automation market report are:
- Becton, Dickinson and Company (BD)
- Oracle
- Parata Systems, LLC.
- ScriptPro LLC.
- PVA.
- KUKA AG
- Talyst, LLC.
- RxSafe, LLC.
- ARxIUM
- Noritsu Pharmacy Automation
Strategic Development
- On 18 July 2022, Becton, Dickinson, and Company, (BD), declared that the purchase of Parata Systems had been completed by offering a portfolio of cutting-edge pharmacy automation solutions. Through this purchase, the company will strengthen network of pharmacies to cut costs, improve patient safety, and enhance patient experience for retail, hospital, and long-term care pharmacies.
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Some Key Highlights From the Report
- The automated medication dispensing systems segment accounted for largest revenue share in 2021. This is due to increasing efficiency of perioperative staff by placing automated dispensing cabinets within easy reach of patients owing to availability of medication storage at Point of Care (PoC). Automated dispensing machines, which offer computer-controlled medication storage, dispensing, and tracking, have been suggested as a potential method to increase effectiveness and patient care and nowadays they are commonly used in many hospitals.
- The fully-automatic segment registered for significantly fast revenue growth rate over the forecast period. Businesses in these industry sectors can manage operations both on-site and inside offices more efficiently with the help of fully automated solutions. Full-Automatic unit dose packing systems are robotic devices that are pneumatically or electrically impelled and can deblister and pack various pharmaceuticals, including tablets, capsules, vials, and Intravenous (IV) bags. These systems can help to improve accuracy, increase workflow of devices, and decrease labor cost, thereby driving revenue growth of this segment.
- The North America market accounted for largest revenue share in 2021 owing to presence of leading pharma companies and their product launching. For instance, on 17 August 2021, iA, a provider of software-enabled pharmacy automation and fulfillment solutions, announced the launch of three new solutions that will increase to improve e relationship between pharmacist and patient by assisting pharmacies in rising fulfillment efficiency and managing inventory. The company also launched SmartPod, which is iA’s next-generation robot that delivers innovative scale in a central fill pharmacy environment, enabling pharmacy providers to provide more patient choice.
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Emergen Research has segmented the global pharmacy automation market based on product, mode of automation, end-use, and region:
- Product Outlook (Revenue, USD Billion; 2019-2030)
- Automated Medication Dispensing Systems
- Automated Packaging and labeling system
- Automated compounding devices
- Others
- Mode of Automation Outlook (Revenue, USD Billion; 2019-2030)
- Fully-automatic
- Semi-automatic
- End-Use Outlook (Revenue, USD Billion; 2019-2030)
- Hospital Pharmacies
- Retail Pharmacies
- Others
- Regional Outlook (Revenue, USD Billion; 2019-2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- Rest of Middle East & Africa
- North America
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