Automation has already gained significant traction in hospital and retail pharmacies, helping improve efficiency, reduce errors, and enhance patient care. With the continued development of cutting-edge smart technologies, the pharmacy automation system market is poised for substantial growth. Projected to register a robust CAGR of 8.00% from 2024 to 2034, the market is expected to reach USD 5,621.5 million in 2024. Given the current market trends and advancements, it is likely to surpass USD 12,136.3 million by 2034, reflecting the growing adoption of automation solutions in the pharmacy sector.
Market Overview
- Current Valuation: The global pharmacy automation market is valued at approximately USD 5,621.5 million in 2024.
- Future Projections: By 2034, the market is anticipated to exceed USD 12,136.3 million, reflecting a robust compound annual growth rate (CAGR) of 8.00% during the forecast period from 2024 to 2034.
Key Drivers of Market Growth
- Rising Demand for Automation: The integration of automation in hospital and retail pharmacies is enhancing operational efficiency, reducing medication errors, and improving patient safety.
- Technological Advancements: The development of smart technologies and automated systems is facilitating streamlined processes such as medication dispensing, inventory management, and prescription filling.
- Increasing Medication Errors: With a growing focus on minimizing human errors in medication administration, pharmacies are adopting automation solutions to ensure accurate dispensing and tracking of medications.
Market Segmentation
- Product Segmentation:
- The market comprises various products including automated medication dispensing systems, packaging and labeling systems, storage and retrieval systems, and automated compounding systems.
- The automated medication dispensing systems segment is expected to witness significant growth due to its ability to enhance patient safety and operational efficiency.
- End-User Segmentation:
- The market serves various end-users, including inpatient pharmacies, outpatient pharmacies, retail pharmacies, and pharmacy benefit management organizations.
- Retail pharmacies are projected to exhibit strong growth as they increasingly adopt automation technologies to streamline operations and improve service delivery.
Regional Insights
- North America: This region currently dominates the pharmacy automation market due to advanced healthcare infrastructure and a high incidence of prescription errors. The U.S. market alone is expected to see substantial growth driven by technological advancements in medication management.
- Asia-Pacific: Expected to grow at the fastest rate during the forecast period, driven by an increasing geriatric population and rising healthcare investments. Countries like China are leading this growth due to their focus on minimizing medication errors.
Future Outlook
The pharmacy automation market is set for continued expansion over the next decade, supported by:
- Increased healthcare expenditures globally.
- A growing emphasis on reducing medication errors and enhancing patient safety.
- The ongoing shift towards online sales of medications, which necessitates efficient order processing and dispensing systems.
In conclusion, the pharmacy automation market is positioned for significant growth as it adapts to evolving healthcare needs. Stakeholders are encouraged to invest in innovative solutions that enhance operational efficiency and improve patient outcomes in this dynamic landscape
Competitive Landscape
Market players are constantly focusing on integrating innovative pharmacy automation solutions with the latest technologies to enter lucrative markets. Companies are forming strategic and collaborative approaches with numerous partners to boost their pharmacy automation market share and profitability. They are launching new updates and expanding their portfolio to cater to sectoral needs.
Recent Advancements
- In October 2023, JVM, affiliated with Hanmi Science, launched ‘MENITH,’ an advanced automated drug dispensing system, featuring a robotic arm, in the European market. The supply contract with Brocacef in the Netherlands marked a milestone for state-of-the-art technology.
- In June 2022, BD acquired Parata Systems for US$ 1.525 billion, expanding its pharmacy automation solutions, enhancing patient safety, and addressing clinician shortages. The move aligns with BD’s 2025 strategy, accelerating innovation in smart care technologies and tapping into a US$ 600 million market segment.
Key Companies in the Market
- AmerisourceBergen Corporation
- Baxter International Inc.
- Swisslog Holdings AG
- Care Fusion Corporation
- Cerner Corporation
- Kirby Lester LLC
- Talyst, LLC.
- Omnicell Inc.
- ScriptPro LLC
A Full Report Analysis
Market Segmentation
By Product:
- Medication Dispensing Cabinets
- Packaging & Labelling Machines
- IV Pharmacy
- Robotic Dispensing Machines
- Carousel Storage
- Tablet Splitters
By Application:
- Drug Dispensing & Packaging
- Drug Storage
- Inventory Management
By End User:
- Hospital Pharmacies
- Clinic Pharmacies
- Retail Pharmacies
- Mail Order Pharmacies
- Pharmaceutical SME’s
By Region:
- North America
- Latin America
- Asia Pacific
- Middle East and Africa (MEA)
- Europe
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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