Pharmacy Automation Devices Global Market Report 2024

Pharmacy Automation Devices Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on pharmacy automation devices market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for pharmacy automation devices? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The pharmacy automation devices market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

Scope

Markets Covered:

• 1) By Product: Medication Dispensing Systems; Packaging And Labeling Systems; Storage And Retrieval Systems; Automated Medication Compounding Systems; Tabletop Tablet Counters
• 2) By End-User: Retail Pharmacy; Inpatient Pharmacies; Outpatient Pharmacies; Pharmacy Benefit Management Organizations and Mail-Order Pharmacies
• Companies Mentioned: Omnicell Inc.; McKesson Corporation; Baxter International Inc.; Becton Dickinson & Company; Cerner Corporation
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.

Executive Summary

Pharmacy automation devices streamline the distribution, sorting, packaging, and tallying of prescription drugs, effectively reducing potential errors while enhancing direct patient care.

The key categories of products within pharmacy automation devices encompass medication dispensing systems, packaging and labeling systems, storage and retrieval systems, automated medication compounding systems, and tabletop tablet counters. Medication Dispensing Systems play a crucial role in aiding physician practices and various clinical settings by ensuring safe dispensation to a wide range of patients at the point of service. These systems find application across various end users, including retail pharmacies, inpatient and outpatient pharmacies, pharmacy benefit management organizations, and mail-order pharmacies.

The pharmacy automation devices market research report is one of a series of new reports from The Business Research Company that provides pharmacy automation devices market statistics, including pharmacy automation devices industry global market size, regional shares, competitors with pharmacy automation devices market share, detailed pharmacy automation devices market segments, market trends, and opportunities, and any further data you may need to thrive in the pharmacy automation devices industry. This pharmacy automation devices market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The pharmacy automation devices market size has grown rapidly in recent years. It will grow from $5.5 billion in 2023 to $6.11 billion in 2024 at a compound annual growth rate (CAGR) of 11.2%. The growth observed in the historic period was primarily influenced by several factors. These included the escalation in prescription volume, the need to minimize errors, the urgency to enhance operational efficiency, compliance demands from regulatory bodies, shortages in the pharmacy workforce, heightened patient expectations for swift service, and complexities related to inventory management.

The pharmacy automation devices market size is expected to see rapid growth in the next few years. It will grow to $9.15 billion in 2028 at a compound annual growth rate (CAGR) of 10.6%. The anticipated growth in the forecast period is anticipated to be fueled by various factors. These encompass the global outreach of pharmacy services, the optimization of pharmacy workflows, an increasing emphasis on preventive healthcare, patient-focused medication management, a heightened focus on sustainable practices, and the proliferation of telemedicine services. Notable trends expected during this period involve the integration of robotics and automation, the utilization of centralized automated dispensing systems (CADS), the incorporation of artificial intelligence (AI), the rise of telepharmacy services, the advancement of medication verification technologies, and the increased use of automated prescription filling machines.

Pharmacy automation device market growth is driven by the escalating medicine wastage, encompassing expired, unused, or contaminated medications. Automated dispensing machines facilitate efficient access to critical medications during and after pharmacy hours, curbing medicine wastage significantly. The National Library of Medicine's October 2021 report highlighted pharmaceutical supplies as the most wasteful, accounting for 37.1% of total waste. With tablet and injection forms contributing wastage rates of 20.78% and 16.49%, respectively, totaling USD 159,762.66, expiry constituted 92.05% of this waste. Consequently, the market demand intensifies as pharmacies adopt automated devices to curtail waste, boosting demand for pharmacy automation devices.

The rise in the geriatric population augments demand for pharmacy automation devices to enhance medication management, safety, and adherence among older adults. The World Health Organization's October 2022 report predicts a substantial demographic shift, with an estimated 2.1 billion individuals aged 60 or older by 2050. This population growth necessitates effective care solutions for older adults, driving the demand for pharmacy automation devices to ensure quality healthcare for this demographic.

Product innovation stands as a prominent trend in the pharmacy automation devices market. Leading companies focus on developing groundbreaking solutions to meet evolving customer needs. For instance, Innovative Associates launched smartPod and iA Therapy Management Solutions in August 2021, providing revolutionary scale and treatment management solutions. These innovations, such as the iA next-generation robot and intelligent pharmacy operations software, streamline prescription filling processes and enable easy-to-open adherence pouch packs, catering to patient needs.

Major players in the pharmacy automation devices market concentrate on developing innovative mechatronics solutions. Deenova's March 2022 introduction of AIDE-Cut, AIDE-Pick, and AIDE-Pack showcases modular mechatronic solutions for comprehensive medication repackaging. These solutions, adaptable to various medication types and blister formats, ensure precise unit dose identification, meeting unique needs across healthcare facilities. The introduction of these advanced solutions signals a focused approach to address diverse medication repackaging needs, marking a significant advancement in the market.

In June 2022, Becton, Dickinson, and Company, a US-based medical technology company, acquired Parata Systems for $1.5 billion. With this acquisition, Becton Dickinson aims to expand by introducing cutting-edge technology into more locations across the gamut of healthcare. Becton Dickinson would pay cash to acquire Parata with the commercialization of robotic systems that sort and package pills, automating much of the repetitious and manual job of pharmacists. Parata Systems is a US-based maker of robotics technologies that automate pharmacy tasks, it also offers the most comprehensive pharmacy automation portfolio.

Major companies operating in the pharmacy automation devices market report are Omnicell Inc., McKesson Corporation, Baxter International Inc., Becton Dickinson & Company, Cerner Corporation, ARxIUM Inc., Capsa Healthcare, ScriptPro LLC, Deenova SRL, Swisslog Healthcare, RxSafe LLC, Yuyama Co Ltd., Accu Chart Plus Healthcare Systems Inc., Amerisource Bergen Corp, Talyst LLC, Medacist Solutions Group LLC, Kirby Lester, TouchPoint Medical, Kuka AG, Danaher Corporation, Lonza Group., Parata Systems LLC, Aesynt Incorporated, Innovation PharmaAssist Robotics Pvt Ltd., ForHealth Technologies, Health Robotics Srl, Pearson Medical Technologies LLC, R/X Automation Solutions Inc., Talon Innovations Corporation, Tension Packaging & Automation

North America was the largest region in the pharmacy automation devices market in 2023. The regions covered in the pharmacy automation devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the pharmacy automation devices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The pharmacy automation devices market consists of sales of automated pharmacy prescription dispensing systems, and compounding systems. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.