Wilmington, Delaware, United States, Feb. 21, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – The global Pharmacy Automation Devices Market stood at US$ 4.9 Bn in 2022 and is projected to reach US$ 15 Bn by 2033. Demand for automated drug dispensing systems is high in hospitals due to several benefits in inventory tracking and management. A rise in the implementation of these systems in inpatient care settings in hospitals could lead to better operational workflows and increased patient safety.
A large number of medication errors are preventable and pose a considerable burden to hospitalized patients. Hence, there has been a strong impetus for hospitals to adopt automated dispensing cabinets, especially in intensive care units. This is likely to broaden the global pharmacy automation devices market outlook in the next few years.
The surge in demand for robotic automation technologies among hospital compounding pharmacies is expected to offer attractive opportunities for companies in the pharmacy automation devices market. Automated robotic solutions are becoming popular to automate the compounding of intravenous therapy, and minimize risks of contamination.
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Key Findings of Study
- Strong Demand for Advanced Robotic Dispensing Equipment: Demand for robotic dispensing equipment is high in institutional and retail pharmacies. These systems can automate a range of tasks for pharmacies such as filling drug boxes, restocking medications, and medication storage. Medication dispensing systems have also proven to be useful in securing access to controlled substances, especially narcotic medications. Adoption of automated medication systems is likely to increase steadily, as these could help hospitals significantly reduce time and medication errors, which in turn is projected to bolster pharmacy automation devices market development. Recent trends indicate that automation in medication dispensing has enabled hospitals enhance productivity of the nursing staff. Hospitals find that the usage of pharmacy automation devices is effective in preventing patient safety incidents. Rapid utilization of medication dispensing systems in hospitals are likely to create significant business opportunities for companies in the pharmacy automation devices market. In terms of product type, the medication dispensing system segment accounted for the largest share of the market in 2020.
- High Adoption by Retail Pharmacies: Pharmacies are employing robotic drug dispensing solutions to track inventory and forecast demand. The need to enhance efficiency of medication distribution in pharmacies that deal with large volume of medicines is fueling the pharmacy automation devices market. The retail pharmacy segment is anticipated to generate the highest revenue during the forecast period. The segment is projected to expand at a CAGR of 9.3% from 2023 to 2033.
- Increase in Utilization of Pharmacy Automation Devices to Reduce Adverse Drug Reactions: Utilization of advanced automated dispensing equipment has enabled hospitals to reduce adverse drug reactions (ADR), which is likely to augment the pharmacy automation devices market. For instance, usage of an innovative machine learning (ML) algorithm in pharmacy automation devices has increased ADR detection in hospitals. Usage of barcode scanning technology, RFID, and data security platforms in pharmacy automation and workflow solutions has enabled hospital pharmacies to reduce medication administration errors.
Key Drivers
- Demand for pharmacy automation is driven by the need to reduce medication errors and enhance accuracy & efficiency of medication distribution in different patient care settings. Healthcare organizations across the world have become aware of significant clinical and economic burden of adverse drug events and are therefore taking effective measures to prevent such events.
- The pharmacy automation devices industry is anticipated to expand rapidly owing to application of robotics and automation solutions to manage inventory and enhance resource management efficiency in hospitals. Pharmacy automation can reduce cost and minimize impact of human errors in labour-intensive distribution functions such as in filling, packaging, and labelling.
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Regional Growth Dynamics
- The U.S. is a lucrative pharmacy automation devices market. High demand for automatic drug delivery systems is anticipated to drive the market in the country. As per TMR study, the market in North America is projected to reach US$ 8 Bn by 2033. The market in the region is anticipated to expand at a rapid pace during the forecast period. Increase in usage of robotic drug dispensing solutions in the healthcare industry is expected to propel market growth in the region during the forecast period. Strong focus of healthcare organizations on patient safety is expected to propel the product demand in North America.
Competition Landscape
Prominent companies in the pharmacy automation devices market are
- Baxter International Inc.,
- ARxIUM,
- Becton Dickinson Company,
- Capsa Healthcare,
- CareFusion,
- Cerner Corporation,
- Kuka AG,
- Kirby Lester, and Omnicell, Inc
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Pharmacy Automation Devices Market Segmentation
By Product Type
- Medication Dispensing Systems
- Packaging and Labelling Systems
- Storage and Retrieval Systems
- Automated Medicated Compounding Systems
- Tabletop Tablet Counters
By End-use
- Retail Pharmacies
- Hospital Pharmacies
By Region
- North America
- Asia Pacific
- Middle East & Africa
- Europe
- Latin America
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