The global pharmacy automation market is on the cusp of remarkable expansion, poised to surge from USD 6.1 billion in 2023 to an impressive USD 13.3 billion by 2033. This robust growth trajectory reflects a compound annual growth rate (CAGR) of 8.1% over the forecast period.
Driving this significant market evolution is the increasing adoption of robotic systems in pharmacy operations. These advanced technologies automate a myriad of physical tasks traditionally handled by pharmacy staff. Key applications include the dispensing of medications, packaging of prescriptions, and the transportation of medications throughout pharmacy settings. By streamlining these processes, robotic systems free up pharmacists to engage in more clinically focused activities, such as patient counseling and medication management.
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Artificial intelligence (AI) and machine learning (ML) are increasingly used in pharmacy automation systems for a wide range of tasks in the pharmacy, including prescription filling, inventory management, and patient counseling. For example, AI-powered prescription filling systems can automatically fill prescriptions accurately and quickly, reducing the risk of human error.
Cloud-based systems are more affordable and easier to implement than traditional on-premises systems. They also offer greater flexibility and scalability, making them a good option for pharmacies of all sizes, stimulating the adoption of cloud-based pharmacy automation systems.
“Interoperability allows pharmacy automation systems to communicate with other systems, such as electronic health records (EHRs) and laboratory information systems (LISs). This can improve the efficiency of pharmacy operations and reduce the risk of errors, increasing focus on interoperability between pharmacy automation systems and other healthcare IT systems,” says an analyst at FMI.
Key Takeaways from the Pharmacy Automation Market Report:
- The global pharmacy automation market is estimated to register a CAGR of 8.1%, reaching a valuation of USD 13.3 billion by 2033.
- The market grew at a CAGR of 10.2% during the historical period from 2018 to 2022.
- The United States is anticipated to dominate the global market by registering an 8.3% CAGR during the forecast period.
- The market in China is anticipated to progress at a CAGR of 8.7% through 2033.
- The market in Japan is expected to secure a CAGR of 9.3% during the forecast period.
Key Players and Strategies for Success in the Pharmacy Automation Market
In recent years, there has been a surge in investments and collaborations within the industry with venture capital firms and businesses. These strategic partnerships and financial investments aim to accelerate research and development, scale production, and expand market reach.
Recent Developments in the Pharmacy Automation Market
- In 2023, Omnicell launched its new specialty pharmacy services offering to help health systems establish and optimize specialty pharmacy programs. This service includes a suite of pharmacy automation solutions, such as robotic dispensing systems and cloud-based inventory management software.
- In 2021, BD launched its new AutoLink IV compounding system. This system automates the compounding of intravenous (IV) medications, reducing the risk of errors and improving the efficiency of pharmacy operations.
- In 2022, Parata Systems launched its new RxFill 360 dispensing system. This system uses AI and robotics to automate prescription filling, from order entry to labeling.
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Key Companies Profiled in the Pharmacy Automation Market:
- Becton
- Cerner Corporation
- Parata Systems LLC
- Yuyama Co. Ltd
- PerceptiMed Inc
- McKesson Corporation
- Capsa Solutions LLC
- Omnicell Inc
- Dickinson and Company
- Arxium Inc
- Scriptpro LLC
- Swisslog Holdings AG
- Rxsafe LLC
Key Segments in the Pharmacy Automation Market:
By Product:
- Medication Dispensing Systems
- Automated Medication Compounding Systems
- Packaging and Labeling Systems
- Storage and Retrieval Systems
- Tabletop Tablet Counters
By End-use Sector:
- 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
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excluding Japan (APEJ)
- Japan
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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