Pharmacy Automation Market Report

Market Overview:

The global pharmacy automation market size reached US$ 5.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 9.2 Billion by 2028, exhibiting a growth rate (CAGR) of 8% during 2023-2028. The increasing need to reduce errors in medical processes, the growing prevalence of chronic diseases, and various advances in robotics, artificial intelligence, machine learning, and data analytics are some of the major factors propelling the market.

Pharmacy automation refers to the use of technology and automated systems to streamline and improve various aspects of pharmacy operations. It involves the use of robotic devices, computerized systems, and software applications to perform tasks that were traditionally carried out manually by pharmacists and pharmacy staff. It also aims to enhance efficiency, accuracy, and safety in medication dispensing, inventory management, prescription filling, and other pharmaceutical processes. These solutions offer various benefits such as improved patient safety, reduced medication errors, increased efficiency, enhanced inventory management, and improved workflow for pharmacy staff.

The market is primarily driven by the increasing need to reduce errors in medical processes. In addition, with the aging population and increasing prevalence of chronic diseases, the demand for prescription medications has been on the rise. Pharmacy automation enables pharmacies to handle larger prescription volumes efficiently, ensuring timely dispensing and reducing waiting times for patients. Besides, the implementation of various government policies to make quality healthcare facilities is also contributing to market growth. Moreover, various technological advancements are resulting in higher success rates post-treatment and surgeries, along with the delivery of efficient patient care which is also creating a favorable market outlook across the globe. Pharmacy automation enhances patient safety by reducing the risk of medication errors, improving accuracy in dispensing, and providing clear medication labeling. Automated prescription refill systems and medication packaging also enhance convenience for patients, making it easier to access and manage their medications, representing another major growth-inducing factor.

Pharmacy Automation Market Trends/Drivers:

The increasing need to reduce errors in medical processes

Medication errors can have severe consequences on patient safety and well-being. As a result, healthcare providers and pharmacies are increasingly adopting pharmacy automation solutions to minimize the risk of errors and improve patient outcomes. These systems, such as automated dispensing systems and barcode scanning technology, play a crucial role in reducing medication errors. They help ensure accurate medication dispensing, verify prescriptions, and cross-reference medication orders with patient profiles, minimizing the potential for human errors. Moreover, regulatory bodies, such as the Joint Commission and the Food and Drug Administration (FDA), also place importance on medication safety and require healthcare providers to implement measures to reduce errors. This regulatory push further accelerates the adoption of pharmacy automation solutions to meet compliance standards.

Various technological advancements in robotics, artificial intelligence and data analytics

Robotic dispensing systems can accurately count and package medications, reducing errors and enhancing efficiency. These robots can handle a high volume of prescriptions, ensuring faster and more precise medication dispensing. Robotic systems integrated with AI and ML algorithms can even learn from data patterns to optimize medication dispensing processes and adapt to changing pharmacy needs. Moreover, AI and ML algorithms are being utilized to improve various aspects of pharmacy automation. These technologies can analyze patient data, medication histories, and drug interactions to provide clinical decision support, helping pharmacists make informed decisions. Besides, data analytics tools can analyze medication usage patterns, identify trends, and optimize inventory levels. These insights help pharmacies make data-driven decisions, such as adjusting stock levels, identifying medication dispensing patterns, and improving operational efficiency, thus propelling the market growth.

The growing prevalence of chronic diseases

Chronic diseases often require long-term medication management, leading to a significant increase in prescription volumes. Pharmacy automation systems, such as robotic dispensing systems and prescription filling automation, enable pharmacies to handle larger prescription volumes efficiently. Automated systems ensure accurate and timely medication dispensing, reducing waiting times for patients and improving overall workflow in pharmacies. Moreover, pharmacy automation plays a crucial role in promoting medication adherence by providing automated prescription refill systems and medication packaging solutions. These systems help patients conveniently receive their medications, ensuring they have a sufficient supply and reducing the likelihood of missed doses, thus contributing to market growth.

Pharmacy Automation Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global pharmacy automation market report, along with forecasts at the global, regional and country levels from 2023-2028. Our report has categorized the market based on product type, application and end-user.

Breakup by Product Type:

• Automated Medication Dispensing Systems
• Automated Storage & Retrieval Systems
• Automated Packaging & Labeling Systems
• Tabletop Tablet Counters
• Others
   

Automated medication dispensing systems represents the leading segment

The report has provided a detailed breakup and analysis of the market based on the product type. This includes automated medication dispensing systems, automated storage & retrieval systems, automated packaging & labeling systems, tabletop tablet counters, and others. According to the report, automated medication dispensing systems represented the largest segment.

Automated medication dispensing systems ensure precise medication dosing and reduce the risk of human errors. These systems employ barcode scanning and verification, medication database integration, and robotic dispensing technology to accurately dispense medications. Moreover, these systems streamline the medication dispensing process, saving time and improving operational efficiency in pharmacies. They can handle a large volume of prescriptions quickly and accurately, reducing waiting times for patients and optimizing workflow for pharmacy staff. Besides, automated medication dispensing systems often include inventory management functionalities, enabling real-time tracking of medication stock levels, expiration dates, and batch numbers. This integration ensures efficient inventory control, reducing the risk of medication shortages or wastage.

Breakup by Application:

• Drug Dispensing and Packaging
• Drug Storage
• Inventory Management
   

Drug dispensing and packaging hold the largest share in the market

A detailed breakup and analysis of the market based on the application has also been provided in the report. This includes drug dispensing and packaging, drug storage, and inventory management. According to the report, drug dispensing and packaging accounted for the largest market share.

Drug dispensing and packaging are essential steps in the medication workflow process within pharmacies. Automation solutions that focus on drug dispensing and packaging address the need for accurate and efficient medication management. These systems streamline the process by automating tasks such as counting pills, verifying prescriptions, labeling medications, and packaging them for individual patients. The ability to automate these critical steps significantly improves workflow efficiency and reduces the potential for errors, leading to increased demand for these automation solutions. Besides, these automation systems often incorporate barcode scanning, medication verification, and advanced algorithms to ensure accurate medication dispensing and packaging, enhancing patient safety and reducing adverse drug events.

Breakup by End-User:

• Hospital Pharmacies
• Retail Pharmacies
• Others
   

Retail pharmacies exhibits a clear dominance in the market

A detailed breakup and analysis of the market based on the end user has also been provided in the report. This includes hospital pharmacies, retail pharmacies, and others. According to the report, retail pharmacies accounted for the largest market share.

Retail pharmacies cater to a large volume of patients, serving as accessible points of care within communities. The high footfall and patient demand drive the need for efficient and streamlined pharmacy operations, making retail pharmacies a significant market segment for pharmacy automation solutions. Moreover, retail pharmacies often prioritize customer convenience and aim to differentiate themselves through superior service. Pharmacy automation solutions contribute to this goal by reducing waiting times, minimizing medication errors, and enhancing overall customer experience, thus accelerating the product adoption rate.

Breakup by Region:

• North America
  • United States
  • Canada
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Colombia
  • Chile
  • Peru
  • Others
• Middle East and Africa
  • Turkey
  • Saudi Arabia
  • Iran
  • United Arab Emirates
  • Others
     

North America accounts for the majority of market share

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa (Turkey, Saudi Arabia, Iran, United Arab Emirates, and others). According to the report, North America holds the largest market share for pharmacy automation solutions.

North America has been at the forefront of technological advancements, including pharmacy automation. The region has a robust healthcare infrastructure and a high level of adoption and investment in advanced technologies. This has led to the development and deployment of innovative pharmacy automation solutions, making North America a leading market for these technologies. Moreover, the region has stringent regulatory standards for medication safety and quality control. The regulatory bodies, such as the Food and Drug Administration (FDA) in the United States, prioritize patient safety and require compliance with specific guidelines for medication dispensing and management. Pharmacy automation solutions help pharmacies meet these standards and ensure accurate and safe medication dispensing, making them highly sought after in the region.

Competitive Landscape:

The competitive landscape of the pharmacy automation market is characterized by the presence of several key players competing for market share. These companies offer a range of pharmacy automation solutions and constantly innovate to stay ahead in the market. At present, key players are developing advanced pharmacy automation solutions that address the evolving needs of healthcare providers and pharmacies. This includes improving accuracy, expanding functionalities, integrating artificial intelligence and machine learning capabilities, and enhancing user experience. They are also collaborating with healthcare systems, retail pharmacy chains, and other industry stakeholders to integrate their automation solutions with existing healthcare infrastructure. Moreover, these players are expanding their presence in different geographic regions by targeting untapped markets.

The report has provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:

• Baxter International Inc.
• Becton Dickinson and Company
• Capsa Healthcare,
• Cerner Corp.
• Kirby Lester LLC,
• KUKA AG
• McKesson Corporation
• Omnicell Technologies
• RxSafe LLC
• Scriptpro LLC
• Swisslog Holding AG
• Takazono Corp.
• Talyst LLC
• TCGRx Pharmacy Workflow Solutions
• Yuyama Co. Ltd.

Recent Developments:

• In 2022, Capsa Healthcare made an announcement regarding the acquisition of Humanscale Healthcare, a New York-based company specializing in flexible technology solutions and computing workstations. This strategic acquisition has enabled Capsa Healthcare to expand its product suite significantly, positioning itself as a leader in the market.
• In 2021, Omnicell, Inc. completed the acquisition of ReCept Holdings, Inc. This acquisition broadened Omnicell's Advanced Services portfolio by incorporating specialty pharmacy management services tailored to health systems, provider groups, and federally qualified health centers (FQHCs).
• In 2021, Swisslog Healthcare entered into an innovation agreement with Centre Hospitalier - Le Mans. The collaboration aims to leverage their combined expertise in the pharmacy field, focusing on the development and implementation of TheraPick, an automated packaging and dispensing system.

Pharmacy automation Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the pharmacy automation market from 2017-2028.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global pharmacy automation market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the pharmacy automation industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.