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Jul 16, 2024

Pharmacy Automation Market Set to Streamline Medication Dispensing

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Pharmacy Automation Market Size, Share & Trends Analysis Report By Product, By End-User (Inpatient pharmacies, Outpatient pharmacies, Retail pharmacies, Others) - Market Outlook And Industry Analysis 2031"

 

The Global Pharmacy Automation Market is valued at US$ 6,700.50 Mn in 2023, and it is expected to reach US$ 12,900.0 Mn by 2031, with a CAGR of 8.77% during the forecast period of 2024-2031.

 

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Pharmacy automation involves using machines and software to streamline various tasks within a pharmacy, such as counting pills, dispensing medication, managing inventory, and tracking customer information. By automating these processes, pharmacies can significantly reduce medication errors and expedite prescription dispensing. This efficiency not only improves patient safety but also frees up staff time, allowing them to focus on providing essential patient care. Additionally, automated dispensing systems enable pharmacies to store medications more efficiently and accurately track inventory levels, helping to avoid stockouts and ensuring that medications are always available when needed. Automate the preparation of specialized medications, ensuring accuracy and consistency in compounding complex prescriptions. Utilize automated systems to extend pharmacy services to remote or underserved areas, allowing pharmacists to provide consultations and medication management remotely. Automate the coordination of prescription refills, ensuring patients receive all their medications at the same time, improving adherence and convenience.

 

Automation provides the scalability needed to handle the growth of pharmacy operations, whether expanding services or opening new locations. Automated systems can be easily adapted and upgraded to meet evolving industry demands and technological advancements.

 

List of Prominent Players in the Pharmacy Automation Market:

  • Becton,Dickinson and Company (US),
  • Omnicell, Inc. (US),
  • Kuka AG (Swisslog Healthcare) (Germany),
  • Baxter International Inc. (US),
  • Capsa Healthcare (US),
  • Baxter International Inc. (US),
  • Capsa Healthcare (US),
  • Cerner Corporation (US),
  • Yuvama Co., Ltd, (Japan),
  • ARxIUM Inc. (US),
  • Parata Systems, LLC (US),
  • RXsafe, LLC (US),
  • ScriptPro LLC (US),
  • Pearson Medical Technologies, LLC (US),
  • Medical Packaging Inc., LLC (US),
  • Tension Corporation (US),
  • Noritsu Pharmacy Automation (US),
  • Euclid Medical Products (US),
  • TouchPoint Medical Solutions (US),
  • Meditech Pharmacy Management Solutions (Beligum)

  

Market Dynamics:

 

Drivers-

An aging population and rising prevalence of chronic diseases lead to an increased volume of prescriptions, necessitating more efficient processing methods. Automation helps pharmacies manage high prescription volumes without compromising on service quality or patient safety. Automation allows pharmacists to focus on clinical services, such as patient counseling and medication therapy management, rather than routine dispensing tasks. Automated systems can be easily adapted and upgraded to meet evolving industry demands and technological advancements. These drivers collectively push the adoption and advancement of pharmacy automation, ultimately leading to more efficient, accurate, and patient-centered pharmacy services.

 

Challenges:

The initial cost of purchasing and installing automated systems can be significant, posing a financial barrier for many pharmacies.

 

Regional Trends:

North America dominates the market. a high adoption rate of pharmacy automation technologies due to advanced healthcare infrastructure and significant investment in healthcare technology. The presence of major technology companies and continuous innovation in healthcare IT contribute to the growth of the pharmacy automation market. The Asia-Pacific region is experiencing rapid growth in the pharmacy automation market, driven by increasing healthcare expenditure, urbanization, and rising demand for advanced healthcare services.

 

Recent Developments:

  • In March 2024, BD Becton, revealed fresh findings from a study assessing the effects of installing automated medicine cabinets and an off-site long-term care pharmacy in assisted living facilities.
  • In April 2024, Omnicell, Inc. unveiled XT Amplify, a multi-year innovation program designed to drive improved clinical and operational outcomes at the points of care and within pharmacies while also maximizing value for hospitals, health systems, and post-acute care facilities that have invested in Omnicell's XT Automated Dispensing System.
  • In April 2024, Capsa Healthcare, introduces the upgraded KL1Plus pharmacy prescription filling machine, which is now running on Capsa's cutting-edge Aura platform. Pharmacy prescription fulfillment is made even more efficient with the KL1Plus with Aura.

 

Segmentation of Pharmacy Automation Market-

 

By Product-

  • Automated Medication Dispensing and Storage Systems
    • Automated Medication Dispensing and Storage Systems, by Type
      • Robots/Robotic Automated Dispensing Systems
      • Carousels
      • Automated Dispensing Cabinets
    • Automated Medication Dispensing and Storage Systems, By Application/Operation
      • Centralized Pharmacies
      • Decentralized Pharmacies
    • Automated Packaging and Labelling Systems
    • Automated Tabletop Counters
    • Automated Medication Compounding Systems
    • Other Pharmacy Automation Systems

 

By End User-

  • Inpatient Pharmacies
    • Acute Care Systems
    • Long Term Care Facilities
  • Outpatient Pharmacies
    • Outpatient/Fast-Track Clinics
    • Hospital Retail Settings
  • Retail Pharmacies
  • Pharmacy Benefit Management Organizations and Mail-Order Pharmacies

 

By Region-

North America-

  • The US
  • Canada
  • Mexico

Europe-

  • Germany
  • The UK
  • France
  • Italy
  • Spain
  • Rest of Europe

Asia-Pacific-

  • China
  • Japan
  • India
  • South Korea
  • South East Asia
  • Rest of Asia Pacific

Latin America-

  • Brazil
  • Argentina
  • Rest of Latin America

 Middle East & Africa-

  • GCC Countries
  • South Africa
  • Rest of the Middle East and Africa