The global pharmacy automation market size was estimated at US$ 6.16 billion in 2021 and is expected to hit around US$ 12.35 billion by 2030 with a registered CAGR of 8.04% from 2022 to 2030.
The growth of global pharmacy automation market is being driven by the growing need for device that helps in reducing medication errors. Furthermore, the growing geriatric population as well as growing adoption of automated devices and innovative technologies is also contributing towards the growth of global pharmacy automation market. The rising healthcare expenditure is also driving the growth and development of worldwide pharmacy automation market over the forecast period.
Another factor driving the growth of global pharmacy automation market is the expansion of pharmaceutical sector all around the globe. As per the Indian Brand Equity Foundation, Indian companies exported pharmaceuticals worth $17.27 billion from 2017 to 2018, and this figure is predicted to rise by 30% by 2020 to $20 billion. The thriving pharmaceutical business is expected to boost the growth of worldwide pharmacy automation market.
The geriatric population has risen globally. As a result, the number of life threatening and chronic disorders is on the rise, as is the number of prescriptions prescribed. As per the study of Economic analysis of the prevalence and clinical and economic impact of medication error in England, released in June 2021, the National Health Service in England makes an estimated 237 million prescription errors per year, resulting in hundreds of fatalities. As a result, pharmacies and hospitals are implementing new pharmacy automation technology to cut costs while increasing patient safety.
The increased mergers and acquisitions as well as an increase in the number of partnerships between companies to extend their product capabilities, are predicted to drive the growth of global pharmacy automation market. The key market players, particularly in emerging nations, are focusing on ongoing product development while supplying products at competitive rates.
Report Scope of the Pharmacy Automation Market
|Market Size by 2030||USD 12.35 Billion|
|Growth Rate from 2022 to 2030||
CAGR of 8.04%
|Largest Market||North America|
|Fastest Growing Market||Asia Pacific|
|Forecast Period||2022 to 2030|
|Segments Covered||Product, End Use, Geography|
|Companies Mentioned||Amerisource Bergen Corporation, Accu Chart Plus Healthcare Systems, Inc., McKesson Corporation, Pearson Medical Technologies, LLC, CareFusion (Becton Dickinson And Company), Medacist Solutions Group, LLC, TouchPoint Medical, Deenova S.R.L, Parata Systems, LLC, Swisslog Healthcare|
The medication dispensing systems segment dominated the pharmacy automation market in 2021. The growth of the segment is attributed to the growing number of deaths due to medication errors. In addition, strict government regulations are also boosting the medication dispensing systems segment. Moreover, adoption of advanced technologies is paving way for the expansion of segment.
The automated medication compounding systems segment is projected to hit strong growth over the forecast period. As per the survey on pharmacy automation equipment done by Pharmacy Purchasing and Products in 2019, 84% of hospital pharmacies have or plan to employ automated dispensing cabinets. One of the primary factors driving the growth of the segment is the growing use of sterile compounding.
End Use Insights
The retail pharmacy segment dominated the pharmacy automation market in 2021. The supermarket pharmacies, chain pharmacies, mass merchandiser pharmacies, and independent pharmacies are all examples of retail pharmacies. The growth of the segment is attributed to the rising need to reduce dispensing errors, the surge in the number of retail pharmacies, and increased burden on pharmacists.
The hospital pharmacy segment is expected to witness significant growth over the forecast period. This is due to the growing use of automated dispensing cabinets, automated medication storage, and barcoded unit dose packaging systems to improve production and efficiency. In December 2020, for example, Owensboro Health implemented Omnicell Central Pharmacy Dispensing Service to decrease pharmaceutical dispensing problems and enhance inventory management.
North America dominated the pharmacy automation market in 2021. The U.S. dominated the pharmacy automation market in North America region. More than 100,000 suspected drug errors are reported each year in the U.S., as per the U.S. Food and Drug Administration. Furthermore, according to a study conducted by Johns Hopkins University, drug errors cause over 250,000 deaths in the U.S. each year. As a result, it’s one of the nation’s major causes of death, which is driving the growth of pharmacy automation market in North America region. In addition, technological developments are also driving the expansion of North America pharmacy automation market. For example, Omnicell’s XT series automated dispensing system has been installed in five of Duke University Hospital’s hospitals in the U.S. These updated cabinets have a 30% higher capacity and can hold 30% more pharmaceuticals in the same footprint as the previous design. North America region was valued at USD 1678.7 billion in 2020.
Asia-Pacific, on the other hand, is expected to develop at the fastest rate during the forecast period. China dominates the pharmacy automation market in Asia-Pacific region. The pharmacy automation market in Asia-Pacific is being driven by growing geriatric population and rising healthcare funding and investments. In addition, the rising requirement for minimizing medication errors is driving the growth of Asia-Pacific pharmacy automation market. Medication errors, account for 2.0% to 3.0% of healthcare centers or hospitals admissions in Australia, as per the Australian Commission on Safety and Quality in Healthcare.
Some of the prominent players in the global pharmacy automation market include:
Segments Covered in the Report
By End Use
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