Pharmacy Automation Market
Number of pages: 100 | Report Format: PDF | Published date: January 27, 2023
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
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Report Attribute |
Details |
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Market size value in 2021 |
US$ 6.7 billion |
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Revenue forecast in 2030 |
US$ 12.19 billion |
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Growth Rate |
8.5% |
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Base year for estimation |
2021 |
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Forecast period |
2022-2030 |
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Historical Year |
2020 |
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Segments covered |
Product, End User, and Region |
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Regional scope |
North America, Europe, Asia Pacific, and the Rest of the World (RoW) |
According to the deep-dive market assessment study by Growth Plus Reports, the global pharmacy automation market was valued at US$ 6.7 billion in 2021 and is expected to witness a CAGR of 8.5% to reach US$ 12.19 billion by 2030.
Pharmacy Automation Market Fundamentals
Pharmacy automation is important in today's modern healthcare system since it reduces errors that might occur during manual processes, such as missing drug information, patient information, dispensing the formulation, prescription error, and monitoring therapy. One of the most prevalent errors is incorrect label information and instructions. According to the NCC MERP (National Coordinating Council for Medication Error Reporting and Prevention), hospital medication errors kill nearly 100 million people yearly. It is critical to reducing medication errors to improve healthcare facilities and services while also ensuring patient safety; thus, the use of pharmacy automation systems is critical to minimize errors related to storage, medication, usage, and retrieval distribution.
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Pharmacy Automation Market Dynamics
Pharmacy automation devices, along with analytics and software, are transforming the global retail pharmacy system. Automation has increased the industry's efficiency and made it more profitable. Increase in adoption of automation has resulted in a significant decrease in medication waste, thereby lowering per-dose cost. Moreover, the technology helps pharmacists in workflow management, with increased emphasis on patient satisfaction. The annual spending on prescription and over-the-counter pharmaceuticals has risen.
The pharmacy automation market is being driven by rising demand for specialty medicine prescription filling solutions, growing need to reduce medication errors, and pharmacy decentralization. There has been an upsurge in the global geriatric population. As a result, the prevalence of chronic and life-threatening disorders has increased, as has the distribution of pharmaceuticals. According to a June 2021 article, Economic analysis of the prevalence and clinical and economic burden of medication error in England, an estimated 237 million medication errors occur in the NHS in England each year, resulting in hundreds of deaths from avoidable adverse drug reactions (ADRs). As a result, hospitals and pharmacies are implementing new pharmacy automation technology to save money while improving patient safety.
Pharmacy Automation Market Ecosystem
The global pharmacy automation market has been analyzed from three perspectives: product, end-user, and region.
Pharmacy Automation Market by Product
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Based on the product, the global pharmacy automation market is segmented into medication dispensing systems, automated medication compounding systems, packaging and labeling systems, storage and retrieval systems, and tabletop tablet counters.
The medication dispensing system segment dominates the market owing to increasing number of deaths caused by drug errors. Furthermore, stringent government regulations are fueling the demand for medicine dispensing systems. The usage of modern technology is opening the way for segment expansion.
Pharmacy Automation Market by End-user
Based on the end-user, the global pharmacy automation market is segmented into inpatient pharmacies, outpatient pharmacies, pharmacy benefit management organizations, mail-order pharmacies, and retail pharmacies.
The retail pharmacies segment dominates the global market in terms of revenue share. Retail pharmacies include supermarket chains, mass merchandisers, and independent pharmacies. The expanding need to prevent dispensing errors, the expansion in retail pharmacies, and the increased pressure on pharmacists contribute to the segment’s revenue growth.
Pharmacy Automation Market by Region
Based on the region, the global pharmacy automation market is segmented into North America, Europe, Asia Pacific, and the rest of the world.
North America dominates the global market in terms of revenue share, with the United States leading the regional market. According to the U.S. Food and Drug Administration, more than 100,000 alleged drug mistakes are reported yearly. Furthermore, according to Johns Hopkins University research, drug errors kill approximately 250,000 people in the United States annually. As a result, it is one of the leading causes of death in the country, fueling the revenue growth of the pharmacy automation market in North America. Furthermore, technological advancements are propelling the growth of the North America pharmacy automation market. Omnicell's XT series automated dispensing system, for instance, has been placed in five of Duke University Hospital's hospitals in the United States. These newly designed cabinets have a 30% greater capacity and can carry 30% more medications in the same area as the previous design.
Pharmacy Automation Market Competitive Landscape
The prominent players in the global pharmacy automation market include:
Pharmacy Automation Market Strategic Developments
Asia Pacific is the key growth region in the global pharmacy automation market.
The increasing demand for specialty drug prescription filling solutions and rising need to minimize medication errors are driving revenue growth in the global market.
The global pharmacy automation market is expected to be valued at US$ 12.19 billion by 2030.
The global pharmacy automation market is expected to register a revenue CAGR of 8.5% during the forecast period from 2022 to 2030.
Amerisource Bergen Corporation, Accu Chart Plus Healthcare Systems, Inc., Baxter International, Inc., McKesson Corporation, and Pearson Medical Technologies, LLC are among the prominent players in the global market.
*Insights on financial performance is subject to availability of information in public domain