New York, United States , Nov. 27, 2023 (GLOBE NEWSWIRE) -- The Global Pharmacy Automation Market Size is to grow from USD 5.35 Billion in 2022 to USD 12.32 Billion by 2032, at a Compound Annual Growth Rate CAGR of 8.7% during the Forecast Period.
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Pharmacy automation refers to the integration of technology and machinery to streamline and enhance various processes within a pharmacy setting. This encompasses a range of tasks, including prescription dispensing, medication packaging, inventory management, and patient record keeping. Pharmacy automation systems, such as robotic dispensing units, automated medication storage and retrieval systems, and computerized prescription verification, aim to improve accuracy, efficiency, and patient safety. By minimizing manual intervention, these systems reduce the risk of human errors in medication dispensing and dosage calculations.
Browse key industry insights spread across 200 pages with 120 market data tables and figures & charts from the report on the "Global Pharmacy Automation Market Size, Share, and COVID-19 Impact Analysis, By Product (Medication Dispensing Systems, Packaging & Labeling Systems, Storage & Retrieval Systems, Automated Medication Compounding Systems, and Tabletop Tablet Counters), By End-Use (Retail Pharmacy, Inpatient Pharmacies, Outpatient Pharmacies, and Mail-Order Pharmacies), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2032
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In 2022, the medication dispensing systems segment accounted for around 25.3% market share
On the basis of the product, the global pharmacy automation market is segmented into medication dispensing systems, packaging & labeling systems, storage & retrieval systems, automated medication compounding systems, and tabletop tablet counters. The medication dispensing systems segment secured the largest market share within pharmacy automation due to its pivotal role in improving medication management processes. These systems, encompassing robotic dispensers, automated medication storage, and retrieval systems, significantly enhance accuracy, reduce human errors, and expedite prescription fulfillment. With mounting prescription volumes and a focus on patient safety, healthcare facilities increasingly adopt these systems to streamline workflow efficiency. Additionally, their integration with electronic health records and pharmacy information systems further bolsters their appeal.
The retail pharmacy segment held the largest market with more than 47.8% revenue share in 2022
Based on the end-use, the global pharmacy automation market is segmented into retail pharmacy, inpatient pharmacies, outpatient pharmacies, and mail-order pharmacies. The retail pharmacy segment commands the largest share in the pharmacy automation market owing to its widespread presence and pivotal role in patient care. With a high volume of prescriptions and a focus on customer convenience, retail pharmacies adopt automation to streamline prescription processing and dispensing. Automated systems enhance operational efficiency, reduce waiting times, and minimize errors, thereby improving patient satisfaction. The segment's growth is further fueled by the need to manage chronic diseases, rising healthcare expenditure, and increasing demand for contactless services.
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Asia-Pacific is predicted to grow at a fastest CAGR of around 9.1% over the projected period
Based on region, Asia Pacific region is expected to experience the fastest growth in the pharmacy automation market during the forecast period. This growth can be attributed to several factors, including the expanding healthcare infrastructure, rising healthcare awareness, and increasing investment in technological advancements. The region's large and aging population, coupled with a growing prevalence of chronic diseases, is driving the demand for efficient medication management.
North America holds the largest share in the pharmacy automation market due to advanced healthcare infrastructure, high adoption of technological innovations, and increasing emphasis on patient safety drive the demand for pharmacy automation solutions. Additionally, the prevalence of chronic diseases and the subsequent need for efficient medication management further boost the adoption of automation systems. Robust regulatory frameworks and well-established healthcare systems contribute to the favorable environment for integrating automation in pharmacy operations.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the Some of the major players in the global pharmacy automation market include Amerisource Bergen Corporation, Accu-Chart Plus Healthcare Systems, Inc., Omnicell, Inc., McKesson Corporation, Pearson Medical Technologies, Scriptpro LLC, Fulcrum Pharmacy Management, Inc., Health Robotics S.R.L., Medacist Solutions Group, LLC, Aesynt, Inc., Becton, Dickinson and Company, Capsa Healthcare, Cerner Oracle, Baxter International Inc., and Swisslog Healthcare. Others
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Recent Market Developments
- In June 2022, Becton, Dickinson & Company, and Frazier Healthcare Partners have reached a formal deal in which BD will pay USD 1.525 billion for Parata Systems, an innovative developer of pharmacy automation systems. An expanding network of pharmacies relies on Parata's range of revolutionary pharmacy automation solutions to decrease costs, increase patient safety, and enhance the patient experience.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global pharmacy automation market based on the below-mentioned segments:
Pharmacy Automation Market, By Product
- Medication Dispensing Systems
- Packaging & Labeling Systems
- Storage & Retrieval Systems
- Automated Medication Compounding Systems
- Tabletop Tablet Counters
Pharmacy Automation Market, By End-Use
- Retail Pharmacy
- Inpatient Pharmacies
- Outpatient Pharmacies
- Mail-Order Pharmacies
Pharmacy Automation Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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