The global pharmacy automation market size was valued at USD 4.5 billion in 2021 and is expected to surpass USD 8.5 billion by 2030, expanding at a CAGR of 7.5% during the forecast period, 2022–2030. The growth of the market is attributed to the rising demand for better healthcare facilities and the increasing need for effective pharmacy services.
Pharmacy automation can be described as the adoption of automated technologies in executing various pharmacy-related services such as packaging, dispensing, tracking, and retrieval of medications. The automation further deals with several other services such as maintaining medical history, managing customer information, and tracking drug usage to ensure that the right medications are being delivered to patients. One key reason behind the rising demand for pharmacy automation is due to increasing cases of medication errors and dispensing drugs without checking the contamination factor. As per the definition of the National Coordinating Council for Medication Error Reporting and Prevention, medication error means the use of inappropriate medication by patients mostly due to the inaccurate dispensing and prescription of drugs. According to the US Food and Drug Administration (FDA), over 1,00,000 medication error cases are reported every year in the US and more than 25,000 deaths are reported annually due to medication errors.
During the COVID-19 pandemic, several media reported that the rate of medication errors and dispensing drugs without cross-examination of contamination factors were higher due to the surge in the demand for medications for COVID patients across the globe. As a result, the need for supervision in the drug dispensing system and ensuring the right medication delivery system for patients had accelerated the market expansion. Moreover, the high rate of COVID infection had boosted the pharmaceutical industry that pushed the demand for pharmacy automation services.
Market Trends, Drivers, Restraints, and Opportunities
- High occurrence of medication errors during providing prescriptions and dispensation of drugs is a key factor expected to drive the market during the forecast period.
- Consumers’ preference for over-the-counter (OTC) drugs and the rising popularity of e-pharmacy platforms are other main factors boosting the market.
- Rising cases of chronic illnesses among a large number of the global population and an increasing geriatric population worldwide, which are at high risk of exposing to several health issues present key drivers of the market.
- Increasing spending on the development of advanced medical facilities and services, especially in developing countries is another main factor boosting the market.
- Strict regulatory policies regarding the licensing of pharmacies and complex regulatory structures in the manufacturing of pharmaceutical products from one country to another pose major challenges that can hinder the market.
- R&D programs and technological advancements such as the rising integration of Artificial Intelligence (AI) in the development of innovative and accurate medication dispensing systems are creating lucrative opportunities for the market.
Scope of Pharmacy Automation Market Report
The report on the global pharmacy automation market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Pharmacy Automation Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2021
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Historic Data
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2019–2020
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Forecast Period
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2022–2030
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Segmentation
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Products (Automated Medication Dispensing Systems, Automated Table-top Counters, Automated Storage & Retrieval Systems, Automated Packaging & Labeling Systems, Medication Compounding, and Others) and End-users (Inpatient Pharmacies, Outpatient Pharmacies, and Retail Pharmacies)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Becton, Dickinson and Company; Baxter International Inc.; ScriptPro LLC; Omnicell, Inc.; Capsa Healthcare; Yuyama Co., Ltd.; ARxIUM Inc.; KUKA AG; Parata Systems, LLC; RxSafe, LLC; and Cerner Corporation
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Pharmacy Automation Market Segment Insights
Automated medication dispensing systems segment to expand at a robust growth rate
Based on products, the global pharmacy automation market is divided into automated medication dispensing systems, automated table-top counters, automated storage & retrieval systems, automated packaging & labeling systems, medication compounding, and others. The automated medication dispensing systems segment held a major market share in 2021 and is expected to expand at a robust growth rate during the forecast period. The segment growth is attributed to the rising demand for safe drugs and error-free medication dispensing systems to aid in better treatment results. The automated medication dispensing systems offer certain advantages such as effective monitoring of drug usage, tracking of controlled drugs, reducing procedural time for drug allotment, and easy inventory management for drugs.
Rising hospital admission drives the inpatient pharmacies segment
On the basis of end-users, the global pharmacy automation market is segregated into inpatient pharmacies, outpatient pharmacies, and retail pharmacies. The inpatient pharmacies segment constituted a large market share in 2021 and is projected to register a considerable CAGR during the forecast period owing to the rising hospitalization rates among patients and rapid expansion of pharmacies associated with various hospitals. Moreover, increasing the installation of faster medication dispensing systems within hospitals presents another key driver of the market.
North America to dominate the market
In terms of regions, the global pharmacy automation market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America accounted for a dominant market share in 2021 and the trend is expected to continue during the projected period owing to the early adoption of advanced technology in the pharmacy service sector and the presence of key players in the region. Moreover, the high prevalence of chronic illness along with the increasing demand for the wide availability of various agency-approved medications and drugs for the treatment of diseases further drive the regional market.
On the other hand, the market of Asia Pacific is anticipated to constitute a key market share in the coming years owing to rising spending on healthcare and the massive surge in the adoption of advanced technologies for the pharmacy service sector. Increasing integration of automatic technology and rising demand for better healthcare solutions are key factors propelling the regional market.
Segments
The global pharmacy automation market has been segmented on the basis of
Products
- Automated Medication Dispensing Systems
- Automated Table-top Counters
- Automated Storage & Retrieval Systems
- Automated Packaging & Labeling Systems
- Medication Compounding
- Others
End-users
- Inpatient Pharmacies
- Outpatient Pharmacies
- Retail Pharmacies
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Becton, Dickinson and Company
- Baxter International Inc.
- ScriptPro LLC
- Omnicell, Inc.
- Capsa Healthcare
- Yuyama Co., Ltd.
- ARxIUM Inc.
- KUKA AG
- Parata Systems, LLC
- RxSafe, LLC
- Cerner Corporation
Competitive Landscape
Key players competing in the global pharmacy automation market are Becton, Dickinson and Company; Baxter International Inc.; ScriptPro LLC; Omnicell, Inc.; Capsa Healthcare; Yuyama Co., Ltd.; ARxIUM Inc.; KUKA AG; Parata Systems, LLC; RxSafe, LLC; and Cerner Corporation. Some of these players have adopted a series of business development strategies including merger and acquisition, partnerships and collaboration, product launches, and production capacity expansion to expand their consumer base and enhance their market share.
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