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Global 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
Market Report I 2024-04-19 I 226 Pages I Market Xcel - Markets and Data
Global pharmacy automation market size was valued at USD 6.51 billion in 2023, which is expected to reach USD 11.31 billion in 2031, with a CAGR of 7.15% for the forecast period between 2024 and 2031F. Since the coronavirus pandemic, the pharmaceutical industry began to see more reasons to reduce handling errors and boost service delivery. After years of development and research, pharmacy automation was the answer. Following the COVID-19 pandemic, the pharmaceutical sector started prioritizing solutions to improve service delivery and reduce handling errors.
The pharmacy automation market has showcased significant growth and development in recent years attributed to the need to minimize medication errors. Manual handling of medications and their dispensing increases the chance of error, leading to barriers in patient compliance. The increasing prescription volume, growing disease prevalence, increasing automation, EHR compliance in healthcare system, need for increasing workflow and cost efficiency have fueled the demand for pharmacy automation.
Integration of pharmacy automation systems with electronic health records (EHR) and other healthcare IT systems will enable better interoperability in healthcare systems. Several market players are producing innovative solutions to automate the pharmacy workflow, further boosting the market. Moreover, recent developments in the pharmacy automation market have focused on enhancing reliability, precision, and ease of work.
For instance, in June 2022, Becton Dickinson (BD) bought Parata Systems from Frazier Healthcare Partners for USD 1.525 billion. The deal allows the medical technology giant to enter the pharmacy automation market, a space seeing strong growth as both established pharmacies and new digital-first entrants look to modernize workflow to improve efficiencies and cut costs.
Increasing Demand for Minimal Medication Error
Medication and dispensing errors are the result of poor communication between pharmacists and prescribers, and sometimes personal errors of pharmacists. Medication or dispensing errors include anomalies in drug substance, dose, dosage form, incorrect labelling, inappropriate packaging. Minimizing such errors can be challenging due to late realization of error. With automated pharmacy, dispensing errors can be minimized to zero, preventing any harm to patients. Based on a factsheet by the WHO in September 2023, one out of every thirty patients in healthcare are affected by medication-related harm, with more than 25% of this harm is considered as severe or dangerous to life. 50% of avoidable harm in healthcare is related to medications.
Increasing Prescription Volume and Prevalence of Chronic Diseases
The pharmacy retail industry is demanding automation to improve the workflow and increase efficiency, owing to the increasing prevalence of chronic diseases. The increasing prevalence of chronic diseases is leading to an increasing volume of prescriptions on pharmacy counters. With a limited workforce, handling it can be a major challenge. Pharmacy automation helps in handling the huge volume of prescriptions with ease, ensuring patients receive their medicines with minimal error. As per an article published in Frontiers, by 2035, 35.66% of the adult population 50 years and older will have at least one chronic condition, which is expected to increase to 47.81% by 2050. Hence, the increasing prevalence of chronic diseases and prescription volume are the factors driving the pharmacy automation market.
Growing Investments in Pharma-Automation-Based Startups
The global pharmacy automation market has witnessed an increasing investment trend over the past few years. Many market players are developing automation tools to expedite innovation and productivity in pharmacy automation. Stakeholders are developing highly efficient pharmacy automation solutions to target the current shortcomings such as high volume of prescriptions and staff shortage. Private and public sectors are anticipating promising growth and revenue on their investments.
In October 2023, USD 9 million were invested in Plenful, a San Francisco-based firm that provides pharmacy technicians with workflow tools that automate manual and administrative tasks. The business stated that it has inked contracts with over 20 customers and concluded a USD 9 million investment round led by Bessemer Venture Partners.
Impact of COVID-19
The pandemic had a positive impact on the pharmacy automation market globally. The pandemic created a strong demand for the adoption of automation in pharmacy to reduce the workload on pharmacists. The COVID-19 pandemic led to a rapid increase in prescription volume that surged the demand for automation in pharmacies to ensure timely dispensing with limited staff. Pharmacy automation offered benefits such as speed, accuracy, and reliability during the pandemic. The demand for prescriptions was high during the pandemic as the workforce and supplies were running short. The success of pharmacy automation during the pandemic made industry realize its significance which led to further growth of pharmacy automation technology.
Key Players Landscape and Outlook
The global pharmacy automation market is highly competitive, with a few major players dominating the market. These players are Becton Dickison & Company, Capsa Solution LLC, and Omnicell Inc. These companies have a strong global presence, vast distribution network, and prioritize innovation. They are constantly investing in research and development to develop new technologies and products that meet the needs of their customers.
Synergy Medical introduced SynMed Ultra, a novel pharmacy automation system, in April 2023. This system can dispense oral drugs in blister packs at a high throughput. Filling more than 100 multi-dose blister packets in an hour, this automation system assists pharmacists in preparing medications for patients with precision.
1. Research Methodology
2. Project Scope & Definitions
3. Impact of COVID-19 on Global Pharmacy Automation Market
4. Executive Summary
5. Global Pharmacy Automation Market Outlook, 2017-2031F
5.1. Market Size & Forecast
5.1.1. By Value
5.1.2. By Volume
5.2. By Product
5.2.1. Systems
5.2.1.1. Automated Medication Dispensing Systems
5.2.1.1.1. Robots/Robotic Dispensing Systems
5.2.1.1.2. Automated Dispensing Cabinets
5.2.1.2. Automated Packaging and Labelling Systems
5.2.1.3. Automated Table-top Counters
5.2.1.4. Automated Storage and Retrieval Systems
5.2.1.5. Automated Medication Compounding System
5.2.2. Software
5.2.3. Services
5.3. By Pharmacy Size
5.3.1. Large Size Pharmacy
5.3.2. Medium Size Pharmacy
5.3.3. Small Size Pharmacy
5.4. By Application
5.4.1. Dispensing
5.4.2. Compounding
5.4.3. Packaging and Labelling
5.4.4. Storage
5.4.5. Inventory Management
5.5. By End-user
5.5.1. Hospital Pharmacy
5.5.1.1. Inpatient Pharmacy
5.5.1.2. Outpatient Pharmacy
5.5.2. Retail Pharmacy
5.5.3. Online Pharmacy
5.6. By Region
5.6.1. North America
5.6.2. Europe
5.6.3. South America
5.6.4. Asia-Pacific
5.6.5. Middle East and Africa
5.7 By Company Market Share (%), 2022
6. Global Pharmacy Automation Market Outlook, 2017-2031F
6.1. North America*
6.1.1. By Product
6.1.1.1. Systems
6.1.1.1.1. Automated Medication Dispensing Systems
6.1.1.1.1.1. Robots/Robotic Dispensing Systems
6.1.1.1.1.2. Automated Dispensing Cabinets
6.1.1.1.2. Automated Packaging and Labelling Systems
6.1.1.1.3. Automated Table-top Counters
6.1.1.1.4. Automated Storage and Retrieval Systems
6.1.1.1.5. Automated Medication Compounding System
6.1.1.2. Software
6.1.1.3. Services
6.1.2. By Pharmacy Size
6.1.2.1. Large Size Pharmacy
6.1.2.2. Medium Size Pharmacy
6.1.2.3. Small Size Pharmacy
6.1.3. By Application
6.1.3.1. Dispensing
6.1.3.2. Compounding
6.1.3.3. Packaging and Labelling
6.1.3.4. Storage
6.1.3.5. Inventory Management
6.1.4. By End-user
6.1.4.1. Hospital Pharmacy
6.1.4.1.1. Inpatient Pharmacy
6.1.4.1.2. Outpatient Pharmacy
6.1.4.2. Retail Pharmacy
6.1.4.3. Online Pharmacy
6.1.5. United States*
6.1.5.1. By Product
6.1.5.1.1. Systems
6.1.5.1.1.1. Automated Medication Dispensing Systems
6.1.5.1.1.1.1. Robots/Robotic Dispensing Systems
6.1.5.1.1.1.2. Automated Dispensing Cabinets
6.1.5.1.1.2. Automated Packaging and Labelling Systems
6.1.5.1.1.3. Automated Table-top Counters
6.1.5.1.1.4. Automated Storage and Retrieval Systems
6.1.5.1.1.5. Automated Medication Compounding System
6.1.5.1.2. Software
6.1.5.1.3. Services
6.1.5.2. By Pharmacy Size
6.1.5.2.1. Large Size Pharmacy
6.1.5.2.2. Medium Size Pharmacy
6.1.5.2.3. Small Size Pharmacy
6.1.5.3. By Application
6.1.5.3.1. Dispensing
6.1.5.3.2. Compounding
6.1.5.3.3. Packaging and Labelling
6.1.5.3.4. Storage
6.1.5.3.5. Inventory Management
6.1.5.4. By End-user
6.1.5.4.1. Hospital Pharmacy
6.1.5.4.1.1. Inpatient Pharmacy
6.1.5.4.1.2. Outpatient Pharmacy
6.1.5.4.2. Retail Pharmacy
6.1.5.4.3. Online Pharmacy
6.1.6. Canada
6.1.7. Mexico
*All segments will be provided for all regions and countries covered
6.2. Europe
6.2.1. Germany
6.2.2. France
6.2.3. Italy
6.2.4. United Kingdom
6.2.5. Russia
6.2.6. Netherlands
6.2.7. Spain
6.2.8. Turkey
6.2.9. Poland
6.3. South America
6.3.1. Brazil
6.3.2. Argentina
6.4. Asia-Pacific
6.4.1. India
6.4.2. China
6.4.3. Japan
6.4.4. Australia
6.4.5. Vietnam
6.4.6. South Korea
6.4.7. Indonesia
6.4.8. Philippines
6.5. Middle East & Africa
6.5.1. Saudi Arabia
6.5.2. UAE
6.5.3. South Africa
7. Market Mapping, 2023
7.1. By Product
7.2. By Pharmacy Size
7.3. By Application
7.4. By End-user
7.5. By Region
8. Macro Environment and Industry Structure
8.1. Supply Demand Analysis
8.2. Import Export Analysis - Volume and Value
8.3. Supply/Value Chain Analysis
8.4. PESTEL Analysis
8.4.1. Political Factors
8.4.2. Economic System
8.4.3. Social Implications
8.4.4. Technological Advancements
8.4.5. Environmental Impacts
8.4.6. Legal Compliances and Regulatory Policies (Statutory Bodies Included)
8.5. Porter's Five Forces Analysis
8.5.1. Supplier Power
8.5.2. Buyer Power
8.5.3. Substitution Threat
8.5.4. Threat from New Entrant
8.5.5. Competitive Rivalry
9. Market Dynamics
9.1. Growth Drivers
9.2. Growth Inhibitors (Challenges, Restraints)
10. Regulatory Framework & Innovation
10.1. Patent Landscape
10.2. Regulatory Approvals
10.3. Innovation/Emerging Technologies
11. Key Players Landscape
11.1. Competition Matrix of Top Five Market Leaders
11.2. Market Revenue Analysis of Top Five Market Leaders (in %, 2023)
11.3. Mergers and Acquisitions/Joint Ventures (If Applicable)
11.4. SWOT Analysis (For Five Market Players)
11.5. Patent Analysis (If Applicable)
12. Pricing Analysis
13. Case Studies
14. Key Players Outlook
14.1. Arxium Inc.
14.1.1. Company Details
14.1.2. Key Management Personnel
14.1.3. Products & Services
14.1.4. Financials (As reported)
14.1.5. Key Market Focus & Geographical Presence
14.1.6. Recent Developments
14.2. Becton Dickinson & Company
14.3. Capsa Solutions LLC
14.4. Cerner Corporation
14.5. Omnicell Inc.
14.6. Rxsafe LLC
14.7. Scriptpro LLC
14.8. Yuyama Co. Ltd.
14.9. McKesson Corporation
14.10. Swisslog Holdings AG
*Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work
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