ID: MRFR/HC/7303-HCR | 90 Pages | Published By Kinjoll Dey on March 2023
The Pharmacy Automation Market is projected to reach USD 5.31 Billion by 2030 at 7.50% CAGR during the forecast period 2022-2030. Worldwide, the retail pharmacy system is evolving due to the use of pharmacy automation equipment, analytics, and software. The sector is now much more efficient and profitable thanks to automation. Automation has significantly reduced the amount of medicine wasted, which has reduced the cost per dose. Additionally, it has made it possible for pharmacists to simply manage workflow while putting a stronger emphasis on patient happiness. The increasing need for equipment that helps to reduce pharmaceutical mistakes is fueling the market size of pharmacy automation in the coming years. Additionally, the aging population and the rising use of automated equipment and cutting-edge technology are both boosting the pharmacy automation market growth.
COVID-19 Impact Analysis
The COVID-19 pandemic has compelled many companies in the pharmacy automation sector. The COVID-19 pandemic raised the need for manufacturing and testing, boosting the need for automated solutions. In the fight against COVID-19, the pharmaceutical industry has switched from ad hoc automation installations to using robots. The COVID-19 pandemic has raised the need for robot arms for testing viral DNA. Many pharmaceutical businesses have also swiftly embraced robots and automation for automated COVID-19 testing. Pharmaceutical businesses have successfully tapped into the benefits of automation to maintain or boost output without sacrificing quality or safety. Automation has made it possible for pharmaceutical businesses to develop manufacturing lines more quickly and scalable while also ramping up output safely. Flexible automation, digitization, batch manufacturing, and personalization are a few themes that the COVID-19 pandemic has advanced.
Pharmacy Automation Market Dynamics
The market for pharmacy automation is expected to rise significantly over the next few years. The market is expanding primarily due to rising automation efforts to cut labor costs and rising specialty medicine dispensing. Additionally, pharmacy automation businesses are expanding their reach into emerging nations in search of new business opportunities. It is anticipated that the implementation of automation in pharmaceutical production will rise in response to the rising demand for vaccinations. The use of robots will rise if the effects of vaccination are transient due to viral mutations because the pharmaceutical sector will devote more resources to automation and robotics. However, the market may be hindered by the high cost of deploying pharmacy automation systems and restrictions that delay product introductions.
The rising demand to reduce medication mistakes is majorly caused due to hospital readmissions are acknowledged to be medication and distribution mistakes. During the manufacture, distribution, or administration of drugs, misunderstandings resulting from identical labels and prescriptions, unsafe pharmacy storage procedures, and poor order communication between doctors and pharmacists are some of the major contributing reasons for medication mistakes. One of the most effective ways to reduce the mistake is being considered by automotive systems.
While IT-based methods of pharmacy administration have many advantages, some healthcare professionals and providers are hesitant to use or accept them. This is very obvious when cultural boundaries are present, especially in emerging economies. As a result, many pharmacists are reluctant to use pharmacy automation systems as part of their dispensing routine since they do not want help. Although there are many advantages to automated pharmacy systems, as evidenced by the widespread adoption of technology, only high-volume pharmacies and hospitals have historically demonstrated the financial benefits of installing these automated systems, which has posed a challenge to the market's overall expansion.
The market for pharmacy automation equipment is anticipated to develop rapidly in emerging nations. Developing nations have a sizable elderly population. Eastern and south-eastern Asia are predicted to have a two-fold rise in the number of geriatric people with a population aged 65 years or older, citing the UN report on world population aging (2019). In numerous Asian countries, this demographic trend is expected to increase the number of patients and fuel demand for high-quality patient care and effective pharmaceutical delivery. As a result, it is expected that in the following years, demand for pharmacy automation systems will rise in several Asian nations.
Pharmacy Automation Market Segmentation
Product Type Insights
Based on design type, the pharmacy automation market segmentation is automated medication dispensing systems, automated packaging, labeling systems, automated table-top counters, automated storage, and retrieval systems. In 2021, the medication dispensing system segment led the market with the highest revenue share in the market. A large share can be ascribed to these systems' better safety features and drug distribution precision, reducing the likelihood of patients receiving incorrect prescriptions. Additionally, it aids in efficient inventory management and lowers costs by controlling storage. Patients who get the wrong prescriptions risk harm to their health and face huge financial consequences.
End User Insights
Based on end user, the pharmacy automation market segmentation is inpatient pharmacies, outpatient pharmacies, and retail pharmacies. The retail pharmacy segment accounted for the majority of revenue share in the market. The rise of retail pharmacies across all nations is responsible for this. Automation in retail pharmacies is revolutionizing how expenses are reduced on many levels. Aside from that, automation makes workflow management simple and is more effective than human counterparts. By managing the inventory for these retail pharmacies, there is less medicine waste.
Global Pharmacy Automation Market Share, By Region, 2021 (%)
Pharmacy Automation Market Overview, by Region
By region, the market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America dominates the market with the largest revenue share in 2021. Asia-Pacific is to register a significant growth rate over the forecast period.
North America is a pharmacy automation leader with the highest revenue share in 2021. The developed healthcare system, advancements in patient management, and hospital management systems are some of the key drivers of the region's growth. Technology providers also state that pharmacy automation and technology adoption are the future, and the COVID-19 pandemic has fueled the growth. Furthermore, the presence of major pharmacy chains and large patient volumes has been driving the regional market's growth. Minimizing medicines waste and cutting costs have also pushed the region's growth.
The Asia-Pacific market for pharmacy automation is expected to grow rapidly during the projected period. The growing elderly population who require medicine for chronic diseases is a contributing factor in this rise. The demand for lower drug prices, reduced medication mistakes, and effective workflow management in hospital pharmacies and standalone facilities have all contributed to the region's expansion. Due to the enormous unmet demands in terms of sophisticated healthcare systems and management systems, this area has been offering the sector tremendous development potential.
Pharmacy Automation Market Competitive Landscape
The market includes tier-1, tier-2, and local players. The tier-1 and tier-2 players have reach with diverse product portfolios. Companies such as Capsa Healthcare, Parata Systems, and Arxium Inc. dominate the market due to product differentiation, financial stability, strategic developments, and diversified regional presence. The players are concentrating on supporting R&D. Furthermore, they embrace strategic growth initiatives, such as development, product introduction, joint ventures, and partnerships, to strengthen their market position and capture an extensive customer base.
Prominent players in the pharmacy automation market research include Amerisource Bergen Corp., Accu Chart Plus Healthcare Systems, Inc., Omnicell, Inc., McKesson Co., Capsa Healthcare, Parata Systems, Arxium Inc., Omnicell Inc., RxSafe LLC, and Scriptpro LLC.
Scope of the Pharmacy Automation Market Report
Product Type Outlook
End User Outlook
Objectives of the Study
The objectives of the study are summarized in 5 stages. They are as mentioned below:
Pharmacy Automation Market Forecast and Size:
To identify and estimate the market size for the pharmacy automation report segmented by product type, by end user, and by value (in U.S. dollars). Also, to understand the consumption/ demand created by consumers in the pharmacy automation market forecast between 2020 and 2030
Market Landscape and Trends:
To identify and infer the drivers, restraints, opportunities, and challenges for the market growth of pharmacy automation.
Market Influencing Factors:
To find out the factors which are affecting the pharmacy automation market size among consumers
Impact of COVID-19:
To identify and understand the various factors involved in the market affected by the pandemic
To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company's past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
|Market Size||2030: USD 5,313.28 million|
|CAGR||7.50% CAGR (2021-2030)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product Type, End-User|
|Geographies Covered||North America, Europe, Asia-Pacific, and the Rest of the World (RoW)|
|Key Vendors||Amerisource Bergen Corp., Accu Chart Plus Healthcare Systems, Inc., Omnicell, Inc., McKesson Co., Capsa Healthcare, Parata Systems, Arxium Inc., Omnicell Inc., RxSafe LLC, and Scriptpro LLC|
|Key Market Opportunities||Growing emerging markets|
|Key Market Drivers||Increasing acceptance and popularity of pharmacy automation|
The pharmacy automation market forecast period is 2020 - 2030
The market is expected to register a CAGR of 7.50% over the next 10 years, according to the pharmacy automation market research.
Europe is expected to register the highest CAGR during 2022- 2030
North America held the largest share in 2021
The major companies operating in the market include Amerisource Bergen Corp., Accu Chart Plus Healthcare Systems, Inc., Omnicell, Inc., McKesson Co., Capsa Healthcare, Parata Systems, Arxium Inc., Omnicell Inc., RxSafe LLC, and Scriptpro LLC.