Global Pharmacy Automation Devices Market 2023-2030

Title: Global Pharmacy Automation Devices Market Size, Share & Trends Analysis Report by Product (Medication Dispensing Systems, Packaging and Labeling Systems, Storage and Retrieval Systems, Automated Medication Compounding Systems and Tabletop Tablet Counters), and by End Users (Hospitals, Ambulatory Care Centers and Retail Pharmacy),Forecast Period (2023-2030).

The global pharmacy automation devices market is anticipated to grow at a CAGR of 11.1% during the Forecast Period (2023-2030). Pharmacy automation devices are used for improved accuracy, better inventory, enhanced workflow, better patient experience, and reduced labor costs. The growing adoption of automation, intelligence, and technology-enabled services is the key factor supporting the growth of the market globally. Automated dispensing system-designed to help eliminate errors during medication dispensing and improve inventory control, complemented by technology-enabled services including operational staff, maintenance, and optimization support services. Hence, the market players are also focusing on introducing automated dispensing system solutions that further bolster the market growth. For instance, in December 2020, Omnicell, Inc., a provider of medication management solutions and adherence tools for health systems and pharmacies, Kentucky-based Owensboro Health, a long-term sole source partner, expanded their medication management automation platform to central pharmacy operations with Omnicell's Central Pharmacy Dispensing Service.

According to the WHO, in August 2022, approximately 237 million medication errors over a year in one country, 66 million are potentially clinically significant. The estimated costs for the government in avoidable adverse reactions to medication are $12.02 million a year. Distribution of errors in one country by phases of medicine use has been reported as prescribing (21.3%), transcription (1.4%), dispensing (15.9%), administration (54.4%) and monitoring (7.0%)

Segmental Outlook

The global pharmacy automation devices market is segmented on the product, and end users. Based on the product, the market is sub-segmented into medication dispensing systems, packaging and labelling systems, storage and retrieval systems, automated medication compounding systems and tabletop tablet counters. Further, on the basis of end users, the market is sub-segmented into hospitals, ambulatory care centers and retail pharmacies. Among the products, the automated medication compounding systems sub-segment is anticipated to hold a considerable share of the market owing to the rise in the development of robotic compounding systems for chemotherapy compounding having the ability of automated solutions to reduce both needlestick and repetitive strain injuries.

The Retail Pharmacy Sub-Segment is Anticipated to Hold a Considerable Share of the Global Pharmacy Automation Devices Market

Among the end users, the retail pharmacy sub-segment is expected to hold a considerable share of the global pharmacy automation devices market. The segmental growth is attributed to the growing influence of automated systems that optimize the drug dispensing process in hospitals. Pharmacy automation solutions enable the shifting of much of the current medication dispensing labor that takes place in a retail pharmacy to more efficient, centralized settings, therefore freeing up more time for pharmacists to deliver front-line patient care. For instance, in June 2021, Walgreens Boots Alliance and iA announced that WBA made a majority investment in iA, a provider of software-enable automation solutions for retail, hospital, federal healthcare and mail-order pharmacy markets. WBA's investment supports iA's expansion and further development of pharmacy automation solutions to benefit the entire pharmacy industry.

Regional Outlook

The global pharmacy automation devices market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America. Among these, North America is anticipated to hold a prominent share of the market across the globe, owing to the adoption of automation technology in outpatient pharmacies that helps in reducing medication errors along with increasing operational efficiency in hospitals and other healthcare systems. The market players include Amerisource Bergen Corp., Baxter International Inc., Medisolv, Inc., Nuance Communications, Inc., Omnicell, Inc. and others.

The Asia-Pacific Region is Expected to Grow at a Significant CAGR in the Global Pharmacy Automation Devices Market

Among all regions, the Asia-Pacific region is anticipated to grow at a considerable CAGR over the forecast period. Regional growth is attributed to the adoption of automation solutions, investments in the adoption of healthcare IT infrastructure, and high healthcare spending are factors contributing to the growth of the market for pharmacy automation devices. The increasing applications of pharmacy automation in prescription filling, cutting down on costs and errors, inventory tracking, and streamlining operations, are further driving the growth of these solutions in retail pharmacies.

Moreover, pharmacy automation devices help prevent product contamination and errors, thereby reducing the risk of liabilities & increasing patient safety. These devices also reduce medication wastage, reducing costs in the long run. The key market players include Arxium Inc., Capsa Healthcare, Takazono Corp., TouchPoint Medical Solutions, Yuyama Co. Ltd. and others.

Market Players Outlook

The major companies serving the pharmacy automation devices market include: Amerisource Bergen Corp., Baxter International Inc., Becton, Dickinson and Company, McKesson Corp., Omnicell, Inc., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in June 2022, Becton, Dickinson and Company a medical technology company, and Frazier Healthcare Partners, a private equity firm focused exclusively on the health care sector, a definitive agreement for BD to acquire Parata Systems, an innovative provider of pharmacy automation solutions, for $1.5 billion.

The Report Covers:

• Market value data analysis of 2022 and forecast to 2030.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global pharmacy automation devices market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying 'who-stands-where' in the market.