Pharmacy Automation Devices Market Size is expected to reach USD 12.21 billion by 2031, growing at a CAGR of 8.9%: Straits Research

According to Straits Research, “The global pharmacy automation devices market size was valued at USD 5.67 billion in 2022. It is estimated to reach USD 12.21 billion by 2031, growing at a CAGR of 8.9% during the forecast period (2023–2031).”

New York, United States, April 10, 2024 (GLOBE NEWSWIRE) — Automation devices have become increasingly prevalent in manufacturing, logistics, healthcare, finance, and customer service. Automation devices such as robotic arms, automated assembly lines, and CNC machines have revolutionized production processes in manufacturing. These devices can perform tasks precisely and quickly, leading to higher productivity, reduced cycle times, and improved product quality. They can also handle repetitive or physically demanding tasks, reducing the risk of worker fatigue or injury.

Automation devices have the potential to impact various sectors significantly, driving innovation and shaping the future of work. By harnessing their capabilities, businesses can unlock new levels of productivity, efficiency, and competitiveness while creating opportunities for their workforce to thrive in a changing landscape.

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Rise in Medication Errors Drives the Global Market

The rise in medication errors has significantly driven the global pharmacy automation devices market. Medication errors can occur at various stages of the healthcare process, including prescribing, dispensing, and administration. Such errors can seriously affect patient safety and outcomes, leading to adverse drug reactions, hospitalizations, or even fatalities. Pharmacy automation devices have emerged as a solution to address these medication errors by reducing manual intervention and improving accuracy in various pharmacy processes.

One crucial aspect is the accurate filling of prescriptions. Robotic prescription dispensing systems can precisely measure, and package medications based on prescription information. These systems use barcode scanning and verification mechanisms to cross-check medication details, ensuring dispensing the right medication and dosage. By automating this process, the risk of human error, such as misreading prescriptions or selecting incorrect medications, is significantly reduced.

COVID-19 Pandemic has Increased Awareness Regarding Automation Among Pharmacists Creating Tremendous Opportunities

In response to the continuing COVID-19 outbreak, they have heightened awareness and recognition of the benefits of automation among pharmacists worldwide. As healthcare professionals on the front lines, pharmacists have experienced the challenges and risks associated with manual processes and human interactions in traditional pharmacy settings. The need for infection control and social distancing measures has prompted pharmacists to seek innovative solutions, and automation devices have emerged as a viable option. Pharmacy automation devices offer contactless and hands-free operations, reducing the risk of virus transmission.

Automated prescription dispensing systems allow pharmacists to minimize direct contact with medications, thereby ensuring the safety of both staff and patients. Self-service kiosks and automated medication pickup systems enable patients to collect their prescriptions without interacting with pharmacy staff directly. These technologies address infection control concerns and improve pharmacy operations’ overall efficiency.

Regional Analysis

North America is the most significant global pharmacy automation devices market shareholder and is estimated to grow at a CAGR of 9.8% over the forecast period. The region’s dominance is attributed to several factors, including technological advancements in medication management, increasing concerns over inventory management, and the rising incidence of medication errors. Technological advancements in medication management systems have significantly affected the North American market. Hospitals and pharmacies in the region are adopting advanced automation devices to streamline medication dispensing and inventory management processes. For example, Duke University Hospital in the U.S. implemented Omnicell’s XT series automated dispensing system, which offers improved capacity and inventory control. Such advancements enhance efficiency and accuracy in medication management, driving the demand for pharmacy automation devices in the region.

Additionally, technological advancements, concerns over inventory management, and the rising incidence of medication errors drive North America’s pharmacy automation devices market. Adopting automation devices in hospitals and pharmacies enables streamlined medication management, better inventory control, and improved patient safety. As the demand for efficient and accurate medication dispensing continues to grow, North America’s pharmacy automation devices market is expected to witness significant expansion in the coming years.

Europe is anticipated to exhibit a CAGR of 9.1% over the forecast period. Several key factors contribute to this growth, including the challenges faced by healthcare systems, the shift towards value-based healthcare, the integration of AI into medical technologies, and a strong pharmaceutical industry. Healthcare systems in Europe are grappling with rising costs, an increasing prevalence of chronic conditions, aging populations, growing demand for healthcare services, and stagnant or shrinking healthcare workforces. These factors threaten the sustainability of healthcare systems in the region. There is a growing emphasis on value-based healthcare to address these challenges, which aims to deliver better patient outcomes at a more sustainable cost. Pharmacy automation devices are crucial in achieving this goal by improving operational efficiency, reducing medication errors, and optimizing medication management processes.

Key Highlights

  • Based on products, the global pharmacy automation devices market is bifurcated into medication dispensing systems, packaging and labeling systems, storage and retrieval systems, automated medication compounding systems, and tabletop tablet counters. The medication dispensing systems segment dominates the global market and is projected to exhibit a CAGR of 7.9% over the forecast period.
  • Based on end use, the global pharmacy automation devices market is bifurcated into medication Hospitals and retail pharmacies. The medication Hospital pharmacies segment dominates the global market and is projected to exhibit a CAGR of 9.5% over the forecast period.
  • North America is the most significant global pharmacy automation devices market shareholder and is estimated to grow at a CAGR of 9.8% over the forecast period.

Competitive Players

The key players in the global pharmacy automation devices market are Amerisource Bergen Corporation, Accu-Chart Plus Healthcare Systems, Inc., Omnicell, Inc, McKesson Co., Pearson Medical Technologies, Baxter, Talyst, LLC, ScriptPro LLC, CareFusion, Fulcrum Pharmacy Management, Health Robotics S.r.L., Medacist Solutions Group, Aesynt, Inc., Pyxis Corporation, Kirby Lester, Cerner Corporation, ForHealth Technologies, ARxIUM, TouchPoint Medical, Deenova S.r.L., and Parata Systems, LLC, etc.

Market News

  • In May 2023, Omnicell announced the acquisition of ScriptPro, a leading provider of automated medication dispensing systems. The acquisition will allow Omnicell to expand its product portfolio and become a leading provider of pharmacy automation solutions.
  • In April 2023, the FDA approved the first robotic pharmacy system, the Mckesson Robotic Pharmacy System. The McKesson Robotic Pharmacy System is a fully automated pharmacy system that can dispense medications, label them, and package them for delivery.

Global Pharmacy Automation Devices Market: Segmentation

By Product

  • Medication Dispensing Systems
  • Packaging and Labeling Systems
  • Storage and Retrieval Systems
  • Automated Medication Compounding Systems
  • Tabletop Tablet Counters

By End-Use

  • Hospital Pharmacy
  • Retail Pharmacy

By Region

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

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About Straits Research Pvt. Ltd.

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