USD 5.6 Billion
Global Pharmacy Automation Devices Market Size, Share, Growth Analysis, By Product(Medication Dispensing Systems, Robots/Robotic Automated Dispensing Systems), By End-User(Retail Pharmacy, Inpatient Pharmacies) - Industry Forecast 2024-2031
Report ID:
SQMIG35J2079 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
70 |
Figures:
75
Global Pharmacy Automation Devices Market Insights
Global Pharmacy Automation Devices Market size was valued at USD 5.6 Billion in 2022 and is poised to grow from USD 6.15 Billion in 2023 to USD 12.99 Billion by 2031, at a CAGR of 9.8% during the forecast period (2024-2031).
The pharmacy automation devices market has expanded significantly as a result of the rising need for precise and effective medication distribution systems. These gadgets are made to make many pharmacy procedures, like prescription filling, medicine packaging, inventory control, and dosage dispensing, more efficient. Pharmacy automation systems help to increase patient safety and save operational expenses for healthcare facilities by reducing human mistakes and improving workflow efficiency.
Robotics, barcode scanning, and integrated software solutions, among other technological developments, have accelerated the deployment of these devices. Some of the well-known market segments in this area include robotic prescription distribution systems, automated medicine cabinets, and pill counters. The growth of this market has been fueled by the emphasis on patient-centered care around the world and the requirement for accurate drug control in light of an aging population.
Additionally, the market has grown as a result of the continuous digitization in healthcare and the integration of electronic health records (EHRs) with pharmacy automation systems. While North America and Europe have historically held the majority of market share, Asia-Pacific and Latin America's growing nations are also seeing a rise in the use of pharmacy automation equipment as a result of improved healthcare infrastructure and awareness.
In conclusion, as healthcare providers work to improve patient safety, operational effectiveness, and drug management, the market for pharmacy automation devices is expected to grow. With technological advancements and the incorporation of smart solutions, the market is anticipated to continue growing.
US Pharmacy Automation Devices Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Medication Dispensing Systems
Fastest Growth
Medication Dispensing Systems
Growth Rate
9.8% CAGR
Global Pharmacy automation devices market ($ Bn)
Country Share for North America Region (%)
Global Pharmacy automation devices market By Product ($ Bn)
Global Pharmacy automation devices market By Product (%)
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Global Pharmacy Automation Devices Market Segmental Analysis
The global pharmacy automation devices market is segmented by product, end-use, and regional. Based on product the market is segmented as, medication dispensing systems, robots/robotic automated dispensing systems, carousels, automated dispensing cabinets, packaging and labeling systems, storage and retrieval systems, automated medication compounding systems, tabletop tablet counters. based on end-use the market is segmented as, retail pharmacy, inpatient pharmacies, outpatient pharmacies, pharmacy benefit management organizations and mail-order pharmacies. Regional the market is segmented as, North America, Asia Pacific, Latin America, and Middle East & Africa (MEA)
Pharmacy Automation Devices Market Analysis By Product
In the pharmacy automation devices market, the "Medication Dispensing Systems" segment dominates the market. These systems, encompassing a range of automated solutions like Robots/Robotic Automated Dispensing Systems, Carousels, and Automated Dispensing Cabinets, are pivotal in enhancing medication management processes within healthcare facilities. Their ability to significantly reduce medication errors, streamline inventory management, and improve overall operational efficiency has garnered substantial adoption across the industry. Automated Medication Dispensing Systems address the pressing need for accurate and safe medication administration, particularly in hospitals and pharmacies, making them the prevailing choice for healthcare providers worldwide.
Simultaneously, the "Automated Medication Compounding Systems" segment is emerging as the fastest-growing sector within the pharmacy automation devices market. These systems revolutionize the compounding of medications, ensuring precise formulation and sterility, which is especially critical in complex intravenous (IV) preparations. The integration of cutting-edge technology and robotics in medication compounding enhances patient safety by minimizing contamination risks and dosage inaccuracies. As healthcare facilities prioritize the highest standards of medication customization and safety, the Automated Medication Compounding Systems segment is experiencing rapid growth, driven by its potential to reshape the landscape of pharmaceutical compounding practices.
Pharmacy Automation Devices Market Analysis By End-User
In end-user segments in the pharmacy automation devices market, the "Inpatient Pharmacies" segment currently dominates the market. Inpatient pharmacies, which cater to hospitals and healthcare facilities, heavily rely on pharmacy automation devices to efficiently manage medication dispensing, inventory control, and dosage administration for hospitalized patients. The need for precise and timely medication management in critical care settings has driven the widespread adoption of automation solutions in these environments, making the inpatient pharmacy segment a significant contributor to the market's growth.
In the pharmacy automation devices market, the "Retail Pharmacy" segment is currently seeing the fastest growth. There is a rising need for automation solutions that increase prescription filling precision, improve customer service, and optimize inventory control in community pharmacies as a result of the emphasis on patient-centric care and the growth of retail pharmacy chains. Automation devices are used in retail pharmacies to simplify processes and guarantee patient safety by lowering the possibility of mistakes in medication.
Global Pharmacy automation devices market By Product, 2023 (%)
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Global Pharmacy Automation Devices Market Regional Insights
The dynamics of the global pharmacy automation devices market vary considerably by region, with North America ranking as the largest market. The extensive use of pharmacy automation systems has been fueled by the region's well-established healthcare infrastructure, adoption of cutting-edge technology, and strict rules on patient safety and medication management. Due to its wide network of pharmacies and healthcare institutions, the United States particularly dominates the industry in North America and serves as a focal point for advancements in pharmacy automation technology. The demand for effective medication management and dispensing systems, together with a focus on lowering medication mistakes and improving patient care, are further driving the market expansion.
The second-largest region in the pharmacy automation devices market is Europe. Particularly in countries like Germany, France, and the United Kingdom, European countries have adopted automated technologies to strengthen their healthcare systems. The implementation of pharmacy automation systems has been prompted by the elderly population in the area and the requirement for precise drug distribution in hospitals and neighborhood pharmacies. The integration of automated technology across the European healthcare environment has also been influenced by stricter restrictions on prescription tracking and management. Europe has a sizable presence in the global market for pharmacy automation equipment as the desire for improved patient safety and streamlined pharmacy services rises.
Global Pharmacy automation devices market By Geography, 2024-2031
- Largest
- Fastest
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Global Pharmacy Automation Devices Market Dynamics
Pharmacy Automation Devices Market Drivers
Patient Safety and Medication Accuracy:
- The deployment of pharmacy automation systems is driven by the utmost concern for patient safety and the requirement to reduce medication mistakes. These solutions guarantee accurate drug dispensing, lowering the possibility of unfavorable effects and enhancing patient results.
Operational Efficiency:
- Prescription filling, inventory management, and packing are just a few of the activities that pharmacy automation systems optimize, increasing operational effectiveness, decreasing wait times, and improving patient happiness.
Pharmacy Automation Devices Market Restraints
Integration Challenges:
- It can be difficult and time-consuming to integrate new automation systems with current pharmacy processes and electronic health record systems, which could interrupt business operations while the transition is taking place.
Maintenance and Upkeep:
- Automation equipment needs regular upkeep, upgrades, and repairs, which can raise the entire cost of operation.
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Global Pharmacy Automation Devices Market Competitive Landscape
The competitive landscape of the pharmacy automation devices market is marked by a diverse range of players vying for market share and innovation. Established healthcare technology companies, such as BD (Becton, Dickinson and Company), Omnicell, Inc., and McKesson Corporation, hold prominent positions due to their extensive portfolios of automated medication dispensing systems, robotics, and software solutions. These industry giants capitalize on their established presence and strong distribution networks to serve healthcare institutions and pharmacies globally.
Pharmacy Automation Devices Market Top Player’s Company Profile
- Omnicell, Inc.
- Parata Systems
- ScriptPro LLC
- Aesynt Incorporated
- ARxIUM
- Swisslog Healthcare
- Talyst, a Swisslog Company
- Cerner Corporation
- TCGRx
- Innovation Associates, Inc.
- Pearson Medical Technologies
- R/X Automation Solutions
- Yuyama
- KUKA AG (formerly Swisslog)
- RxSafe, LLC
- TouchPoint Medical
- Accu-Chart Plus Healthcare Systems, Inc.
Pharmacy Automation Devices Market Recent Developments
- In January 2023, Leading supplier of pharmacy automation systems Omnicell, Inc., introduced the Omnicell XR-100, a new robotic dispensing system. The XR-100 is made to automate the distribution of pharmaceuticals in healthcare facilities like hospitals.
- In February 2023, The ScriptPro MedStation, a brand-new medication management system, was launched by ScriptPro LLC, a provider of pharmacy automation solutions. The automated medication dispensing system known as the MedStation is intended for use in retail pharmacies.
- In March 2023, the debut of the Parata Pharmacy Platform, a new software platform from pharmacy automation solutions supplier Parata Systems LLC, was announced. In order to manage pharmacy automation systems and enhance patient safety, pharmacies can use the Pharmacy Platform.
Global Pharmacy Automation Devices Key Market Trends
- Technological Advancements and Integration: Robotics, AI, machine learning, and the Internet of Things (IoT) have all been rapidly advancing in the market for pharmacy automation systems. Devices are using these technologies to increase accuracy, increase workflow effectiveness, and offer real-time data analytics enabling better decision-making.
- Medication Adherence Solutions: The use of automated devices to increase patient medication adherence is receiving more attention. The development of mobile apps, automated pill dispensers, and smart packaging will enable patients to adhere to their treatment plans, improving their health results.
Global Pharmacy Automation Devices Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Component types team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global pharmacy automation devices market analysis; the pharmacy automation devices market is experiencing robust growth driven by factors such as increasing patient safety concerns, technological advancements, and the need for operational efficiency. This market spans various regions, with North America and Europe leading in adoption due to their advanced healthcare infrastructure and stringent regulations. The market is segmented into automated medication dispensing systems, robotic prescription dispensing systems, medication packaging, and compounding automation, among others. Key drivers include the urgent demand for accurate medication management, reducing errors in dosage and dispensing. Technological innovations like robotics and integrated software enhance the efficiency of pharmacy operations. Moreover, the rise of chronic diseases and an aging population fuels the need for efficient medication distribution. As healthcare providers worldwide seek enhanced patient care and optimized workflows, the pharmacy automation devices market is set to maintain its growth trajectory.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 5.6 Billion |
| Market size value in 2031 | USD 12.99 Billion |
| Growth Rate | 9.8% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Pharmacy Automation Devices Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Pharmacy Automation Devices Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Pharmacy Automation Devices Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Pharmacy Automation Devices Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Pharmacy Automation Devices Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Pharmacy Automation Devices Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Pharmacy Automation Devices Market Report Snapshots
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