Pharmacy Automation Systems - Global Market Insights, Competitive Landscape, and Market Forecast - 2028

Pharmacy Automation Systems - Global Market Insights, Competitive Landscape, and Market Forecast - 2028

Pharmacy Automation Systems Market By Product (Automated Dispensing Systems, Automated Packaging And Labeling Systems, Automated Table-Top Counters, Automated Storage And Retrieval Systems, And Others), End-User (Hospital Pharmacies And Retail Pharmacies) and geography is expected to grow at a steady CAGR forecast till 2028 owing to their increasing demand for the filling of prescription drugs, rising cases of medication errors around the globe during the forecast period from 2023-2028.

The global Pharmacy Automation Systems market was valued at USD XX million in 2022, growing at a CAGR of XX% during the forecast period from 2023 to 2028 to reach USD XX million by 2028. The demand for Pharmacy Automation Systems is primarily being boosted owing to their increasing demand for the filling of prescription drugs, rising cases of medication errors around the globe, decentralization of pharmacies, enhancing patient safety, among others, thereby contributing to the overall growth of the Pharmacy Automation Systems market during the forecast period from 2023-2028.

Pharmacy Automation Systems Market Dynamics:

The factors driving the growth of the pharmacy automation systems market are rising demand for specialty medicine prescription filling solutions, along with the growing need to reduce medication errors.

The prevalence of chronic and life-threatening disorders has increased, owing to which the use of drugs for various indications has increased. For example, as per an article published by the British Medical Journal in June 2021 article, an estimated 237 million pharmaceutical errors occur in the NHS in England each year, and unnecessary adverse drug reactions (ADRs) cause hundreds of fatalities.

As a result, hospitals and pharmacies are implementing new pharmacy automation technology to reduce costs while also enhancing patient safety.

Moreover, developments in the pharmacy automation systems market such as recent product launches are further expected to drive the growth of the overall pharmacy automation systems. For instance, in May 2022, Deenova entered the UK market with its revolutionary Pay-Per-Dose unit dose pharmacy automation service. This newly developed Pay-Per-Dose option was made available to NHS and private hospitals in the Greater London Metropolitan Area beginning in late 2022.

Hence, the interplay of all the above-mentioned factors is anticipated to increase the overall market growth for Pharmacy Automation Systems during the forecast period from 2023 – 2028.

However, the reluctance associated with the incorporation of pharmacy automation systems, risks of cross-contamination, among others may restrict the growth of the overall market for Pharmacy Automation Systems during the forecast period.

Pharmacy Automation Systems Market Segment Analysis:

Pharmacy Automation Systems Market By Product (Automated Dispensing Systems, Automated Packaging And Labeling Systems, Automated Table-Top Counters, Automated Storage And Retrieval Systems, And Others), End-User (Hospital Pharmacies And Retail Pharmacies) And Geography (North America, Europe, Asia-Pacific, and Rest of the World).

In the product segment of the Pharmacy Automation Systems market, the automated dispensing systems category is expected to amass a significant revenue share in the year 2022. This can be ascribed to the various characteristics and advantages associated with automated dispensing systems such as requirement of less labour, less medication errors mass manufacturing of drugs during pandemics, among others.

The automated dispensing systems has the capacity to eliminate drug errors, save procedural time, and improve patient safety concerns. Furthermore, these systems track narcotics and other regulated medications, monitor drug consumption patterns, and reduce manual end-of-shift narcotic counts, which are especially important in inpatient care units.

A growing infection incidence also increased demand for pharmaceuticals during the epidemic. This rising infection rate influenced the need for automated drug distribution systems, which reduced the strain on pharmacists and contributed to the segment's growth.

Medication demand is driven by automated dispensing systems that balance security, user-friendliness, inventory management, and control. Furthermore, there is an increasing demand for automated systems that assist with stock and inventory management. For instance, in March 2022, Capsa Healthcare, expanded its NexsysADC automated dispensing cabinet suite. In two new sizes of controlled access module drawers, Nexysys could fit any size of controlled and highly valued pharmaceuticals or supplies.

Thus, due to the various advantages associated with automated dispensing and the recent developmental activities in this category, automated dispensing systems is expected to grow substantially in the upcoming years, thus supporting the overall market growth for Pharmacy Automation Systems during the forecast period from 2023 to 2028.

North America is expected to dominate the overall Pharmacy Automation Systems Market:

Among all the regions, North America is estimated to account for the largest share of the Pharmacy Automation Systems market in the year 2022. This can be ascribed to the growth in the frequency of various chronic conditions, a growing number of patients across the North American area, technical improvements as a result of leading industry players' presence, merger acquisitions, among others during the forecast period from 2023-2028.

For instance, the increased frequency of chronic disorders among the Mexican population is also predicted to fuel regional market expansion. The International Diabetes Federation (IDF) reported in December 2021 that an estimated 14 million p eople in Mexico had diabetes. Similarly, the incidence of cardiovascular diseases among the Canadian population is likely to add to the market's growth.

For example, according to Canadian Institute for Health Information data published in July 2022, around 2.4 million Canadians had heart disease in 2022. The incidence of chronic cardiovascular disease and diabetes in North American countries is driving demand for pharmacy automation, contributing to the expansion of the region's researched market.

Moreover, in December 2022, the California-based Omnicell, Inc. finalized the acquisition of ReCept Holdings, Inc. in December 2022. Omnicell's Advanced Services offering was expanded with the inclusion of ReCept's specialized pharmacy management services for health systems, provider groups, and federally qualified health centers (FQHCs) to serve the increasing and complicated specialty pharmacy market.

Thus, due to the increase in chronic diseases, development of healthcare infrastructure, recent merger acquisitions, among others in North America, it is expected to witness significant growth in the Pharmacy Automation Systems market over the region during the given forecast period.

Pharmacy Automation Systems Market Key Players:

Some of the key market players operating in the Pharmacy Automation Systems market include BD, ARxIUM, Oracle, Capsa Healthcare, Omnicell Inc., Newlcon, AlixaR, Accu-Chart Plus Healthcare System Inc., Pearson Medical Technologies, Swisslog Holdings AG, McKesson Corporation, yuyama, Scriptpro LLC, Rxsafe LLC, Parata Systems LLC, and others.

Recent Developmental Activities in the Pharmacy Automation Systems Market:

In June 2022, Becton, Dickinson & Company and Frazier Healthcare Partners agreed to buy Parata Systems, an innovative developer of pharmacy automation solutions, for USD 1.525 billion. A expanding network of pharmacies rely on Parata's range of revolutionary pharmacy automation solutions to decrease costs, increase patient safety, and enhance the patient experience.

In May 2022, Deenova planned to launch its revolutionary Pay-Per-Dose unit dose pharmacy automation service in the UK market. The newly developed Pay-Per-Dose option was made available to the NHS and private hospitals in the Greater London Metropolitan Area in late 2022.

In August 2021, Innovation Associates, a provider of software-enabled pharmacy fulfillment and automation solutions, has introduced SmartPod's next-generation robot, which provides unique scale in a central fill pharmacy setting. SmartPost is a revolutionary autofill device with built-in modularity that enables pharmacy providers to change and scale their centralized fulfillment systems in response to demand.

Key Takeaways from the Pharmacy Automation Systems Market Report Study

Market size analysis for current Pharmacy Automation Systems market size (2022), and market forecast for 5 years (2023-2028)

Top key product/services/technology developments, mergers, acquisitions, partnerships, and joint ventures happened for the last 3 years

Key companies dominating the global Pharmacy Automation Systems market.

Various opportunities available for other competitors in the Pharmacy Automation Systems market space.

What are the top-performing segments in 2022? How these segments will perform in 2028?

Which are the top-performing regions and countries in the current Pharmacy Automation Systems market scenario?

Which are the regions and countries where companies should have concentrated on opportunities for Pharmacy Automation Systems market growth in the coming future?

Target Audience who can benefit from this Pharmacy Automation Systems Market Report Study

Pharmacy Automation Systems product providers

Research organizations and consulting companies

Pharmacy Automation Systems-related organizations, associations, forums, and other alliances

Government and corporate offices

Start-up companies, venture capitalists, and private equity firms

Distributors and Traders dealing in Pharmacy Automation Systems

Various end-users who want to know more about chronic disorders and its related technology equipment market, along with the latest technological developments in the Pharmacy Automation Systems market.

Frequently Asked Questions for the Pharmacy Automation Systems Market:

1. What are Pharmacy Automation Systems?

Pharmacy Automation Systems aid in pharmacy automation, which is the electronic process of distributing, sorting, packaging, and counting prescription medications. Pharmacy automation has many different purposes, including improving efficiency, minimizing labor costs, and improving accuracy.

2. What is the market for global Pharmacy Automation Systems?

The global Pharmacy Automation Systems market was valued at USD XX million in 2022, growing at a CAGR of XX% during the forecast period from 2023 to 2028 to reach USD XX million by 2028.

3. What are the drivers for the global Pharmacy Automation Systems market?

The demand for Pharmacy Automation Systems is primarily being boosted owing to their increasing demand for the filling of prescription drugs, rising cases of medication errors around the globe, decentralization of pharmacies, enhancing patient safety, among others, thereby contributing to the overall growth of the Pharmacy Automation Systems market during the forecast period from 2023-2028.

4. Who are the key players operating in the global Pharmacy Automation Systems market?

Some of the key market players operating in the Pharmacy Automation Systems market include BD, ARxIUM, Oracle, Capsa Healthcare, Omnicell Inc., Newlcon, AlixaR, Accu-Chart Plus Healthcare System Inc., Pearson Medical Technologies, Swisslog Holdings AG, McKesson Corporation, yuyama, Scriptpro LLC, Rxsafe LLC, Parata Systems LLC, and others.

5. Which region has the highest share in the Pharmacy Automation Systems market?

North America is expected to dominate the overall Pharmacy Automation Systems market during the forecast period from 2023-2028. This can be ascribed to the growth in the frequency of various chronic conditions, a growing number of patients across the North American area, technical improvements as a result of leading industry players' presence, merger acquisitions, among others during the forecast period from 2023-2028.

Please Note: It will take 3-5 business days to complete the report upon order confirmation.