Pharmacy Automation Market Size To Gain USD 12.35 Bn By 2030

Published Date : 13 Dec 2022

The global pharmacy automation market size was exhibited at USD 6.65 billion in 2022 and it is expected to gain around USD 12.35 billion by 2030 with a noteworthy CAGR of 8.04% during the forecast period 2022 to 2030.

Pharmacy Automation Market 2022 To 2030

The rising demand for devices that aid in the reduction of drug errors is propelling the global pharmacy automation market forward. Furthermore, the growing elderly population, as well as the increasing usage of automated equipment and novel technologies, are driving the worldwide pharmacy automation market forward. Over the projected period, the global pharmacy automation market will also be driven by increased healthcare expenditure. The worldwide pharmacy automation market is expected to rise as a result of improved unions and procurements, as well as an increase in the number of partnerships between companies to expand product capabilities. The major market participants, particularly those in emerging markets, are concentrating on continuous product development while maintaining competitive pricing.

Pharmacy Automation Market Report Scope

Report Coverage Details
Market Size In 2022 USD 6.65 Billion 
Market Size By 2030 USD 12.35 Billion
Growth Rate from 2022 to 2030 CAGR of 8.04%
Base Year 2022
Forecast Period 2022 to 2030
Segments Covered By Product, By End Use
Regions Covered North America, Europe, Asia-Pacific, Latin America, Middle East and Africa

Report Highlights

  • On the basis of product, the medication dispensing systems segment holds the largest market share in the global pharmacy automation market. The rising incidence of deaths from drug and distribution errors, combined with strict government laws, is putting pressure on healthcare institutions and pharmacists to implement various pharmaceutical dispensing systems in order to improve patient care. 
  • On the basis of end-use, retail pharmacy the development of these results in retail pharmacies is being boosted by the rising uses of these solutions in cost-cutting, prescription filling, streamlining processes, and stock control. 

Regional Snapshot

North America is the largest segment of the pharmacy automation market in terms of region. The U.S. is dominating the pharmacy automation market in the North American region. According to the U.S. Food and Drug Administration, more than 100,000 alleged drug mistakes are reported each year in the U.S. Furthermore, according to a Johns Hopkins University research, drug errors result in nearly 250,000 deaths in the U.S. each year. As a result, it is one of the leading causes of death in the U.S., propelling the pharmacy automation market in the North American area. Furthermore, technological advancements are propelling the North American pharmacy automation industry forward.

The Asia-Pacific region is the fastest-growing region in the pharmacy automation market. China holds the highest market share in the Asia-Pacific pharmacy automation market. The growing elderly population and increased healthcare budgets and investments are driving the pharmacy automation market in Asia-Pacific. Furthermore, the growing need to reduce drug errors is propelling the Asia-Pacific pharmacy automation market forward.

Market Dynamics

Drivers: Growing awareness among pharmacists

While the quantity and sophistication of pharmaceuticals has expanded, the mechanisms for managing them have remained essentially constant for generations, potentially increasing the risk of errors. Furthermore

Restraints: Stringent government regulations

The severity of regulatory approvals varies by device classification and area. As a result, makers of automated systems for pharmacies must comply with a variety of standards, guaranteeing compliance is a time-consuming operation that can delay product launch. As a result, the stringent government regulations are hindering the growth of the global pharmacy automation market over the forecast period. 

Opportunities: Growing need to minimize medication errors

Medication and dispensing errors are two of the most common reasons for hospital readmissions around the world. As per the Australian Commission on Safety and Quality in Healthcare, ADS was implemented in a hospital in the UK in 2013 and lowered dispensing mistake rates from 0.64% to 0.28%. As a result, the growing need to minimize medication errors is creating lucrative opportunities for the growth of the global pharmacy automation market. 

Challenges: Hesitation for acceptance of pharmacy automation systems

Due to the advantages, some healthcare professionals and providers are hesitant to accept or adopt any information technology-based pharmacy management solution. This is especially true when cultural barriers are present, as well as in emerging nations. Thus, hesitation for accept pharmacy automation systems is the major challenge for the market growth during the projected period. 

Recent Developments

  • Swisslog Holdings AG purchased Tecnilab, a strategic automation partner, in August 2016 to boost its pharmacy automation technology portfolio and increase its market footprint in the Middle East, Europe, and Asia-Pacific regions. 
  • Omnicell teamed up with DCH Health Systems in 2017 to roll out a comprehensive suite of IV compounding technology across the health system. 
  • The Marien Hospital Unit Dose Pharmacy Automation Contract will be declared in September 2021 by Deenova. 
  • BD’s new institute for pharmaceutical management excellence debuted in 2017. This institute aims to identify and assist advances in medication management that will help to enhance healthcare safety and affordability. 
  • Omnicell VBM 200F was released in 2017. It fills and examines numerous SureMed blister cards with medications. 

Key Players in the Report:

  • 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

Market Segmentation

By Product

  • Medication Dispensing Systems
  • Automated Medication Compounding Systems
  • Packaging and Labeling Systems
  • Storage and Retrieval Systems
  • Tabletop Tablet Counters

By End Use

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

Buy this Research Report@ 

You can place an order or ask any questions, please feel free to contact at | +1 9197 992 333