Pharmacy Automation Market Share, Growth, Opportunities 2030
Pharmacy Automation Market Share, Growth, Opportunities 2030
Segments - Pharmacy Automation Market by Products (Automated Medication Dispensing Systems, Automated Table-top Counters, Automated Storage & Retrieval Systems, Automated Packaging & Labeling Systems, Medication Compounding, and Others), End-users (Inpatient Pharmacies, Outpatient Pharmacies, and Retail Pharmacies), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2022 – 2030
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| Report ID :HC-4412
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| 180 Pages
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Report Description
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 |
Details |
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Report Title |
Pharmacy Automation Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2021 |
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Historic Data |
2019–2020 |
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Forecast Period |
2022–2030 |
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Segmentation |
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 |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
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Report Coverage |
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 |
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 |
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.
Frequently Asked Questions
The key players of the 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.
North America accounted for a dominant market share in 2021 and the trend is expected to continue during the projected period.
The inpatient pharmacies segment constituted a large market share in 2021 and is projected to register a considerable CAGR during the forecast period.
The key drivers of the market include the rising demand for better healthcare facilities and increasing need for effective pharmacy service.
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.
Table Of Content
1. Executive Summary2. Assumptions and Acronyms Used
3. Research Methodology
4. Pharmacy Automation Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Pharmacy Automation Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Pharmacy Automation Market - Supply Chain
4.5. Global Pharmacy Automation Market Forecast
4.5.1. Pharmacy Automation Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Pharmacy Automation Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Pharmacy Automation Market Absolute $ Opportunity
5. Global Pharmacy Automation Market Analysis and Forecast by End Users
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by End Users
5.2.2. Y-o-Y Growth Projections by End Users
5.3. Pharmacy Automation Market Size and Volume Forecast by End Users
5.3.1. Inpatient Pharmacies
5.3.2. Outpatient Pharmacies
5.3.3. Retail Pharmacies
5.4. Absolute $ Opportunity Assessment by End Users
5.5. Market Attractiveness/Growth Potential Analysis by End Users
6. Global Pharmacy Automation Market Analysis and Forecast by Region
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Region
6.2.2. Y-o-Y Growth Projections by Region
6.3. Pharmacy Automation Market Size and Volume Forecast by Region
6.3.1. North America
6.3.2. Latin America
6.3.3. Europe
6.3.4. Asia Pacific
6.3.5. Middle East and Africa (MEA)
6.4. Absolute $ Opportunity Assessment by Region
6.5. Market Attractiveness/Growth Potential Analysis by Region
6.6. Global Pharmacy Automation Demand Share Forecast, 2019-2026
7. North America Pharmacy Automation Market Analysis and Forecast
7.1. Introduction
7.1.1. Basis Point Share (BPS) Analysis by Country
7.1.2. Y-o-Y Growth Projections by Country
7.2. North America Pharmacy Automation Market Size and Volume Forecast by Country
7.2.1. U.S.
7.2.2. Canada
7.3. Absolute $ Opportunity Assessment by Country
7.4. North America Pharmacy Automation Market Size and Volume Forecast by End Users
7.4.1. Inpatient Pharmacies
7.4.2. Outpatient Pharmacies
7.4.3. Retail Pharmacies
7.5. Basis Point Share (BPS) Analysis by End Users
7.6. Y-o-Y Growth Projections by End Users
7.7. Market Attractiveness/Growth Potential Analysis
7.7.1. By Country
7.7.2. By Product Type
7.7.3. By Application
7.8. North America Pharmacy Automation Demand Share Forecast, 2019-2026
8. Latin America Pharmacy Automation Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.1.3. Latin America Average Pricing Analysis
8.2. Latin America Pharmacy Automation Market Size and Volume Forecast by Country
8.2.1. Brazil
8.2.2. Mexico
8.2.3. Rest of Latin America
8.3. Absolute $ Opportunity Assessment by Country
8.4. Latin America Pharmacy Automation Market Size and Volume Forecast by End Users
8.4.1. Inpatient Pharmacies
8.4.2. Outpatient Pharmacies
8.4.3. Retail Pharmacies
8.5. Basis Point Share (BPS) Analysis by End Users
8.6. Y-o-Y Growth Projections by End Users
8.7. Market Attractiveness/Growth Potential Analysis
8.7.1. By Country
8.7.2. By Product Type
8.7.3. By Application
8.8. Latin America Pharmacy Automation Demand Share Forecast, 2019-2026
9. Europe Pharmacy Automation Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Europe Average Pricing Analysis
9.2. Europe Pharmacy Automation Market Size and Volume Forecast by Country
9.2.1. Germany
9.2.2. France
9.2.3. Italy
9.2.4. U.K.
9.2.5. Spain
9.2.6. Russia
9.2.7. Rest of Europe
9.3. Absolute $ Opportunity Assessment by Country
9.4. Europe Pharmacy Automation Market Size and Volume Forecast by End Users
9.4.1. Inpatient Pharmacies
9.4.2. Outpatient Pharmacies
9.4.3. Retail Pharmacies
9.5. Basis Point Share (BPS) Analysis by End Users
9.6. Y-o-Y Growth Projections by End Users
9.7. Market Attractiveness/Growth Potential Analysis
9.7.1. By Country
9.7.2. By Product Type
9.7.3. By Application
9.8. Europe Pharmacy Automation Demand Share Forecast, 2019-2026
10. Asia Pacific Pharmacy Automation Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Asia Pacific Average Pricing Analysis
10.2. Asia Pacific Pharmacy Automation Market Size and Volume Forecast by Country
10.2.1. China
10.2.2. Japan
10.2.3. South Korea
10.2.4. India
10.2.5. Australia
10.2.6. Rest of Asia Pacific (APAC)
10.3. Absolute $ Opportunity Assessment by Country
10.4. Asia Pacific Pharmacy Automation Market Size and Volume Forecast by End Users
10.4.1. Inpatient Pharmacies
10.4.2. Outpatient Pharmacies
10.4.3. Retail Pharmacies
10.5. Basis Point Share (BPS) Analysis by End Users
10.6. Y-o-Y Growth Projections by End Users
10.7. Market Attractiveness/Growth Potential Analysis
10.7.1. By Country
10.7.2. By Product Type
10.7.3. By Application
10.8. Asia Pacific Pharmacy Automation Demand Share Forecast, 2019-2026
11. Middle East & Africa Pharmacy Automation Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Middle East & Africa Average Pricing Analysis
11.2. Middle East & Africa Pharmacy Automation Market Size and Volume Forecast by Country
11.2.1. Saudi Arabia
11.2.2. South Africa
11.2.3. UAE
11.2.4. Rest of Middle East & Africa (MEA)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Middle East & Africa Pharmacy Automation Market Size and Volume Forecast by End Users
11.4.1. Inpatient Pharmacies
11.4.2. Outpatient Pharmacies
11.4.3. Retail Pharmacies
11.5. Basis Point Share (BPS) Analysis by End Users
11.6. Y-o-Y Growth Projections by End Users
11.7. Market Attractiveness/Growth Potential Analysis
11.7.1. By Country
11.7.2. By Product Type
11.7.3. By Application
11.8. Middle East & Africa Pharmacy Automation Demand Share Forecast, 2019-2026
12. Competition Landscape
12.1. Global Pharmacy Automation Market: Market Share Analysis
12.2. Pharmacy Automation Distributors and Customers
12.3. Pharmacy Automation Market: Competitive Dashboard
12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
12.4.1. Becton, Dickinson and Company
12.4.2. Baxter International Inc.
12.4.3. ScriptPro LLC
12.4.4. Omnicell, Inc.
12.4.5. Capsa Healthcare
12.4.6. Yuyama Co., Ltd.
12.4.7. ARxIUM Inc.
12.4.8. KUKA AG
Methodology
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