The global pharmacy automation market size was valued at USD 5.5 billion in 2021 and is projected to reach around USD 12.0 billion in 2030 exhibiting a CAGR of 10.0% in the forecasted period.
Pharmacy Automation Market Analysis and Size
Pharmacy automation is popular because it makes it possible for several duties to be carried out efficiently in pharmacies and the healthcare sector. Patient safety has been improved by the extensive use of automation, which has decreased the frequency of drug administration errors. Through an increase in their presence across various emerging economies, pharmacy automation is embracing new possibilities. In addition, the industry is growing as a result of pharmacists’ increasing awareness.
AMR examines the pharmacy automation market’s development rate from 2023 to 2030. During the aforementioned projection period, the pharmacy automation market is anticipated to grow at a CAGR of roughly 9.20%. In 2022, the industry was estimated to be worth USD 5.53 billion, and by 2030, it would be worth USD 11.19 billion. The market report created by the Research team includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework in addition to market insights like market value, growth rate, market segments, geographical coverage, market players, and market scenario.
The rising need for device that helps in reducing medication errors. Moreover, the increasing geriatric population and rising adoption of automated devices and ground-breaking technologies is also contributing towards the growth of global pharmacy automation market. The increasing healthcare expenditure is also boosting the growth and development of global pharmacy automation market over the forecasted period.
Market Definition
Pharmacy automation is the practise of automating routine chores and procedures in pharmacies and other healthcare facilities. Pharmacy automation refers to the mechanical process involved in any task performed in a pharmacy, such as analysing and combining powders and liquids for compounding, counting small objects, and monitoring and updating customer information in databases. The introduction of automation helped to reduce drug administration mistakes, thereby enhancing patient safety.
The pharmacy automation market is majorly driven by the rising demand for specialty drug prescription filling solutions, the increasing need to minimize medication errors, and the decentralization of pharmacies. Additional factor boosting the growth of global pharmacy automation market is the growth of pharmaceutical sector worldwide. As per the Indian Brand Equity Foundation, Indian companies exported pharmaceuticals worth $17.27 billion from 2017 to 2018, and this figure is predicted to rise by 30% by 2020 to $20 billion. The thriving pharmaceutical business is expected to boost the growth of worldwide pharmacy automation market.
The geriatric population has risen globally. As a result, the number of life threatening and chronic disorders is on the rise, as is the number of prescriptions prescribed. As per the study of Economic analysis of the prevalence and clinical and economic impact of medication error in England, released in June 2021, the National Health Service in England makes an estimated 237 million prescription errors per year, resulting in hundreds of fatalities. As an outcome, pharmacies and hospitals are executing new pharmacy automation knowledge to cut costs while increasing patient safety.
The increased mergers and acquisitions as well as an increase in the number of partnerships between companies to extend their product capabilities, are predicted to drive the growth of global pharmacy automation market. The major market players, majorly in developing nations, are concentrating on constant product development whiledistributing products at competitive rates.
During the COVID-19 outbreak, the market has been undergoing a positive impact. It can be ascribed to the growing infection rate from the healthcare workers to the patients and the increasing demand for medications globally. Hence, healthcare facilities and pharmacies prefer automatic systems to decrease the spread of the virus. Additionally, there has also been a rising demand for prescription drugs, which created a chance to implement the pharmacy automation systems to overcome the infection rate.
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Product Insights
The medication dispensing system segment dominated in 2021 and accounted for the largest share of more than 24% of the global revenue. The largest share can be ascribed to precision in dispensing of medicines and better safety offered by these systems, which end in lesser incidences of wrong medications being dispensed to patients. It also assists in proficient inventory management and aids to reduce costs by handling storage. Incorrect medications being dispensed to patients not only harms to their health but also have substantial implications on costs suffered. A research article published in StatPearls reports approximately 9,000 people die every year due to errors in their medication, costs related with medication errors in terms of patient management quantities to over USD 40 billion, annually.
The fastest growth is projected from the automated medication compounding systems segment over the calculated period. This is owing to the fact that even with an accurate manual compounding system, it is prone to errors, which can have severe effects on how the medications end up. An automated compounding system, thus, decreases the chances of these inaccuracies in the mixing of medicines. It also eliminates the chances of infection by removing sources of contamination as the process is carried out in an aseptic chamber. The aforementioned factors are key drivers for the market.
End User Insights
The largest share in the end-use segment was held by the retail pharmacy segment. It accounted for a share of 52% in 2021. This can be accredited to a growth in the number of retail pharmacies across nations. Automation in retail pharmacies is bringing about an uprising in the reduction of costs at multiple stages. The OECD library states that the number of pharmacies has improved across all the OECD companies. Japan had the highest density for the period 2000-2019 owing to increased government efforts.
Region Insights
North America lead in 2021 and accounted for the largest share of more than 50% of the total revenue. The advancements in patient management as well as hospital management systems and developed healthcare system are some of the important drivers of the growth of the region. An article issued in Drug Store News specified that 48% of the pharmacists, as well as 66% of the prescribers, detailed they saw an upsurge in the utilization of automation and other technology in the previous year. Numerous technology providers are also declaring that pharmacy automation, as well as the implementation of technology, is the future and the development has been boosted by the COVID-19 pandemic. As per the US FDA, per year, more than 100,000 cases of suspected medicine errors continue to be stated in the United States. Moreover, according to the study by Johns Hopkins University, in the United States, above 250,000 deaths occur due to medication errors yearly. Thus, it is considered one of the major factors of death in the nation. Most medication errors occur during recommendation and dispensation. Additionally, the presence of foremost pharmacy chains and large patient volumes has been fuelling the growth of the regional market. The need to minimize wastage of medicines and to cut down costs has also been forcing the region’s growth.
However, Asia-Pacific is also expected to witness significant growth during the forecasted period, due to the rising geriatric population and increasing healthcare expenditures. The large amount of healthcare expenditure for aided living facilities and hospitals for distributing medicines to the elderly can drive the market demand.
Key Companies Insights
Key players are aiming on their technological partnerships, collaborations, and merger & acquisitions policies to gain a competitive edge and expand their product portfolio & business footmark. The ongoing COVID-19 pandemic hindered the healthcare systems worldwide and driven market players to update products for unexploited prospects.
Some of the key players operating in the global pharmacy automation market include:
- Amerisource Bergen Corp.
- Accu Chart Plus Healthcare Systems, Inc.
- Omnicell, Inc.
- McKesson Co.
- Pearson Medical Technologies LLC
- Baxter International, Inc.
- Talyst LLC
- ScriptPro LLC
- BD
- Medacist
- Kirby Lester
- Cerner Corp.
- iA
- ARxIUM
- TouchPoint Medical
- Deenova SRL
- Parata Systems
- Swisslog Healthcare
- Yuyama
- Other players
Some of the Recent Developments:
- In January 2021, AmerisourceBergen and Walgreens Boots Alliance entered into a strategic alliance. Walgreens Boots Alliance Healthcare Business was acquired by AmerisourceBergen, facilitating it to surge its focus on increasing the retail pharmacy business. Through this strategic partnership, the two corporations are ranging and expanding their commercial agreements.
Segments
By Product
- Medication Dispensing Systems
o Robots/Robotic Automated Dispensing Systems
o Carousels
o Automated Dispensing Cabinets
- Packaging and Labelling Systems
- Storage and Retrieval Systems
- Automated Medication Compounding Systems
- Table top Tablet Counters
By End User
- Retail Pharmacy
- Inpatient Pharmacies
- Outpatient Pharmacies
- Pharmacy Benefit Management Organizations
By Geography
- North America, o U.S., o Canada, o Mexico, · Europe, o U.K., o Germany, o France, o Italy, o Spain, o Russia, · Asia-Pacific, o Japan, o China, o India, o Australia, o South Korea, o ASEAN, · Latin America, o Brazil, o Argentina, o Colombia, · MEA, o South Africa, o Saudi Arabia, o UAE, o Egypt
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Analysis of the impact of COVID-19 and the Russia-Ukraine War:
The readers of this section will be better informed on the effects of the pandemic, the post-pandemic, and the Russia-Ukraine War on the global market for refrigerated freight services. The factors that have changed since the poll was done include demand, consumption, transportation, consumer behavior, and supply chain management. Industry experts have also emphasized the crucial factors that will help players identify opportunities and maintain the sector as a whole in the approaching years.
Frequently Asked Questions
- At what growth rate will the market be projected to grow during the forecast period of 2023 to 2032?
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