United States Pharmacy Automation Market Assessment, By Product [Systems, Software, Services], By Pharmacy Size [Large Size Pharmacy, Medium Size Pharmacy, Small Size Pharmacy], By Application [Dispensing, Compounding, Packaging and Labelling, Storage, In

United States Pharmacy Automation Market Assessment, By Product [Systems, Software, Services], By Pharmacy Size [Large Size Pharmacy, Medium Size Pharmacy, Small Size Pharmacy], By Application [Dispensing, Compounding, Packaging and Labelling, Storage, Inventory Management], By End-user [Hospital Pharmacy, Retail Pharmacy, Online Pharmacy], By Region, Opportunities and Forecast, 2017-2031F

United States pharmacy automation market size was valued at USD 2.56 billion in 2023, expected to reach USD 4.73 billion in 2031, with a CAGR of 7.98% for the forecast period between 2024 and 2031F.

Following the coronavirus epidemic, the pharmaceutical sector began recognizing the importance of pharmacy automation to improve service delivery and reduce handling errors. Pharmacy automation was the result of years of work and research. In the wake of COVID-19 pandemic, the pharmaceutical industry began providing solutions to improve service delivery and reduce handling errors. The United States pharmacy automation market has shown notable progression in recent years due to increasing prescriptions.

Due to the increasing patient population and prescriptions, pharmacists face burnout, leading to higher chances of error in dispensing. Switching from manual to automated pharmacy systems improves efficiency and reduces errors, further laying the pavement for the growth of the United States pharmacy automation market. The growing geriatric population is yet another factor driving the market. The geriatric population is more prone to diseases and accounts for the highest share of medicines in the United States, which has fueled the demand for the United States pharmacy automation. Moreover, recent developments in the United States pharmacy automation market have focused on improving reliability, precision, and ease of work.

In March 2022, Capsa Healthcare, a leading innovator in healthcare delivery solutions for extended care, hospital, and retail pharmacy providers, announced an expansion to its suite of NexsysADC automated dispensing cabinets. NexsysADC can accommodate any large size of controlled or high-value medications or supplies in two new sizes of Controlled Access Module Drawers (CAMD).

Increasing Volume of Prescriptions

The number of prescriptions is increasing each year due to several factors, such as the growing prevalence of chronic diseases such as diabetes, cancer, hypertension and the growing geriatric population. Automation in medicine compounding and dispensing can help cope with such a high number of incoming prescriptions efficiently.

Additionally, a high number of prescriptions leads to more chance of medication error which can be eradicated through pharmacy automation, further driving the market. As per the latest survey by CivicScience, in January 2023, the number of United States adults who report taking at least one prescription medication per day is now 70%, a 14 percentage-point increase from 2019. It clearly shows that the number of prescriptions has grown significantly, and this calls for automation in the pharmacy system.

Growing Geriatric Population

Polypharmacy is common among the geriatric population in the United States, as this age group is more prone to infections and diseases, leading to higher consumption of medication. This creates a high demand for medication dispensing, and automating the pharmacies can be a promising solution to this increasing demand for pharmaceuticals. As per the National Center for Health Statistics, nearly 7 in 10 adults aged 40–79 years are using at least 1 prescription drug in the United States (69.0%). This clearly describes the increasing demand for pharmaceuticals and calls for pharmacy automation, further boosting the market. According to the United States Census Bureau, the United States population aged 65 and over grew nearly five times faster than the total population over the last 100 years from 1920 to 2020 according to the 2020 Census. The older population accounts for 16.8% of the population (55.8 million) in the United States.

Automated Medication Dispensing System Will Dominate the Market in Future

The numerous advantages of automated dispensing systems are one of the major reasons for their growing popularity. Automated dispensing technologies make it possible to access medicines more efficiently. Obtaining a patient's prescription with automated dispensing technology saves much time compared to manual equipment. Therefore, nurses and other medical personnel can devote more time to patient care.

Automated dispensing systems provide more efficient inventory tracking and billing due to their barcode technology. By scanning the barcodes of the medication and the patient, accurate and convenient billing may be made to the patient. An employee cannot count every medicine to keep accurate inventory tracking. Instead, the inventory is updated automatically by scanning the barcodes.

Online Pharmacies will Grow at Fastest Rate in Forecasted Period

Online pharmacies are expected to be in high demand in the future in the United States pharmacy automation market. Online pharmacies are expected to experience significant growth in the United States, as they offer convenient and efficient ways for consumers to access healthcare products and services.

Key factors contributing to the rise of online pharmacies include convenience, affordability, technological advancements, and increasing use of smartphones and the internet. Online pharmacies allow customers to order medications and other healthcare products from the comfort of their homes, eliminating the need for in-person visits. Online pharmacies offer competitive prices and discounts, making products more accessible to a wider range of consumers.

Impact of COVID-19

The COVID-19 impact positively impacted the United States pharmacy automation market. The pandemic increased pressure on pharmacies to employ automation to reduce the workload on pharmacists. Due to the pandemic, prescription volumes increased, which increased the need for pharmacy automation to ensure timely dispensing with a limited staff. Rapid growth in the adoption of robotics and automation in various departments by hospitals and healthcare organizations also helped the adoption of automation in pharmacies. The shift towards automation allowed the pharmacy team to focus on patients, which is far more impactful than just filling prescriptions.

Key Players Landscape and Outlook

The United States pharmacy automation market is highly competitive, with major players like Becton Dickison & Company, Capsa Solution LLC, and Omnicell Inc. dominating the market. These market players have strong control over the regional market along with a vast distribution network and innovative approach. They are dedicated to research and innovation and investing in the market accordingly. The United States pharmacy automation market is expected to grow, driven by the increasing prescription volume, growing geriatric population, increasing patient volume for chronic diseases, and rising funding and investments.

In October 2022, according to the Wall Street Journal, Walgreens deployed prescription filling robots to free up pharmacists, and this reduced the workload on pharmacists by 25% and eased the workflow in understaffed stores. Such initiatives ensure the growing demand for pharmacy automation, further boosting the market.