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Global Pharmacy Automation Systems Market Size, Share, Trends, COVID-19 Impact and Growth Analysis Report – Segmented By Product, End-User and Region - Industry Forecast (2022 to 2027)

Published: January, 2022
ID: 4377
Pages: 178
Formats: report pdf report excel report power bi report ppt

Pharmacy Automation Systems Market Size (2022 to 2027)

The global pharmacy automation systems market size is estimated to be growing at a CAGR of 8.3% from 2022 to 2027. The market size is predicted to be USD 6.81 billion by 2027 from USD 4.57 billion in 2022.

Pharmacy automation systems are used for inpatient, patient, and outpatient pharmacies for automating the routine task of a pharmacist, thereby automating the entire mechanical process of handling and distributing medications. But these systems also aid in measuring and compounding medications, updating and tracking patient information in databases, and inventory management. Pharmacy automation systems also count the medications more accurately and quickly. They complete the tasks in less than the projected time and reduce the labor cost. Pharmaceutical industries have adopted these from the early days to maintain safety in the workflow. Besides counting the tablets, the systems also prioritize the patient’s safety as they ensure the right dosage of tablets while dispensing. The use of pharmacy automation systems tends to have fewer errors and delivers the right medication at the right time.

MARKET DRIVERS:

Increasing adoption and growing demand for automated solutions in pharmacies conjoined with socio-economic factors such as rising disease incidences due to a growing aging population drive the global pharmacy automation systems market.

There is an increasing inclination of pharmacists for automation systems since it automates time-consuming and routine tasks like medication compounding, storage, packaging, dispensing, retrieval, etc. These automation solutions streamline pharmacy workflow and decrease the risk of errors, allowing physicians to focus on direct patient-care activities. Secondary growth drivers are product innovations and growing rates of hospitalizations. Through Pharmacy Automation Systems, hospitals can track and manage drugs, supplies, and health information regarding patients, thereby replenishing only the needed items. This growing demand for effective and transparent tracking systems is anticipated to drive the revenue for Pharmacy Automation Systems as it accurately records medication expiry dates and physical quantities.

The increase in deaths and injuries caused by drug prescription errors pushes medical providers and pharmacists to achieve more effective technology. Besides, drug delivery systems are increasingly involved with the pressure to guarantee safety requirements and increase patient visits. Advanced automation technologies and solutions are becoming the most effective tool to reduce medication errors and improve patient safety. By installing an automated system, pharmacists and healthcare providers can reduce pharmacy costs. Automation can be used for tablet calculations, compound preparation, prescription management, drug packaging, dispensing, and inventory management. When integrating multiple technologies, all the benefits of each system can be realized.

The pharmacy market's automation is expected to reduce medication errors, increase the number of doses of patients, increase medical costs, and increase the pressure on the temporary efficiency of these technologies. It is expected that the increase in the demand for pharmaceutical products, the rise of technology, and the need for precision robotic equipment and tools to carry out at higher speeds are vital factors in the growth of the market. It is expected that Brazil, China, and India, together with the growing need for pharmacy and health operations automation and unexploited growth opportunities, will boost growth during the forecast period. Rigorous government regulations on packaging, labeling, and pharmaceutical mixes also accelerate the need for automated packaging and labeling technologies.

The growing prevalence of safer medications with the rise in chronic diseases incidences is a significant factor for the market to grow. In addition, the increasing number of hospitals and their demand for pharmaceutical industries worldwide also fuel the need for the market.

Emerging of the latest technologies and increased focus to introduce various innovative systems for the pharmacy merely surges the growth opportunities for the market. The changes in the schemes by the government in favor of the poor people are also propelling the Pharmacy Automation Systems market to grow further.

MARKET RESTRAINTS:

But still, the cost of implementing and installing pharmacy automation systems is the primary factor hindering the growth of the market over the forecast mentioned above. Lack of complete knowledge of updated systems in rural areas is restraining the growth of the market. The cost of installing and maintaining the systems is a little high, which cannot be affordable by the small-scale industry but remained challenging for the market.

Additionally, high implementation costs are an important challenge for the development of this technology. Vendors will find ample opportunities in this market by developing economic technologies for small hospitals and pharmacies.

Impact of COVID-19 on the global pharmacy automation systems market:

The SARS-CoV-2 caused the novel COVID-19 to affect the severe acute respiratory syndrome. The respiratory system is the most affected part of the body, causing illness and leading to death due to COVID-19.  The pharmaceutical automation industry has been experiencing a positive impact amid the pandemic crisis. Factors such as increasing infection rates from the medical professionals to the patients and expanding demand for medications worldwide have increased automation in the pharmaceutical sector.

Nowadays, automation is seen throughout the pharma sector. With the surfacing of COVID-19 and the growing need for testing and production, the demand has accelerated. The crisis has enormously escalated the consciousness of the advantages of automation inside the pharma field. Over the pandemic crisis, maintaining or mounting the production without uncomfortable safety or quality is primary in maintaining or mounting the production. Healthcare services and pharmacies are more preferring automated systems to decrease the virus spread. 

REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2021 to 2027

Base Year

2021

Forecast Period

2022 to 2027

Segments Covered

By Type, End-User, and Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

North America, Europe, Asia Pacific, Latin America, Middle East, and Africa

 

This research report on the global pharmacy automation systems market segmented and sub-segmented based on the type, end-user, and region.

Pharmacy Automation Systems Market – By Product:

  • Automated Medication Dispensing Systems
    • Centralized Automated Dispensing Systems
      • Robots/Robotic Automated Dispensing Systems
      • Carousels
    • Decentralized Automated Dispensing Systems   
      • Automated unit-dose Dispensing Systems
      • Pharmacy-Based Automated Dispensing Systems
      • Ward-Based Automated Dispensing Systems
  • Automated Packaging and Labeling Systems                           
    • Automated unit-dose Packaging & Labeling Systems       
    • Automated Multi-Dose Packaging & Labeling Systems     
  • Automated Table-Top Counters                    
    • Automated Medication Compounding Systems  
  • Automated Storage and Retrieval Systems                               
  • Other Pharmacy Automation Systems             

The automated medication dispensing systems segment is in the top position with the market's highest shares based on the product.     

Pharmacy Automation Systems Market – By End User:

  • Inpatient Pharmacies                         
    • Acute Care Settings         
    • Long-Term Care Facilities              
  • Outpatient Pharmacies                      
    • Outpatient/Fast-Track Clinics      
    • Hospital Retail Settings   
  • Retail Pharmacies                 
  • Pharmacy Benefit Management Organizations and Mail-Order Pharmacies             

Based on end-user, Retail pharmacies are anticipated to be the fastest-growing end-user category in the pharmacy automation market during the forecast mentioned above. An increasing number of retail pharmacies and a growing workload on pharmacists are the primary factors driving the rising adoption of Pharmacy Automation Systems in retail pharmacies.

Pharmacy Automation Systems Market – By Region:

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • The Middle East and Africa

In 2019, North America accounted for the largest share of the global pharmacy automation market, primarily attributed to the increasing number of drug prescriptions at pharmacies resulting from growth in the aging population.

North America holds the Global market due to the quick adoption of the latest technologies and increased demand for patient safety. The Asia Pacific and Europe are following North America to lead the dominant shares of the market with the rise in government investments in the hospitals and emergence of software technology into the field.

Furthermore, growth in insurance coverage in the U.S. has increased the country’s healthcare system's burden, highlighting the need to improve the efficiency and management of work in North America. The rapid rise in the number of patients, demand for quality care, and significant up-gradation of the healthcare IT infrastructure is expected to positively impact the need for the Pharmacy Automation Systems market in APAC and Latin America.

KEY MARKET PARTICIPANTS:

Key market participants dominating the global pharmacy automation systems market profiled in this report are Becton, Dickinson, and Company (U.S.), Omnicell, Baxter International, Inc. (U.S.), ScriptPro LLC (U.S.), KUKA AG (Germany), TCGRx Pharmacy Workflow Solutions (U.S.), RxSafe, Inc. (U.S.), Cerner Corporation (U.S.), Capsa Healthcare (U.S.), Parata Systems LLC (U.S), LLC (U.S.), ARxIUM Inc. (U.S.) and Talyst Systems LLC. (U.S.).

RECENT MARKET HAPPENINGS:

  • In August 2020, Capsa Healthcare acquired RoboPharma; RoboPharma delivers customized high-speed prescription filling solutions for community pharmacies, hospitals, wholesalers, and central fill operations. The RoboPharma provides quick, reliable, and compact pharmacy automation systems, and this move by Capsa Healthcare is expected to strengthen their existing lineup in pharmacy technology.
  • In February 2019, RxSafe announced the introduction of the PakMyMeds Network. It is an easy way to take medications, and this network promotes a 50-mile circle around participating pharmacies to patients who could benefit from developed medication.
  • In October 2018, OmniSys partnered with ScriptPro to integrate Scriptpro with OmniSys Fusion-Rx interactive voice response solution if providing a single solution that manages operations and handles inbound calls for pharmacies.
  • In November 2020, Omnicell, Inc. made a public statement with recent innovations to the industry's leading portfolio of medication management solutions. The latest designs and the potentiality created to help hospitals and health systems.

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