Global Pharmacy Automation Market

Report ID : 1483 | Published : 2022-12-01 | Pages: | Format: PDF/EXCEL

The market size of the Global Pharmacy Automation Market in the year 2021 is valued at 5.93 billion and is predicted to reach 11.76 billion by the year 2030 at an 8.13% CAGR during the forecast period.

The advantages of pharmacy automation technology include increased patient safety, decreased reliance on pharmaceutical shortages, reduced medicine waste and decreased cost per dosage. The market is anticipated that total efficiency will increase due to pharmacies utilizing RFID, barcode scanning, smart dashboards, and data security for a more fluid workflow. Businesses are under increased external pressure to increase transparency and use cutting-edge technology as a result of the challenging and unprecedented problem of managing corporate compliance in a digital environment. Recent technology developments in pharmacy automation have made various automated solutions possible. The benefits over the forecast period include quicker prescription processing, fewer pharmaceutical errors and inventory issues, and lower pharmacy costs. Additionally, enhancements to the most significant rising healthcare infrastructure will probably create new opportunities for market growth. On the other hand, significant capital costs and rigid informal standards are substantial roadblocks to market expansion in the coming years.

Additionally, in quest of new prospects over the future years, pharmacy automation companies are expanding their footprint throughout emerging regions. The pharmacy automation market will also be driven by the rising need for specialized drug prescription filling solutions, the aim to lower medication errors, and the decentralization of pharmacies. However, constraints such as a reluctance to accept pharmacy automation systems due to the high cost of the pharmacy automation system are expected to hinder pharmacy automation system adoption, limiting the market's growth during the forecast period. The requirement to reduce medication errors, manual drug dispensing, and the advancement of advanced parts innovation is driving the pharmacy automation system market. In addition, the rise in work costs and an increase in the geriatric population have fueled the expansion of the pharmacy automation market over the upcoming years.

Market Segmentation:

The pharmacy automation market is segmented on product and end users. Based on product type, the market is segmented as automated medication dispensing and storage systems, automated packaging and labeling systems, automated tabletop counters, automated medication compounding systems and other pharmacy automation systems. Based on application, the market is divided into automated packaging and labeling systems, tabletop counters, medication compounding systems, and other pharmacy automation systems. Based on end users, the market is divided into inpatient pharmacies, outpatient pharmacies, retail pharmacies, hospital settings, pharmacy benefit management organizations, and mail-order pharmacies.

Based on product, the automated medication dispensing and storage systems segment is a major contributor to the pharmacy automation market.

The automated medication dispensing and storage systems segment is anticipated to grow at the most significant rate during the forecast period. The recycled content packaging provides better use of eco-friendly resources and techniques, driving the segment's growth during the forecast period. Recycled content packaging uses plastic, metal, paper, and glass, which manufacturers reuse as raw materials to make new packaging products.

The retail pharmacies segment witnessed growth at a rapid rate.

Retail pharmacies hold the largest share of the market during the forecast period. Retail pharmacies include supermarkets, chains, mass merchandisers, and independent pharmacies. The expanding need to prevent dispensing errors, the expansion in retail pharmacies and the increased pressure on pharmacists contribute to the segment's growth. Furthermore, key technological companies like Microsoft, IBM, and Google are working on automation and cloud solutions for the pharmaceutical and healthcare industries to overcome security gaps and secure healthcare and pharmaceutical manufacturing networks from outside threats.

The North American pharmacy automation market holds a significant regional revenue share.

North America region is growing at the highest CAGR during the forecast period. The increased number of drug prescriptions at pharmacies because of the aging population is related to the rise of North America's pharmacy automation system market. Additionally, the markets for pharmacy automation equipment in North America are expected to rise because of technological advances in drug administration in hospitals and pharmacies. Increased concerns about insufficient inventory management may encourage the development of high-volume dispensing cabinets in the region, as this will increase the cost of maintaining items, putting merchants under financial hardship. The market for pharmacy automation equipment in North America is projected to be driven by technological developments in drug administration in hospitals and pharmacies. In addition, during the forecast period, Asia Pacific is expected to grow the fastest. The increased need to reduce pharmaceutical errors, pharmacy decentralization, player technical improvements, and the rapidly growing geriatric population are expected to drive market expansion.

Competitive Landscape

Some major key players in the Pharmacy Automation market are 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).

Chapter 1. Methodology and Scope

1.1. Research Methodology

1.2. Research Scope & Assumptions

Chapter 2. Executive Summary

Chapter 3. Global Pharmacy Automation Market Snapshot

Chapter 4. Global Pharmacy Automation Market Variables, Trends & Scope

4.1. Market Segmentation & Scope

4.2. Drivers

4.3. Challenges

4.4. Trends

4.5. Investment and Funding Analysis

4.6. Industry Analysis – Porter’s Five Forces Analysis

4.7. Competitive Landscape & Market Share Analysis

4.8. Impact of Covid-19 Analysis

Chapter 5. Market Segmentation 1: by Product Type Estimates & Trend Analysis

5.1. by Product Type & Market Share, 2019 & 2030

5.2. Market Size (Value (US$ Mn) & Forecasts and Trend Analyses, 2019 to 2030 for the following by Product Type:

5.2.1. Automated Medication Dispensing and Storage Systems

5.2.1.1. Automated Medication Dispensing and Storage Systems, by Type

5.2.1.1.1. Robots/Robotic Automated Dispensing Systems

5.2.1.1.2. Carousels

5.2.1.1.3. Automated Dispensing Cabinets

5.2.1.2. Automated Medication Dispensing and Storage Systems, By Application/Operation

5.2.1.2.1. Centralized Pharmacies

5.2.1.2.2. Decentralized Pharmacies

5.2.2. Automated Packaging and Labelling Systems

5.2.3. Automated Tabletop Counters

5.2.4. Automated Medication Compounding Systems

5.2.5. Other Pharmacy Automation Systems

Chapter 6. Market Segmentation 2: by End-users Estimates & Trend Analysis

6.1. by End-users & Market Share, 2019 & 2030

6.2. Market Size (Value (US$ Mn) & Forecasts and Trend Analyses, 2019 to 2030 for the following by End-users:

6.2.1. Inpatient Pharmacies

6.2.1.1. Acute Care Settings

6.2.1.2. Long Term Care Facilities

6.2.2. Outpatient Pharmacies

6.2.2.1. Outpatient/Fast Track Clinics

6.2.2.2. Hospital Retail Settings

6.2.3. Retail Pharmacies

6.2.4. Pharmacy Benefit Management Organization And Mail Order Pharmacies

Chapter 7. Pharmacy Automation Market Segmentation 3: Regional Estimates & Trend Analysis

7.1. North America

7.1.1. North America Pharmacy Automation Market Revenue (US$ Million) Estimates and Forecasts by Product Type, 2019-2030

7.1.2. North America Pharmacy Automation Market Revenue (US$ Million) Estimates and Forecasts by End-users, 2019-2030

7.1.3. North America Pharmacy Automation Market Revenue (US$ Million) Estimates and Forecasts by country, 2019-2030

7.2. Europe

7.2.1. Europe Pharmacy Automation Market Revenue (US$ Million) Estimates and Forecasts by Product Type, 2019-2030

7.2.2. Europe Pharmacy Automation Market Revenue (US$ Million) Estimates and Forecasts by End-users, 2019-2030

7.2.3. Europe Pharmacy Automation Market Revenue (US$ Million) Estimates and Forecasts by country, 2019-2030

7.3. Asia Pacific

7.3.1. Asia Pacific Pharmacy Automation Market Revenue (US$ Million) Estimates and Forecasts by Product Type, 2019-2030

7.3.2. Asia Pacific Pharmacy Automation Market Revenue (US$ Million) Estimates and Forecasts by End-users, 2019-2030

7.3.3. Asia Pacific Pharmacy Automation Market Revenue (US$ Million) Estimates and Forecasts by country, 2019-2030

7.4. Latin America

7.4.1. Latin America Pharmacy Automation Market Revenue (US$ Million) Estimates and Forecasts by Product Type, 2019-2030

7.4.2. Latin America Pharmacy Automation Market Revenue (US$ Million) Estimates and Forecasts by End-users, 2019-2030

7.4.3. Latin America Pharmacy Automation Market Revenue (US$ Million) Estimates and Forecasts by country, 2019-2030

7.5. Middle East & Africa

7.5.1. Middle East & Africa Pharmacy Automation Market Revenue (US$ Million) Estimates and Forecasts by Product Type, 2019-2030

7.5.2. Middle East & Africa Pharmacy Automation Market Revenue (US$ Million) Estimates and Forecasts by End-users, 2019-2030

7.5.3. Middle East & Africa Pharmacy Automation Market Revenue (US$ Million) Estimates and Forecasts by country, 2019-2030

Chapter 8. Competitive Landscape

8.1. Major Mergers and Acquisitions/Strategic Alliances

8.2. Company Profiles

8.2.1. Becton,Dickinson and Company (US)

8.2.2. Omnicell, Inc. (US)

8.2.3. Kuka AG (Swisslog Healthcare) (Germany)

8.2.4. Baxter International Inc. (US)

8.2.5. Capsa Healthcare (US)

8.2.6. Baxter International Inc. (US)

8.2.7. Capsa Healthcare (US)

8.2.8. Cerner Corporation (US)

8.2.9. Yuvama Co., Ltd, (Japan)

8.2.10.  ARxIUM Inc. (US)

8.2.11. Parata Systems

8.2.12. LLC (US

8.2.13. RXsafe

8.2.14. LLC (US)

8.2.15. ScriptPro LLC (US)

8.2.16. Pearson Medical Technologies

8.2.17. LLC (US), Medical Packaging Inc

8.2.18.  LLC (US)

8.2.19. Tension Corporation (US)

8.2.20. Noritsu Pharmacy Automation (US)

8.2.21. Euclid Medical Products (US)

8.2.22. TouchPoint Medical Solutions (US)

8.2.23. Meditech Pharmacy Management Solutions (Beligum)

8.2.24. Other Prominent Players

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 Middle East and Africa

InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.

Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.

Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.

Secondary research

The secondary research sources that are typically mentioned to include, but are not limited to:

  • Company websites, financial reports, annual reports, investor presentations, broker reports, and SEC filings.
  • External and internal proprietary databases, regulatory databases, and relevant patent analysis
  • Statistical databases, National government documents, and market reports
  • Press releases, news articles, and webcasts specific to the companies operating in the market

The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista

Primary Research:

Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies

The contributors who typically take part in such a course include, but are not limited to: 

  • Industry participants: CEOs, CBO, CMO, VPs, marketing/ type managers, corporate strategy managers, and national sales managers, technical personnel, purchasing managers, resellers, and distributors.
  • Outside experts: Valuation experts, Investment bankers, research analysts specializing in specific markets
  • Key opinion leaders (KOLs) specializing in unique areas corresponding to various industry verticals
  • End-users: Vary mainly depending upon the market

Data Modeling and Analysis:

In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.

The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.

To know more about the research methodology used for this study, kindly contact us/click here.

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