The global pharmacy automation market is on the cusp of a remarkable transformation, with projections indicating a rise from USD 6.1 billion in 2023 to a substantial USD 13.3 billion by 2033. This growth trajectory reflects a robust compound annual growth rate (CAGR) of 8.1% over the forecast period, highlighting the dynamic evolution within this sector.
A major driver of this expansion is the accelerating adoption of robotic systems in pharmacy operations. These cutting-edge technologies are revolutionizing traditional practices by automating critical tasks such as medication dispensing, prescription packaging, and medication transportation. This automation allows pharmacists to shift focus towards clinically oriented activities, including patient counseling and medication management.
The integration of artificial intelligence (AI) and machine learning (ML) is further advancing the pharmacy automation market. AI-powered systems are optimizing pharmacy functions like prescription filling, inventory management, and patient interaction. For example, AI-driven prescription filling systems offer enhanced accuracy and efficiency, significantly reducing human error and streamlining operations.
Cloud-based systems are also transforming the landscape of pharmacy automation. With their cost-effectiveness, ease of implementation, and superior scalability compared to traditional on-premises solutions, cloud-based systems are gaining traction among pharmacies of all sizes. This trend is driving widespread adoption and reshaping the market.
Interoperability remains a key focus within the industry. The seamless communication between pharmacy automation systems and other healthcare IT systems, such as electronic health records (EHRs) and laboratory information systems (LISs), is improving operational efficiency and reducing errors. According to an analyst at FMI, “The growing emphasis on interoperability is enhancing the integration of pharmacy automation systems with other healthcare technologies, fostering further advancements in the sector.”
As the pharmacy automation market continues to evolve, these technological advancements promise to redefine the future of pharmacy operations, delivering improved efficiency, accuracy, and patient care.
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.
Stay Ahead with Pharmacy Automation: Delve into Our Full Report for Extensive Trends and Insights!
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.
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.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube