Automation is becoming a new trend across various sectors in the world. With the pharmacy sector burgeoning in every corner, there is a reluctant need for updated and accurate systems delivering precise and consolidated results for healthcare and patient betterment.
Automation has gained a strong foothold in hospital and retail pharmacies. This has spurred the market to touch new heights. With the development of the latest smart technologies, the pharmacy automation system market is on a continuum to register a CAGR of 8.00% from 2024 to 2034. The market is set to reach USD 5,621.5 million in 2024. Considering the market analysis and growing trend throughout, the market valuation is very likely to surpass USD 12,136.3 million by 2034.
| Attributes | Key Statistics |
|---|---|
| Expected Base Year Value (2024) | USD 5,621.5 million |
| Anticipated Forecast Value (2034) | USD 12,136.3 million |
| Estimated Growth (2024 to 2034) | 8.00% CAGR |
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Nullifying Human Errors
Automation systems, by reducing human errors and improving efficiency, hold the promise of significantly enhancing productivity and scalability in pharmacies. Their ability to swiftly fill prescriptions and monitor inventory levels can lead to superior patient outcomes. The provision of accurate dosages and the simplification of tasks can fuel global adoption and market growth of these systems, painting a promising picture for the future.
Burgeoning Pharmacies Globally
Automation systems help pharmacists focus on patient care rather than sticking with administrative chaos. This can speed up the process and multiply the market grounds as things can be sorted within time.
North America is expected to hold the prime market share. This can be attributed to the rise in the number of pharmacies, the increasing prevalence of chronic diseases, and the growing geriatric population in the region.
The surge in the number of pharmacies growing globally is boosting the sales for these systems. Emerging markets in developing countries offer lucrative growth opportunities for manufacturers. Organizations can capitalize on the vast pool of opportunities present in these markets by introducing cost-efficient automation solutions.
Adoption of Electronic Health Records
The market has been spurred by the rising adoption of electronic health records and proactive government initiatives to promote the acceptance of pharmacy automation systems. The increasing awareness about the benefits of automation systems and the growing demand for quality healthcare are driving the spontaneous growth of these systems and, consequently, the overall market. This regulatory support instills confidence in the market's stability and potential for further growth.
Principal Consultant
Pharmacy automation systems consist of a wide range of devices and equipment, such as medication dispensing cabinets, IV pharmacy, robot dispensing machines, tablet splitters, etc. Based on the product type, medication dispensing cabinets are estimated to hold a market share of 43.20% in 2024.
| Attributes | Details |
|---|---|
| Product Type | Medication Dispensing Cabinets |
| Market Share (2024) | 43.20% |
Demand for medication dispensing cabinets is touching the skies as they provide a centralized and secure storage solution for medications. This ensures quick and accurate access for healthcare professionals while enhancing patient safety. These cabinets also come with advanced features such as barcode scanning, RFID tracking, and integrated software solutions for inventory management, medication reconciliation, and compliance monitoring.
Pharmacy automation systems are used for various purposes in the modern healthcare sector. Based on applications, drug dispensing and packaging holds a market share of 47.10% as of 2024.
| Attributes | Details |
|---|---|
| Application | Drug Dispensing and Packaging |
| Market Share (2024) | 47.10% |
Pharmacy automation systems are in high demand among companies involved in drug dispensing and packaging. This is because they offer a comprehensive solution to various challenges by automating tasks such as prescription filling, medication sorting, and packaging. This equipment also helps companies improve operational efficiency, reduce costs, and enhance patient safety.
Countries like Canada, the United Kingdom, Japan, the United States, and Germany are expanding broadly in the pharmacy automation system market.
| Countries | CAGR from 2024 to 2034 |
|---|---|
| Canada | 12.30% |
| United Kingdom | 9.50% |
| Japan | 8.90% |
| Germany | 7.90% |
| United States | 7.60% |
Canada's commitment to innovation and technology, coupled with its robust healthcare infrastructure, positions it as a prominent player in the global market. With a CAGR of 12.30% through 2034, Canada is set to emphasize healthcare modernization and patient-centric care to foster an environment conducive to innovation in pharmacy automation.
Demand for efficient healthcare services is escalating. This is stimulating pharmacies to seek automation solutions to streamline processes and improve patient care. Companies like McKesson Canada and TELUS Health are at the forefront of this trend, continually advancing pharmacy automation systems to meet market needs.
For instance, TELUS Health leverages its expertise in digital health to develop integrated pharmacy management platforms that empower pharmacists with real-time data and analytics for informed decision-making.
Technological advancements, regulatory support, and a burgeoning demand for streamlined healthcare services combined act as factors streamlining the market in the United Kingdom. The market in the United Kingdom is expected to rise at a CAGR of 9.50% through 2034.
The United Kingdom’s strong pharmaceutical industry and its commitment to innovation have paved the way for the development of fine automation systems tailored to pharmacies' needs. Additionally, government initiatives to modernize healthcare infrastructure and improve patient outcomes have curated a healthy environment for the adoption of these systems.
Key companies contributing to the United Kingdom’s market growth are BD (Becton, Dickinson, and Company), Omnicell, Swisslog Healthcare, Capsa Healthcare, and many more. For example, Omnicell is renowned for its innovative robotic dispensing systems and medication adherence solutions, empowering pharmacies to deliver personalized care efficiently.
Japan’s advanced technology and infrastructure have made it a giant player in the global automation market. With a CAGR of 8.90%, Japan is set to govern the pharmacy automation system market in Asia, focusing on innovation and commitment to quality.
Japan’s expertise in robotics, precision engineering, and software development converge with the pharmacy automation market growth. Top players are shaping the market with strong customization and scalability, catering to the diverse market variations. Japan-based companies like Omnicell, Takazono Corporation, and Yuyama Co., Ltd. have been pivotal in market acceleration. These companies are at the forefront of creating cutting-edge solutions for the global healthcare market.
Growth in Germany’s pharmacy automation system market is driven by increasing concerns about improper inventory management of high-volume dispensing cabinets because of the high inventory cost. The market in Germany is projected to rise at a CAGR of 7.90% for the forecast period and is expected to show continuous growth over the years.
Growing old-age population and advancements in the healthcare industry in Germany are providing new opportunities for the pharmacy automation system market. Major improvements in healthcare IT infrastructure and advancements in technology in medical management pharmacies are also aiding market expansion. With a surge in the healthcare sector, Germany is poised to grow broadly in this market.
Rising adoption of automation across the thriving pharmaceutical industry and the presence of leading automation system providers in the United States place the market on an upward trajectory. With an increasing CAGR of 7.60%, the United States is set to impact the pharmacy systems positively.
Due to a surge in the incidence of numerous chronic diseases and the rising number of patients in the United States, the market is set to account for the lion’s share in the global market. According to the US Food and Drug Administration (FDA) over 100,000 suspected pharmaceutical mistake incidences are reported in the USA annually. The majority of drug mistakes happen during prescription and dispensing. This encourages end users to employ pharmacy automation systems.
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Market players are constantly focusing on integrating innovative pharmacy automation solutions with the latest technologies to enter lucrative markets. Companies are forming strategic and collaborative approaches with numerous partners to boost their pharmacy automation market share and profitability. They are launching new updates and expanding their portfolio to cater to sectoral needs.
Recent Advancements
The market is set to reach USD 5,621.5 million in 2024.
The pharmacy automation system market is expected to reach USD 12,136.3 million by 2034.
The pharmacy automation system market to progress at a CAGR of 8.00% from 2024 to 2034.
Medication dispensing cabinets are the most common pharmacy automation system type.
The market in Canada is expected to progress at a CAGR of 12.30% through 2034.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2019 to 2023 and Forecast, 2024 to 2034 5. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Product 5.1. Medication Dispensing Cabinets 5.2. Packaging & Labelling Machines 5.3. IV Pharmacy 5.4. Robotic Dispensing Machines 5.5. Carousel Storage 5.6. Tablet Splitters 6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Application 6.1. Drug Dispensing & Packaging 6.2. Drug Storage 6.3. Inventory Management 7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By End User 7.1. Hospital Pharmacies 7.2. Clinic Pharmacies 7.3. Retail Pharmacies 7.4. Mail Order Pharmacies 8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region 8.1. North America 8.2. Latin America 8.3. Western Europe 8.4. Eastern Europe 8.5. South Asia and Pacific 8.6. East Asia 8.7. Middle East and Africa 9. North America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 10. Latin America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 11. Western Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 12. Eastern Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 13. South Asia and Pacific Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 14. East Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 15. Middle East and Africa Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 16. Key Countries Market Analysis 17. Market Structure Analysis 18. Competition Analysis 18.1. AmerisourceBergen Corporation 18.2. Baxter International Inc. 18.3. Swisslog Holdings AG 18.4. Care Fusion Corporation 18.5. Cerner Corporation 18.6. Kirby Lester LLC 18.7. Talyst, LLC. 18.8. Omnicell Inc. 18.9. ScriptPro LLC 19. Assumptions & Acronyms Used 20. Research Methodology
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Pharmacy Automation System Market
