Meticulous Research®—a leading market research company, published a research report titled, ‘Pharmacy Automation Market by Product (Automated Medication Dispensing, Packaging & Labeling, Storage & Retrieval, Medication Compounding Systems, Table-top Counters, and Pharmacy Robots), End User (Retail, Hospital Pharmacies) - Global Forecast to 2030’
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According to this latest publication from Meticulous Research®, the pharmacy automation market is expected to register a CAGR of 7.6% from 2023 to reach $7.87 billion by 2030. The growth of the pharmacy automation market is attributed to factors such as the rise of AI in pharmacy, growing focus on automation to reduce labor costs, increasing adoption of robotics technology in automation, and minimizing medication errors using technological innovations. Furthermore, the advancements of compact automated pharmacy systems and increasing healthcare expenses in emerging economies are expected to offer significant growth opportunities for companies in the pharmacy automation market.
However, stringent regulatory procedures and unwillingness to adopt pharmacy automation systems due to high costs restrain the market’s growth.
Key Players
The key players operating in the pharmacy automation market are Omnicell, Inc. (U.S.), ARxIUM, Inc. (U.S.), MCKESSON CORPORATION (U.S.), Swisslog Healthcare (Switzerland), RxSafe, LLC. (U.S.), Becton, Dickinson and Company (U.S.), Capsa Healthcare (U.S.), TOSHO Inc. (Japan), Medical Packaging Inc., LLC (U.S.), TouchPoint, Inc. (U.S.), Noritsu Pharmacy Automation (U.S.), Körber AG (Germany), and ScriptPro LLC (U.S.).
Pharmacy Automation Market: Future Outlook
The pharmacy automation market is segmented by component [{automated medication dispensing systems, automated packaging & labeling systems, automated storage & retrieval systems, automated medication compound systems, automated table-top tablet and capsule counters}, End user {retail pharmacies, hospital pharmacies, and other end users}], and geography. The study also evaluates industry competitors and analyzes the market at the regional and country levels.
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Among all the products studied in the report, in 2023, the automated medication dispensing systems segment is expected to account for the largest share of the pharmacy automation market. The large market share of this segment is attributed to the decreased medication errors, increased safety & productivity through reduced dispensing time, and improved patient care. These systems enable physicians to treat patients with critical conditions by providing convenient and efficient access to medications for emergencies during and after pharmacy time.
Among all the end users studied in the report, the pharmacy automation market is segmented into retail pharmacies, hospital pharmacies, and other end users. In 2023, the retail pharmacies segment is expected to account for the largest share of the pharmacy automation market. Retail pharmacies can improve their operations, reduce costs, and deliver personalized medications. By implementing automation technology in retail pharmacies, it gets easy to personalize medication packaging based on the individual patients' needs, like customized dosage. It also helps to improve patient satisfaction and enhances medication adherence. Also, automation helps retail pharmacies grow their services by serving additional healthcare products, further contributing to the large share of the segment’s growth.
Geographic Review
This research report analyzes major geographies and provides a comprehensive analysis of North America (U.S., Canada), Europe (Germany, France, U.K., Italy, Spain, and the Rest of Europe), Asia-Pacific (China, Japan, India, and RoAPAC), Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the pharmacy automation market. The largest share of this segment is attributed to the growing adoption of technological automation, the rising number of centralized pharmacies, the growing preference for personalized medication packaging, and rising government support.
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Key questions answered in the report:
• Which are the high-growth market segments in terms of product, end user, and geography?
• What was the historical market for pharmacy automation across the globe?
• What are the market forecasts and estimates for the period 2023–2030?
• What are the major drivers, restraints, opportunities, and challenges in the pharmacy automation market?
• Who are the major players in the pharmacy automation market?
• What is the competitive landscape, and who are the market leaders in the pharmacy automation market?
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