Global Pharmacy Automation Systems Market - 2022-2029

Global Pharmacy Automation Systems Market - 2022-2029

Market Overview

The Global Pharmacy Automation Systems Market is expected to grow at a high CAGR of 7.9% during the forecast period (2021-2028).

Pharmacy automation plays a significant role in modern healthcare. It involves the mechanical processes of handling and distributing medications. Any pharmacy task may be involved, including counting tablets, and capsules; tracking and updating customer information such as medical history and drug interaction risk detection in databases, measuring and mixing powders and liquids for compounding, and inventory management. Automating the pharmacy, will reduce filling errors, increase patient safety and staff productivity, and fill more prescriptions in less time.

Market Dynamics

The global pharmacy automation systems market growth is driven by the increasing need to decrease prescription errors, the benefits of pharmacy automation systems over manual medication dispensing, and the development of improved features.

The growing need to minimize medication errors will drive the market growth

Medication errors and dispensing errors are recognized as leading causes of hospital readmissions across the globe. A medication error can occur due to a variety of factors such as poor order communication between the physician and pharmacist, dangerous storage practices in pharmacies, and confusion arising out of the use of similar labels. Automated systems are considered to be one of the most efficient solutions to minimize these errors. In the past, the successful implementation of automated dispensing cabinets (ADCs) and automated dispensing machines (ADMs) in hospitals has led to a significant reduction in the number of dispensing and medication errors in hospitals. According to the Australian Commission on Safety and Quality in Healthcare, in 2013, the implementation of ADS in a hospital in the U.K. reduced dispensing error incidence from 0.64% to 0.28%. Thus, to minimize medication and dispensing errors, governments in several countries are promoting the use of automated dispensing and medication tools in pharmacies and hospitals. This is leading to the greater adoption of pharmacy automation systems.

Globally, there has been an increase in the geriatric population. This leads to a rising incidence of chronic and life-threatening diseases and increasing dispensation of medications. According to the article Economic analysis of the prevalence and clinical and economic burden of medication error in England, published in June 2021, an estimated 237 million medication errors occur in the NHS in England every year and avoidable adverse drug reactions (ADRs) cause hundreds of deaths. Hence, hospitals and pharmacies are adopting new pharmacy automation technologies to reduce operating costs while improving patient safety.

The reluctance to adopt pharmacy automation systems will hamper the growth of the market

However, a number of healthcare professionals and providers are reluctant to adopt or accept any IT-based approach to pharmacy management. This is particularly evident when cultural barriers are involved, or in emerging economies. Many pharmacists do not feel the need for assistance and are, therefore, reluctant to adopt pharmacy automation systems as part of their dispensing regimen. Although the benefits of automated pharmacy systems are considerable and the extensive adoption of technology verifies this, until now, only large-volume pharmacies and hospitals could justify the returns on investment (ROI) obtained from the installation of these automated systems.

COVID-19 Impact Analysis

During the COVID -19 outbreak, the market has been experiencing a positive impact. This can be attributed to the increasing infection rate among the healthcare workers the patients and the rising demand for medications worldwide. Therefore, healthcare facilities and pharmacies prefer automated systems to reduce the spread of the virus. In addition, there has also been an increasing demand for prescription drugs, which created an opportunity to adopt the pharmacy automation systems to overcome the infection rate.

Segment Analysis

The automated medication dispensing systems segment is expected to grow at the fastest CAGR during the forecast period (2022-2029)

The automated medication dispensing systems segment accounted for the largest market share. This can be attributed to the systems’ ability to eliminate medication errors, decreased procedural time, and enhanced patient safety concerns. In addition, these systems track narcotics and other controlled drugs, monitor drug usage patterns, and eliminate the manual end-of-shift narcotic counts, especially in inpatient care units.

A rising infection rate boosted the demand for medications during the pandemic. This increasing infection count positively impacted the need for automated medication dispensing systems. Therefore, healthcare facilities and pharmacies prefer these automated systems that have boosted their demand.

Automated dispensing systems also balance security, user-friendliness, inventory management, and control of medications. All these features drive the demand for automated dispensing systems. These systems save nursing time by reducing manual end-of-shift counts in the patient care division. Moreover, there is a growing demand for automated systems that help stock and inventory management. The increase in the global geriatric population, the prevalence of various chronic diseases, and high hospitalization rates are factors increasing the burden on hospitals, thus, augmenting the demand for automated dispensing systems.

Furthermore, increasing dispensing errors, a growing number of chain pharmacies, and the rising adoption of AI in well-developed countries are driving the segment’s growth over the forecast period.

Geographical Analysis

The North American region holds the largest market share of the global pharmacy automation systems market

North America dominates the market share of the global pharmacy automation systems market. It is primarily attributed to its broad base of the patient population, the need to reduce medication errors, and the increase in the adoption of Pharmacy Automation Systems. For instance, according to a study conducted by Johns Hopkins, more than 250,000 people in the US die annually because of medication mistakes, making it the third-largest cause of death after heart disease and cancer.

Moreover, the region’s established healthcare infrastructure, high investment in R&D activities and technological advancements in additional features, higher success rate, and newer applications of the device are contributing to the growth of North America’s share. For instance, in 2016, Omnicell, a leading provider of medication and supply management solutions and adherence tools to health care systems and pharmacies, launched the SureMed by Omnicell Guided Packing software. Cloud-Based software is designed to increase pharmacists’ accuracy in filling SureMed multiple medication blister cards, which can improve medication adherence for patients on complicated medication regimens.

Competitive Landscape

The pharmacy automation systems market is a moderately competitive presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include Arxium Inc., Becton, Dickinson, and Company, Capsa Solutions LLC, Cerner Corporation, Omnicell Inc., Parata Systems LLC, Rxsafe LLC, Scriptpro LLC, Yuyama Co. Ltd, McKesson Corporation among others. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the Pharmacy Automation Systems Market globally. For instance, in August 2021, the company iA which is a provider of software-enabled pharmacies announced the introduction of new solutions (Pharmacy Fulfillment, SmartPod & Therapy Management Solutions) to transform Pharmacy Services.

Omnicell Inc.

Overview:

Omnicell, Inc. engages in the provision of medication management automation solutions and adherence tools for healthcare systems and pharmacies.

Product Portfolio:

AccuFlex Single Dose Medication Packaging Automation: The AccuFlex Single Dose Medication Packaging Automation accurately fills and labels a variety of patient-specific single-dose medication packaging based on incoming prescriptions. It helps pharmacies improve operational efficiency and reduce inventory and labor costs. AccuFlex fills many types of medication packaging, such as 28- and 31-day blister cards and reclaimable unit dose packaging.

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Visualize the composition of the global pharmacy automation systems market segmentation by product type, end-user, and region highlighting the key commercial assets and players.

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Excel data sheet with thousands of data points of global pharmacy automation systems market-level 4/5 segmentation.

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Target Audience

Service Providers/ Buyers

Industry Investors/Investment Bankers

Education & Research Institutes

Research Professionals

Emerging Companies

Manufacturers

Market Segmentation

Global Pharmacy Automation Systems Market – By Product Type

Automated Medication Dispensing Systems

Centralized Automated Medication Dispensing Systems

Decentralized Automated Medication Dispensing Systems

Automated Storage & Retrieval Systems

Automated Packaging & Labeling Systems

Tabletop Tablet Counters

Automated Compounding Devices

Global Pharmacy Automation Systems Market - By End-user

Retail Pharmacy

Hospital pharmacy

Global Pharmacy Automation Systems Market - By Region

North America

Europe

Asia-Pacific

Middle East & Africa

South America