NEWARK, Del, April 15, 2024 (GLOBE NEWSWIRE) -- The pharmacy automation system market has been growing steadily and is envisioned to continue to do so. The market is predicted to have a CAGR of 8.00% from 2024 to 2034, reaching a valuation of US$ 12,136.3 million. The adoption of automation systems in pharmacies has proven to be beneficial in reducing human errors, improving efficiency, and increasing productivity. It has also led to better patient outcomes by providing accurate dosages and simplifying tasks.
The high maintenance costs and pricing for development programs and training for regular users impede the actual use of pharmacy automation systems, especially in mid and smaller retail pharmacies.
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The rising adoption of electronic health records and the implementation of government initiatives to encourage the adoption of pharmacy automation systems are also expected to drive market growth.
The Asia Pacific region is expected to grow at the highest CAGR during the forecast period due to the increasing awareness of the benefits of automation systems and the growing demand for quality healthcare services. The region is experiencing a surge in the number of pharmacies and the adoption of advanced technologies, which is expected further to boost the market growth in the coming years.
Pharmacy automation systems are generating huge demand from companies involved in drug dispensing and packaging as they offer comprehensive solutions to various challenges by automating various tasks such as prescription filling, medication sorting, and packaging. They help companies improve operational efficiency, reduce costs, and enhance patient safety.
Medication dispensing cabinets, which provide a centralized and secure storage solution for medications, are in high demand. These cabinets come with advanced features such as barcode scanning, RFID tracking, and integrated software solutions for inventory management, medication reconciliation, and compliance monitoring.
“Emerging markets in developing countries offer lucrative growth opportunities for manufacturers in the pharmacy automation system market. Organizations can capitalize on the vast pool of opportunities present in these markets by introducing cost-efficient automation solutions”, opines Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.)
Key Takeaways from the Pharmacy Automation Systems Market Study
- Medication dispensing cabinets are estimated to hold a market share of 43.20% in 2024.
- Drug dispensing and packaging holds a market share of 47.10% as of 2024.
- The pharmacy automation system market in Canada has the potential to increase 12.30% CAGR through 2034.
- The pharmacy automation system market in the United Kingdom is predicted to rise by a remarkable 9.50% CAGR through 2034.
- The pharmacy automation system market in Japan is projected to inflate at a CAGR of 8.90% through 2034.
- The pharmacy automation system market in Germany is anticipated to develop at a CAGR of 7.90% through 2034.
- The pharmacy automation system market in the United States is estimated to rise at a 7.60% CAGR through 2034.
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Competitive Landscape from the Pharmacy Automation Systems Market
Market players are meeting consumer demand and expanding the customer base; leading companies are implementing strategies such as new product launches, investments in research and development, acquisitions and mergers, partnerships, and collaborations.
Recent Developments in the Pharmacy Automation Systems Market:
- In 2023, JVM launched MENITH, an advanced automated drug dispensing system, in the European market, which was a milestone for state-of-the-art technology.
- 2. In 2022, BD acquired Parata Systems for $1.525 billion to expand its pharmacy automation solutions, enhance patient safety, and address clinician shortages, aligning with its 2025 strategy.
Top 9 Key Companies in the Pharmacy Automation Systems Market
- AmerisourceBergen Corporation
- Baxter International Inc.
- Swisslog Holdings AG
- Care Fusion Corporation
- Cerner Corporation
- Kirby Lester LLC
- Talyst, LLC.
- Omnicell Inc.
- ScriptPro LLC
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Pharmacy Automation Systems Market Segmentation
By Product:
- Medication Dispensing Cabinets
- Packaging & Labelling Machines
- IV Pharmacy
- Robotic Dispensing Machines
- Carousel Storage
- Tablet Splitters
By Application:
- Drug Dispensing & Packaging
- Drug Storage
- Inventory Management
By End User:
- Hospital Pharmacies
- Clinic Pharmacies
- Retail Pharmacies
- Mail Order Pharmacies
- Pharmaceutical SME’s
By Region:
- North America
- Latin America
- Asia Pacific
- Middle East and Africa (MEA)
- Europe
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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