The pharmacy automation market valuation is USD 5.6 billion in 2023. Businesses across different sectors increasingly recognize the transformative potential of the healthcare sector. This lays the groundwork for substantial growth, with estimates suggesting the market to surpass USD 13.3 billion by 2033.
This growth trajectory is underpinned by an exceptional CAGR of 8.1%, highlighting the market's remarkable potential over the next decade. Attributes Details Pharmacy Automation Market Size in 2022 USD 5.6 billion Pharmacy Automation Market Size in 2023 USD 6.1 billion Projected Market Size by 2033 USD 13.3 billion Value-based CAGR from 2023 to 2033 8.1% Key Highlights
The demand for pharmacy automation is exemplified by factors such as increasing awareness and safety concerns regarding medical errors. The pharmacy automation market has recently gained significant attention due to increasing global technical advancements.
Due to rising digitalization, the market is gaining immense and lucrative growth in regions such as North America, Gulf Council Countries, China, and Japan. The top companies are continuously evolving their portfolios with innovative technologies and upgrades for smoother experiences for their consumers.
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Rising Safety Concerns Regarding Medication Errors
The increasing death rate due to medication errors is driving growth in the pharmacy automation market. Furthermore, the rising hospitalizations is one of the factors expected to create lucrative opportunities during the forecast period.
The included errors, such as administration errors, prescribing faults, and dispensing errors, are contributing to the increasing demand for automation.
The rising incidences of dispensing errors, including wrong doses and inadequate labeling, are expected to drive growth in the market during the forecast period. Moreover, misconceptions among doctors and pharmacists can lead to errors, which is expected to create significant opportunities in the market.
Growing Need for Pharmaceuticals Due to Prevalence of Chronic Diseases
In recent years, the increasing prevalence of chronic diseases across the world owing to diseases such as cancer, obesity, and asthma is expected to create significant market opportunities. The increasing aging population is expected to drive the market due to the rising demand for better healthcare facilities.
The pharmacy automation market grew at a significant rate during the historical period from 2018 to 2022. Rising technology advancements and other factors are all suggested to contribute to the immense growth in the market.
| Historical Market Valuation, 2022 | USD 5.6 billion |
|---|
On the other hand, the demand for healthcare technology management during the COVID-19 pandemic has increased. Also, the adoption rate of advanced technologies and devices increased, leading to growth in the pharmacy automation market. However, the COVID-19 pandemic boosted the use of pharmaceuticals due to increasing COVID-19 cases.
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| Countries | CAGR (2023 to 2033) |
|---|---|
| United States | 8.3% |
| United Kingdom | 9.1% |
| China | 8.7% |
| Japan | 9.3% |
| South Korea | 10.1% |
| Top Product | CAGR (2023 to 2033) |
|---|---|
| Medication Dispensing Systems | 7.9% |
The medication dispensing system segment is expected to grow at a 7.9% CAGR over the forecast period. The medication dispensing system is dominating the market owing to its increasing use in pharmacy stores. The device includes automatic reminders, which reduces the chances of missing a dose.
| Top End-use Sector | CAGR (2023 to 2033) |
|---|---|
| Inpatient Pharmacies | 7.7% |
Inpatient pharmacies are expected to grow at a CAGR of 7.7% over the forecast period. The inpatient pharmacies segment dominates market sales by end-use sector due to the increasing need for the management of medication in hospitals. Moreover, inpatient pharmacies provide information on the potential side effects of drugs, creating lucrative opportunities in the market.
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The key players are increasingly leveraging the benefits of collaborations. Manufacturers are taking advantage of partnerships with hospitals, mergers with other manufacturers in the market, acquisitions, and more collaborative strategies.
The pharmacy automation market does not feature highly dominant manufacturers. Instead, the market is fragmented, with several key players enjoying their share. Pharmaceutical manufacturers are also receiving increasing approvals from the government to enhance their pharmaceutical infrastructure for medical purposes.
Recent Developments
The global pharmacy automation market will be worth USD 6.1 billion in 2023.
The rising awareness and safety concerns regarding medication errors drive market demand for pharmacy automation.
The market size is projected to surpass USD 13.3 billion by 2033.
The medication dispensing system experiences high demand, with a projected 7.9% CAGR indicating sustained growth due to rising usage in pharmacy stores.
The markets in the United States, the United Kingdom, Japan, and China drive the demand for pharmacy automation.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2032 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2032, By Product 5.1. Medication Dispensing Systems 5.2. Automated Medication Compounding Systems 5.3. Packaging and Labeling Systems 5.4. Storage and Retrieval Systems 5.5. Tabletop Tablet Counters 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2032, By End Use 6.1. Inpatient Pharmacies 6.2. Outpatient Pharmacies 6.3. Pharmacy Benefit Management Organization and Mail Order Pharmacies 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2032, By Region 7.1. North America 7.2. Latin America 7.3. Western Europe 7.4. Eastern Europe 7.5. South Asia and Pacific 7.6. East Asia 7.7. Middle East and Africa 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2032, By Country 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2032, By Country 10. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2032, By Country 11. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2032, By Country 12. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2032, By Country 13. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2032, By Country 14. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2032, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. Amerisource Bergen Corporation 17.2. Accu Chart Plus Healthcare Systems, Inc. 17.3. McKesson Corporation 17.4. Pearson Medical Technologies, LLC 17.5. CareFusion (Becton Dickinson And Company) 17.6. Medacist Solutions Group, LLC 17.7. TouchPoint Medical 17.8. Deenova S.R.L 17.9. Parata Systems, LLC 17.10. Swisslog Healthcare 18. Assumptions & Acronyms Used 19. Research Methodology
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Pharmacy Automation Market
