Global Pharmacy Automation Market Size, Share & Trends Analysis Report By End-user, By Region, and Segment Forecasts, 2023 - 2032

Global Pharmacy Automation Market Size, Share & Trends Analysis Report By End-user, By Region, and Segment Forecasts, 2023 - 2032

Global Pharmacy Automation Market Size, Share & Trends Analysis Report By End-user, By Region, and Segment Forecasts, 2023 – 2032

Global Pharmacy Automation Market was valued US$ 5.6 Billion in 2022 and is expected to reach ~US$ 12 Billion by 2032, growing at a CAGR of 8% during the forecast period 2023-2032.

The use of technology to automate the labour-intensive manual operations involved in the distribution, processing, purchasing, and storage of pharmaceuticals is known as pharmacy automation. It uses a combination of robots, machinery, and pharmacy management software to precisely and sterilely do repeated activities. The market for pharmacy automation is expanding globally as a result of numerous important factors. The growing need for tools that can lower medication errors is one of the main motivators. The market is also developing as a result of the growing geriatric population, the rising use of automated equipment, and cutting-edge technologies. Over the course of the projected period, the growth of the global pharmacy automation market is being driven by the increase in healthcare spending.

The global expansion of the pharmaceutical industry is a significant driver of the market's growth. The Indian Brand Equity Foundation estimates that by 2020, the value of pharmaceutical exports from Indian enterprises will reach $20 billion, a 30% increase from current levels. It is expected that the worldwide pharmacy automation market will benefit from this booming pharmaceutical sector. The number of prescriptions for chronic and life-threatening disorders is rising due to the growing geriatric population worldwide. ""Economic Analysis of the Prevalence and Clinical and Economic Impact of Medication Error in England,"" a study published in June 2021, revealed that the National Health Service in England is anticipated to make 237 million prescription errors yearly, which result in several fatalities. Pharmacy automation technology is being adopted by hospitals and pharmacies to lower costs and improve patient safety.

The market is also anticipated to develop as a result of a rise in partnerships, mergers, and acquisitions among businesses looking to broaden their product lines and competencies. Important market participants are placing a strong emphasis on ongoing product development while keeping competitive prices, especially in emerging nations.

“Automated medication dispensing segment, by product, to be dominating market from 2023 to 2030.”

The global pharmacy automation market comprises major segments such as automated medication dispensing, automated packaging and labelling system, automated compounding devices and automated table top counters. In 2022, the automated medicine dispensing systems category accounted for the most revenue share in the worldwide pharmacy automation market. Product-wise, the worldwide pharmacy automation market is divided into a number of divisions, such as automated compounding devices, automated packaging and labelling systems, and automated medicine dispensing systems. Because automated medication dispensing systems can improve pharmaceutical safety, lower the risks involved in medicine administration, and be more affordable, they are expected to account for the biggest proportion of revenue in 2022. When nurses and chemists order pharmaceuticals using computer-generated software, these methods reduce errors and save time by reducing the possibility of misreading handwritten prescriptions. Moreover, chemists can be informed by automated software when a patient's pharmaceutical orders and allergies are at odds, which enhances patient safety. Medication errors have decreased as a result of the revolutionary changes brought about by technology in nursing administration. By cross-referencing their settings with hospital policies and patient data, smart pumps, for instance, can proactively alert nurses to possible medication errors, averting many problems before they arise.

“Semi-automatic segment, by automation mode, to be fastest growing market from 2023 to 2030.”

The market's classification based on the mode of automation includes two segments: fully-automatic and semi-automatic. In terms of revenue, the semi-automatic sector of the global pharmacy automation market held a significant proportion in 2022. Notably, in 2022, a sizeable portion of income came from the semi-automatic segment. These devices are used for packing vials and are very good at quickly spotting imperfections, warps, particles, and aesthetic issues. They also let operators inspect vials quickly and effectively. They maintain strict quality control standards while enabling faster inspections than manual approaches. Drug distribution systems (DDSs) that are semi-automatic are used in hospitals and other healthcare settings. They help to save drug costs, improve time efficiency, and ensure medication safety. During the course of the forecast period, the fully-automatic sector is anticipated to witness the fastest growth in revenue. The rising use of fully automated systems across a range of industries, including materials, chemicals, paper & pulp, metals & mining, and oil & gas (O&G), is responsible for this increase. Businesses in these areas are using fully automated solutions to improve the way they handle activities in office settings as well as on-site. Because mining and exploration are labour-intensive industries, effective management systems are required. These systems are frequently made possible by enterprise resource planning (ERP) software. These companies also incorporate automated technologies and robots to supplement human labour in labour-intensive jobs, increasing overall productivity.

“North America to be largest region in Pharmacy Automation Market.”

The North American market held the highest revenue share in 2022, mainly due to the rise in prominence of top pharmaceutical companies and a significant number of new product introductions. To improve the rapport between chemists and patients, for example, iA, a provider of software-enabled pharmacy automation and fulfilment solutions, unveiled three new products on August 17, 2021. These technologies were designed to help pharmacies manage their inventories and fulfil orders more efficiently. Furthermore, iA introduced SmartPod, a next-generation robot that transforms central fill pharmacy operations and gives pharmacy operators the ability to provide patients with more options.

Over the course of the projection period, the Asia Pacific market is expected to increase at a much faster rate than revenue. The rising incidence of pharmaceutical errors and the strict implementation of regulations for patient safety and drug dispensing in different areas are the main drivers of this growth. Additionally, a number of nations are implementing AI-based gadgets to improve pharmacy operations. For instance, Australia debuted the Fred Artificial Intelligence Directions (AID) platform on June 23, 2021. This AI-powered platform can offer significant data support for pharmacy business development. With its integrated MIMS medication integrations and highly secure Microsoft SQL database, this platform guarantees safer dispensing. Pharmacies are becoming more automated thanks to these developments, which is driving up market income.

Pharmacy Automation Competitive Landscape

The competitive landscape of the Pharmacy Automation Market involves assessing the competitive landscape to understand the strengths, weaknesses, opportunities, and threats of the industry. Key industry players have recognized that the adoption of Pharmacy Automation technology holds the potential for further growth. The growing desire among producers to optimize their production costs has spurred collaborative efforts among companies to scale up their production capacity. This strategic collaboration not only aims to increase revenue but also seeks to establish dominance in the market.

The Pharmacy Automation Market is highly competitive, with numerous companies vying for market share. Prominent companies in the Pharmacy Automation Market include:

Major Players:

ARxIUM

OMNICELL INC.

Cerner Corporation

Capsa Healthcare

ScriptPro LLC

RxSafe, LLC.

MedAvail Technologies, Inc.

Asteres Inc.

InterLink AI, Inc.

BD

Baxter

Fullscript

McKesson Corporation

Innovation Associates

AmerisourceBergen Corporation

UNIVERSAL LOGISTICS HOLDINGS, INC

Takazono Corporation

TOSHO Inc.

Willach Group

BIQHS.

Recent Developments:

Capsa Healthcare announced in 2022 that it had acquired Humanscale Healthcare, a New York-based company that specialised in computer workstations and flexible technology solutions. By taking this calculated risk, Capsa has been able to dramatically expand the range of products it offers, putting it in a better position to provide healthcare partners across the globe with a wider selection of ergonomic point-of-care computer solutions.

Additionally, Capsa Healthcare (US) increased the number of NexsysADC automated dispensing cabinets in its lineup in 2022. The NexsysADC cabinets may now hold supplies and controlled or high-value pharmaceuticals of different sizes because two more sizes of Controlled Access Module Drawers have been added.

Innovation Associates, a US-based company, unveiled SmartPod in 2021, a state-of-the-art robot intended for central-fill pharmacy settings. Healthcare providers can now grow and modify their centralised fulfilment solutions in response to changing patient needs thanks to SmartPod.

In the same year, ReCept Holdings, Inc. (US), a company that provided speciality pharmacy management services to federally qualified health centres (FQHCs), provider groups, and health systems, was acquired by Omnicell, Inc. (US). The goal of Omnicell's expansion of its Advanced Services portfolio included this acquisition.

Swisslog Healthcare and Centre Hospitalier - Le Mans signed an innovation agreement in 2021. Through this collaboration, they hope to better utilise their combined knowledge in the pharmacy industry, particularly with regard to TheraPick, an automated packaging and dispensing technology.