Pharmacy Automation Market

Pharmacy Automation Market Size

Pharmacy Automation Market size was around USD 6.4 billion in 2022 and is anticipated to grow at 7.9% CAGR from 2023 to 2032. Pharmacy automation devices play a crucial role in averting product contamination and errors, thereby reducing liability risks and enhancing patient safety Also, the surge in global disease rate and the growing dependence on prescription drugs contribute to market expansion.

Similarly, in 2022, KFF's tracking poll revealed that 62% of Americans were using prescription medications between September and October 2021. This increased prescription pattern is fuelling the demand for automation technology to mitigate medication errors and expedite prescription dispensing.

Pharmacy automation refers to the use of technology and machinery to streamline and enhance various processes within a pharmacy, including medication dispensing, inventory management, and prescription filling. These systems aim to reduce errors, improve efficiency, and ensure patient safety. Also, this integration of technology in pharmaceutical settings especially in pharmaceutical packaging will optimize workflow, minimizes human intervention, and ultimately contributes to the accurate and timely delivery of medications to patients.

Pharmacy Automation Market Trends

• Growing advancement with focus on cutting-edge solutions to improve the patient experience with better and consistent care anticipates a positive factor driving the market progress. Each robot can process 300 prescriptions hourly, matching a typical daily output of a Walgreens pharmacy with minimal staff.
  
• Similarly, pharmacy automation such as counting devices and scan-verification software, enhances accuracy, minimizes errors in prescription filling, and facilitates more frequent inventory checks. For instance, table-top counters swiftly and precisely count various tablets or capsules, especially beneficial for narcotics management and inventory counting, surpassing manual methods. Also, scan-verification devices go a step further, conducting comprehensive checks on medication dispensed, reducing errors, and enhancing safety.
  

Pharmacy Automation Market Analysis

Based on component, the market is segmented into products, services, and software. The product segment held the largest business share at 67.6% in 2022. This dominance is propelled by the surge in adoption for medication dispensing and storage systems.

• Medication dispensing and storage systems is one of the most used automated systems in pharmacy automation, extensively utilized in inpatient hospital pharmacy settings. These systems offer precise control over medication dispensation, reducing errors and ensuring accurate dosages. Also, the integration of advanced storage solutions further streamlines inventory management, enhancing workflow in pharmacy settings.
  
• As a result, medication dispensing and storage systems stand out as a pivotal and prevailing component within the pharmacy automation landscape, reflecting their indispensable role in modern pharmaceutical practices.
  

Based on end-user, the pharmacy automation market is classified into in-patient pharmacies, out-patient pharmacies, and retail pharmacies. The retail pharmacies segment is projected to exhibit CAGR of 7.3% during the analysis period.

• The retail pharmacies segment has emphasized dominance in the market owing to factors such as rising prescription volumes and the need for streamlined medication dispensing. Retail pharmacies leverage automation solutions to enhance efficiency, reduce errors, and optimize inventory management.
  
• Also, increasing prominence on patient-centric care and the convenience of automated prescription services further contribute to the segment's prominence.
  
• Moreover, the integration of advanced technologies in retail pharmacy settings, such as robotic dispensing systems and automated pill counters, further solidifies the retail pharmacies, thereby driving the growth of the market.
  

In 2022, North America held a significant share of 48.6% in the pharmacy automation market.

• The prominence of North America in the market can be attributed to factors such as technological advancements, widespread adoption of automation solutions, and growing venture fundings.
  
• Pharmacy automation in North America also addresses the growing demand for enhanced patient care services. By automating routine tasks like medication dispensing, pharmacists can focus more on patient counseling, medication therapy management, and other clinical services. This shift in focus aligns with the broader healthcare goals of improving patient outcomes and providing a higher level of personalized care.
  

Pharmacy Automation Market Share

The pharmacy automation industry is characterized by diverse players competing in the medical automation industry. Intense competition fosters ongoing technological advancements, driving the evolution of automated dispensing systems, robotic pharmacy solutions, and software platforms. With the persistent focus on enhancing efficiency and patient safety, the pharmacy automation sector remains fiercely competitive, fostering innovation and industry growth.

Pharmacy Automation Market Companies

The prominent market players operating in the pharmacy automation industry is as mentioned below:

• Becton Dickson and Company
• Omnicell Inc.
• Baxter International Inc.
• Capsa Healthcare
• Yuyama Co Ltd.
• Medictech Pharmacy Management Solutions
• Mckesson Corporation
• Touchpoint Medical Solutions
• Tension Corporations
• Pearson Medical Technologies LLC
• RxSafe LLC
• Cerner Corporation
• ABB Robotics
• KUKA AG
• Talyst Systems LLC
  

Pharmacy Automation Industry News

• In October 2023, JVM, an affiliate of Hanmi Science, has launched advanced automated drug dispensing machine with a robotic arm to the European market. This strategic launch seeks to enhance its European presence, transitioning from entry-level to high-end models, and optimizing pharmacy workflow.
  
• In October 2023, Pharmacierge is set to expand in the central London healthcare hub with a 5,500 sqft dispensary featuring a 30ft dispensing robot, the largest of its kind in the renowned Harley Street Medical Area. This project aims to revolutionize the private pharmacy pathway, blending advanced technology and robotics with traditional pharmacy values.
  

The pharmacy automation market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2018 to 2032 for the following segments:

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By Component, 2018 – 2032 (USD Million)

• Product
  • Medical dispensing and storage systems   
    • By type         
      • Robot/ robotic automated systems
      • Carousels
      • Automated dispensing cabinets
    • By application/ operation
      • Centralized pharmacies
      • Decentralized pharmacies
  • Packaging and labelling systems
  • Table-top counters
  • Medication compounding system
  • Other products
• Services
• Software

By End-user, 2018 – 2032 (USD Million)

• In patient pharmacies
  • Acute care systems
  • Long-term care systems
• Out-patient pharmacies
  • Outpatient/ Fastrack clinics
  • Hospital retail settings
• Retail pharmacies

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • Rest of Middle East & Africa