Pharmacy Automation Machine Market Forecasts to 2030 - Global Analysis By Product, End User and By Geography

According to Stratistics MRC, the Global Pharmacy Automation Market is accounted for $3.61 billion in 2023 and is expected to reach $6.82 billion by 2030 growing at a CAGR of 9.5% during the forecast period. The term "pharmacy automation" describes how automated systems and technology are used in the pharmaceutical business to simplify and enhance a number of areas related to managing and distributing medications. Prescription verification, computerized inventory management, robotic dispensing equipment, and automated packaging solutions are all included in these systems.

According to the UN report on World Population Ageing (2019), Eastern and Southeastern Asia are expected to experience a two-fold increase in the number of geriatric individuals, with the population aged 65 years or over projected to increase from 260.6 million in 2019 to nearly 572.5 million by 2050.

Market Dynamics:

Driver:

Rising demand in healthcare digitization

Pharmacy integration with digital platforms is imperative as the healthcare sector embraces electronic health records (EHRs) and digital prescription systems. This development is made easier by pharmacy automation, which provides technologies that can effortlessly monitor, check, and dispenses prescriptions in accordance with electronic health information. In addition, this helps pharmacies stay up-to-date with changing healthcare regulations and technological advancements while also improving drug accuracy and patient safety which is driving this market expansion.

Restraint:

High cost

A major financial obstacle for many pharmacies may be the large expenditure needed to acquire and install automation equipment, which includes its high start-up expenses and higher medication filling fees. Slightly larger pharmacies may be discouraged from implementing automation due to the extended ROI time. Further, the initial price burden of automation can be a major barrier to acceptance, restricting the technology's widespread use in the pharmaceutical industry, which thereby hinders this market size.

Opportunity:

Telemedicine and online services

To improve patient convenience and care quality, technologies provide safe prescription processing, inventory management, and patient monitoring which are done online due to these services, which help pharmacies expand their reach beyond physical locations. Medicines can be accurately and efficiently dispensed to patients who live far away, because in large part to pharmacy automation technologies. Therefore, pharmacies are adopting and innovating new pharmacy automation solutions because of the growing need for telepharmacy and distant services thereby propelling this market expansion.

Threat:

Lack of standardization

The possibility of challenges with interoperability between multiple automation systems from different manufacturers is one major disadvantage. Ineffective communication and data interchange caused by this lack of standardization result in mistakes and inefficiencies in the administration of medications. Additionally, inadequate standardization can impede scalability and future improvements, as well as make it more difficult for pharmacy staff to receive training because they must learn to use many systems that hamper this market expansion.

COVID-19 Impact

The pharmacy automation market has been negatively impacted by the COVID-19 pandemic. The unprecedented global health crisis disrupted supply chains, delayed projects, and strained financial resources across the healthcare sector. Many pharmacies faced challenges in adopting or upgrading automation technologies as they grappled with immediate concerns such as increased patient loads, resource constraints, and supply shortages. Furthermore, lockdowns and social distancing policies also decreased patient visits to pharmacies, which had an impact on the market for automation solutions.

The automated table-top counters segment is expected to be the largest during the forecast period

The automated table-top counters segment is estimated to hold the largest share due to small, desktop-sized devices that count pills or capsules of medication precisely and quickly. They usually use cutting-edge technology to swiftly and precisely count medicine units, improving patient safety and operational effectiveness. Furthermore, examples of these technologies include optical sensors, robotics, and software algorithms. By addressing a critical component of prescription administration, they support the expansion of the pharmacy automation business as a whole, which is boosting this segment's growth.

The hospital pharmacies segment is expected to have the highest CAGR during the forecast period

The hospital pharmacy segment is anticipated to have the highest CAGR during the forecast period due to advanced automated systems and technologies designed for usage in hospital pharmacy settings. Hospital pharmacies use automation to manage inventories, package medications, and compound medications, which streamlines processes and lowers mistake risk. In addition, large medical facilities are in need of these systems because accurate and timely medicine administration is crucial, and in order to improve patient care, cut expenses, and satisfy the growing demand for healthcare services that drives this market expansion.

Region with largest share:

Asia Pacific commanded the largest market share during the extrapolated period owing to various government initiatives have been significant in advancing pharmacy automation which, provid financial aid and other incentives to pharmacies. Countries such as India, Japan and China contribute in emphasizing digital health activities that promotes innovation and technological improvements by integrating pharmacy automation into larger healthcare ecosystems. In addition, to mitigate medication errors, improve inventory management, and enhance patient safety is pushing healthcare providers to invest in cutting-edge automation technologies thereby driving this region's growth.

Region with highest CAGR:

Europe is expected to witness highest CAGR over the projection period, owing to telepharmacy and remote prescription services have become more popular for patients to get pharmaceutical care. Data analytics and artificial intelligence have been combined in Europe to improve pharmaceutical inventory management and precisely forecast demand. This region is home to many major key players such as McKesson Corporation, Becton, Dickinson and Company, Capsa Healthcare and Cerner Corporation have encouraged healthcare providers to invest in automation solutions that minimize errors and ensure compliance which are boosting this region's expansion.

Key players in the market:

Some of the key players in the Pharmacy Automation Market include Accu-Chart Plus Healthcare System Inc., Arxium Inc., Avery Weigh-Tronix , Becton, Dickinson, and Company, PerceptiMed Inc., Capsa Solutions LLC, Swisslog Holdings AG, Cerner Corporation, McKesson Corporation, Omnicell Inc., Yuyama Co. Ltd, Parata Systems LLC, Scriptpro LLC and Rxsafe LLC.

Key Developments:

In June 2023, BD (Becton, Dickinson and Company), a leading global medical technology company, announced the worldwide commercial launch of a new automated instrument that prepares samples for clinical diagnostics using flow cytometry, enabling a complete "walkaway" workflow solution designed to improve standardization and reproducibility in cellular diagnostics.

In May 2023, Omnicell, Inc. announced changes to its leadership structure designed to create a more streamlined organization with a continued focus on operational excellence, driving continuous improvements in customer experience and the delivery of Omnicell's long-term commitments.

In April 2023, BD (Becton, Dickinson and Company), a leading global medical technology company, launched a new, easy-to-use advanced ultrasound device with a specialized probe designed to provide clinicians with optimal IV placement.

In October 2022, Omnicell, Inc, a leading provider of medication management and adherence tools for health systems and pharmacies, announced the launch of Specialty Pharmacy Services, a turnkey offering with dedicated services to set up, operate, and optimize a specialty pharmacy program.

Products Covered:

• Automated Storage and Retrieval Systems
• Automated Packaging and Labeling Systems
• Automated Medication Dispensing Systems
• Automated Table-top Counters
• Other Products

End Users Covered:

• Retail Pharmacies
• Hospital Pharmacies
• Other End Users

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances