The Global Pharmacy Automation Systems Industry is gearing up for an extraordinary growth trajectory, according to a recent market analysis by Future Market Insights. Projections suggest a soaring valuation of US$ 4.9 billion in 2022, with an anticipated Compound Annual Growth Rate (CAGR) of 8.0% from 2022 to 2032. The industry is poised to achieve an impressive US$ 10.6 billion by the end of 2032, underscoring its robust expansion.
The surge in demand for pharmacy automation systems is a direct result of their widespread adoption across critical areas such as drug dispensing & packaging, drug storage, and inventory management. These cutting-edge systems play a pivotal role in enhancing efficiency, accuracy, and overall operational effectiveness within the pharmaceutical landscape.
In 2021, the medication dispensing cabinets segment emerged as the undisputed frontrunner in the Global Pharmacy Automation Systems Industry, capturing an impressive market share of approximately 42.6%. Projections indicate that this segment is well-positioned to maintain its leading position throughout the forecast period, further contributing to the industry’s overall growth.
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These systems are used by both inpatient and outpatient pharmacies. Pharmacy automation systems also include properties like the ability to measure personalized medications, track and update consumers’ information in a database, and monitor the all-over procedure of inventory management and distribution. Consequently, they are a suitable replacement for manual dispensing across drugstores. The installation of these systems has immensely improved the efficiency and security of storing, administering, filling, packaging, and labeling prescription medications. These considerations, coupled with other factors like the introduction of cost-effective automation solutions, incorporation of advancing technology into the target product, etc., are likely to drive the growth of the pharmacy automation systems market during the forecast period.
Furthermore, the rising awareness of the benefits of pharmacy automation technologies is encouraging many small and mid-sized healthcare hospitals and retail pharmacies to replace their traditional pharmacy operation practices with these systems. This will boost the market prospects during the next decade.
“Rising awareness of the advantages of pharmacy automation systems along with favorable government policies will supplement the global growth of the Global Pharmacy Automation Systems Industry over the forecast period,” says Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.)
Global Pharmacy Automation Systems Industry Key Takeaways:
- By end user, the hospital pharmacies segment will grow at a high CAGR over the forecast period.
- Based on application, drug dispensing and packaging will continue to dominate the global market growth.
- Accounting for 42.6% of the market share in 2021, the medication dispensing cabinets will present a steady growth over the assessment period.
- Germany’s pharmacy automation systems market will register a 7.9% CAGR.
- The pharmacy automation systems market in the U.S. will acquire a 56.6% share of the global market.
- Increasing number of pharmacies drives the target market growth in India.
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Competitive Landscape
AmerisourceBergen Corporation, Baxter International Inc., Swisslog Holdings AG, Care Fusion Corporation, Cerner Corporation, Kirby Lester LLC, Talyst, LLC., Omnicell Inc., and ScriptPro LLC among others are some of the major players in the Global Pharmacy Automation Systems Industry profiled in the full version of the report.
Key market players are keen on adopting tactics such as new product releases and increasing investments in research and development. These organizations are also focusing on employing mergers, acquisitions, partnerships, and collaboration strategies to expand their consumer base.
More Insights into Global Pharmacy Automation Systems Industry Report
In its latest report, FMI offers an unbiased analysis of the Global Pharmacy Automation Systems Industry, providing historical data from 2014 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented based on product type (robotic dispensing machines, carousel storage, tablet splitters), application (drug dispensing & packaging, drug storage, inventory management), end user (hospital pharmacies, clinic pharmacies, retail pharmacies, mail order pharmacies, pharmaceutical SME’s), and region.
According to the latest FMI reports, based on segmentation, the medication dispensing cabinets segment will demonstrate steady growth owing to its higher rate of adoption. The drug dispensing and packaging segment held 47% of the market share in 2021 and will likely retain its lead while the hospital pharmacies segment is anticipated to register a high CAGR during the projection period.
Based on region, the pharmacy automation systems market in Germany is projected to exhibit substantial growth, recording a positive CAGR of 7.9% during 2022-2032. A well-established and advancing healthcare sector, a rising geriatric population, growing concerns regarding improper inventory management, and the high cost of storing inventory are certain considerations that drive the growth of the target market in this country. Germany accounted for 3.3% of the global pharmacy automation systems market share in the year 2021. Other countries like India and the United States are predicted to present impressive growth in the pharmacy automation systems market over the forecast period.
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Key Market Segments Covered in Global Pharmacy Automation Systems Industry Research
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
Author
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 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.
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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