Pharmacy Automation Market Size & Share to Surpass $9707.06 Million by 2030 | Vantage Market Research

WASHINGTON, Aug. 22, 2023 (GLOBE NEWSWIRE) -- According to Vantage Market Research, The Global Pharmacy Automation Market is projected to reach a value of USD 9707.06 Million by 2030 and is expected to exhibit a CAGR of 7.20% from 2023 to 2030. The global Pharmacy Automation Industry is valued at USD 5565.82 Million in 2022.

Pharmacy Automation solutions offer a multitude of advantages, encompassing a decreased susceptibility to pharmaceutical shortages, minimized medication wastage, lowered cost per dosage, and enhanced patient safety. Leveraging RFID, barcode scanning technologies, intelligent dashboards, and robust data security, pharmacies are poised to achieve a seamless workflow, thereby enhancing efficiency across the projected period. The intricate challenge of upholding corporate compliance in a digital landscape has ushered in external expectations, compelling businesses to enhance transparency and embrace state-of-the-art technology. The contemporary strides in Pharmacy Automation have paved the way for a diverse range of automated solutions, capitalizing on recent technological breakthroughs in the field.

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Key Highlights:

  • The largest segment of the pharmacy automation market in 2022 was the automated medication dispensing systems segment, with a revenue share of 35.5%.
  • The second largest segment of the pharmacy automation market in 2022 was the automated storage and retrieval systems segment, with a revenue share of 23.1%.
  • The increasing demand for specialty drug prescription filling solutions, the rising need to minimize medication errors, and the decentralization of pharmacies are the key factors driving the growth of the market.
  • The central fill pharmacy automation segment is expected to register the highest CAGR during the forecast period.
  • North America is expected to be the largest market for pharmacy automation, followed by Europe and Asia Pacific.

Top Companies in Global Pharmacy Automation Market

  • Becton Dickinson and Company (US)
  • Capsa Healthcare (US)
  • Cerner Corporation (US)
  • Omnicell Inc. (US)
  • KUKA AG (Swisslog Healthcare) (Germany)
  • Baxter International Inc. (US)
  • Yuyama Co. Ltd. (Japan)
  • ScriptPro LLC (US)
  • Pearson Medical Technologies LLC (US)
  • ARxIUM Inc. (US)
  • Parata Systems LLC (US)
  • RxSafe LLC (US)
  • Medical Packaging Inc. LLC (US)

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Market Dynamics: Pharmacy Automation Market

Industries across various sectors are turning to automation as a strategic means to curtail costs. Automation systems not only expedite responses through real-time monitoring methods but also proactively avert breakdowns. By substituting human labor with machines and robots for hazardous tasks, companies are mitigating the risk of workplace injuries. Safety automation software facilitates seamless updates of safety protocols and the formulation of action plans, supporting companies in their transition towards digitized production processes.

The International Labour Organization has projected a staggering figure of approximately 2.3 million global fatalities annually due to work-related accidents or illnesses. The Bureau of Labor Statistics reported a grim statistic of 5,250 fatal work injuries in the U.S. in 2018, marking a stark rise of 103 cases from the previous year. Among the most prevalent causes of these fatal incidents were transportation mishaps involving contact with objects and equipment, accounting for a 13% increase from 695 to 786 cases. This alarming scenario underscores the urgency for stringent regulations pertaining to worker safety. In response, the European Union has put forth a directive that outlines minimal health and safety prerequisites for the manual handling of loads, particularly focusing on the risk of back injuries to workers.

Over the years, the Occupational Safety and Health Administration has successfully decreased the frequency of worker injuries, plummeting from 10.9 incidents per 100 workers in 1972 to a significantly lower 2.8 per 100 workers in 2017. This accomplishment can be largely attributed to the burgeoning utilization of industrial robots within sectors like pharmaceutical manufacturing. The landscape now boasts an upsurge in industrial robots, collaborative robots (cobots), and warehouse robots, all contributing to an elevated level of safety for employees.

Top Trends in Pharmacy Automation Market

Anticipated to experience substantial expansion throughout the projected timeline, the sector dedicated to automated medication dispensing systems is poised for remarkable growth. This trajectory is underpinned by the inherent capabilities of these systems, which encompass the eradication of medication errors, streamlined procedural efficiency, and an amplified focus on patient safety. Beyond these advantages, these systems play a pivotal role in the meticulous tracking of narcotics and other controlled substances, as well as the surveillance of drug utilization patterns. They further eliminate the manual undertaking of end-of-shift narcotic tallies, particularly in the context of inpatient care units.

The surge in demand for automated dispensing systems is propelled by their adeptness at harmonizing crucial aspects such as security, user-friendliness, inventory management, and medication control. This comprehensive functionality has significantly amplified their appeal and adoption. Furthermore, a growing need for automated solutions that streamline stock and inventory management has come to the forefront. A pertinent example of this trend is evident in the actions of Capsa Healthcare, which, in March 2022, expanded its range of NexsysADC automated dispensing cabinets. These cabinets, known as Nexysys, have been engineered to accommodate controlled substances and valuable medications or supplies of varying sizes, achieved through the introduction of new controlled access module drawers.

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Global Pharmacy Automation Market Segmentation

By Product

  • Automated Medication Dispensing and Storage Systems
  • Automated Tabletop Counters
  • Automated Packaging and Labelling Systems
  • Automated Medication Compounding Systems

By End User

  • Inpatient Pharmacies
  • Retail Pharmacies
  • Outpatient Pharmacies
  • Pharmacy Benefit Management Organizations
  • Mail-Order Pharmacies

Pharmacy Automation Market Segment & Revenue Share (2022)

Automated medication dispensing systems35.5%
Automated storage and retrieval systems23.1%
Automated packaging and labeling systems16.2%
Automated compounding systems10.2%
Tabletop counters5.0%

Challenges: Pharmacy Automation Industry

The level of regulatory approvals required is contingent upon the classification of a specific device, which can vary from region to region. This divergence in regulatory requisites is particularly pronounced across different classes and geographical areas. Diverse state pharmacy boards, acting as oversight bodies responsible for overseeing and regulating pharmacy practices as well as pharmacist licensure within a specific state, stipulate distinct criteria for the deployment of automated dispensing devices (ADDs) within healthcare settings. Consequently, manufacturers engaged in producing automated systems tailored for pharmacy applications must navigate a complex landscape of regulatory standards.

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Exploring Opportunities:

The spotlight of growth in the pharmacy automation devices market is anticipated to shift toward emerging economies. Developing nations hold a distinctive position due to their substantial geriatric populations. This trend is particularly evident in the context of the elderly demographic, as indicated by the UN's World Population Ageing report of 2019. The regions of Eastern and Southeastern Asia are poised to undergo a remarkable transformation, with the number of individuals aged 65 and above expected to double. Projections indicate that the population within this age bracket will surge from 260.6 million in 2019 to a staggering 572.5 million by the year 2050. This demographic surge bears implications for patient demographics across various Asian nations.

Recent Development

  • August 2023: Omnicell announced that it has acquired SureMed, a provider of medication management solutions for hospitals and other healthcare settings. This acquisition will strengthen Omnicell's position in the pharmacy automation market.
  • July 2023: BD announced that it has launched the Pyxis® ES Medication Management System with SurePass™ Technology. This new system is designed to improve patient safety and medication management.
  • June 2023: McKesson announced that it has expanded its pharmacy automation portfolio with the acquisition of ScriptPro. ScriptPro is a provider of robotic dispensing systems for pharmacies.
  • May 2023: Swisslog announced that it has launched the Omnia Robotic Pharmacy Automation System. This new system is designed to improve the efficiency and accuracy of pharmacy operations.

Browse market data Tables and Figures spread through 146 Pages and in-depth TOC on Pharmacy Automation Market Forecast Report (2023-2030).

Key Questions Answered in Pharmacy Automation Market Report

  • What is the current market size and projected growth rate of the pharmacy automation market?
  • What are the main factors driving the adoption of pharmacy automation solutions in healthcare settings?
  • What are the different types of pharmacy automation systems available and how do they impact workflow efficiency?
  • Who are the key players in the pharmacy automation market and what is their market share?
  • What are the key trends and innovations in pharmacy automation technology?
  • How is the pharmacy automation market segmented based on product type, application, and geography?

Regional Analysis

The global pharmacy automation market is prominently anchored in North America, underpinned by a vigorous uptake of pharmacy automation systems across medical environments. This ascendancy is attributed to a combination of factors, foremost among them being the burgeoning aging population within North America. The region's proactive embrace of pharmacy automation has been propelled further by the expansion of insurance coverage in the United States, which has in turn eased the strain on the country's healthcare system. The confluence of these elements has fostered a climate conducive to the adoption of advanced healthcare technologies.

The persistent drive for technological progress within the healthcare IT infrastructure has yielded notable dividends in the realm of medication error reduction. This endeavor aligns seamlessly with the escalating demand for top-tier patient care, notably in the United States. This increasing emphasis on quality healthcare services, coupled with the pursuit of technology-driven solutions to mitigate medication errors, constitutes a pivotal driver for the pharmacy automation market. As exemplified by a survey conducted by The HIMSS Analytics Database in 2015, the adoption of health IT hardware, software, and infrastructure has gained substantial ground in the U.S. More than 5,400 non-federal hospitals and nearly 40,000 healthcare facilities across the nation have embraced pharmacy automation, marking a significant leap forward.

Furthermore, the strategic deployment of bar code medication administration (BCMA) has emerged as a linchpin in the crusade against medication errors within the U.S. healthcare landscape. BCMA solutions are instrumental in ensuring that the correct medication is administered to the appropriate patient at the precise point of administration. The tangible outcomes of this implementation are striking, with the same HIMSS Analytics Database survey revealing a remarkable 50% reduction in medication error incidents. In addition, the risk of adverse drug events has decreased by 11%, effectively averting around 20 such events on a daily basis compared to preceding years.

Scope of the Report:

Report AttributesDetails
Market Size in 2022USD 5565.82 Million
Revenue Forecast by 2030USD 9707.06 Million
CAGR7.20% from 2023 to 2030
Base Year2022
Forecast Year2023 to 2030
Key PlayersBecton, Dickinson and Company, Omnicell Inc., KUKA AG (Swisslog Healthcare), Baxter International Inc., Capsa Healthcare, Cerner Corporation, Yuyama Co. Ltd., ARxIUM Inc., Parata Systems LLC, RxSafe LLC, ScriptPro LLC, Pearson Medical Technologies LLC.
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