Pharmacy Automation Market

Pharmacy Automation Market Outlook from 2023 to 2033

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.

Top Trends Shaping the Global Pharmacy Automation Market

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.

Historical Analysis of the Pharmacy Automation Market

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.

Country-wise Insights

Countries	CAGR (2023 to 2033)
United States	8.3%
United Kingdom	9.1%
China	8.7%
Japan	9.3%
South Korea	10.1%

Increasing Mergers and Acquisitions in the United States

• The expansion of the global pharmacy automation market is expected to be driven by a rise in mergers and acquisitions as well as partnerships amongst businesses to expand their product capabilities. The major market participants concentrate on continuing product development while offering reasonably priced goods, especially in developing countries.
• The surge in enhancing patient safety needs to prescription data management solutions is expected to create lucrative opportunities in the region. The prescription data management solutions are able to provide real-time access to patient medical history and give warnings for potential issues.

The Rising Demand for Pharmaceuticals in the United Kingdom

• The well-equipped infrastructure and medical technology are expected to drive the market in the forecast period in a region. Increasing R&D research activities to create innovative products and technologies is also expected to create lucrative opportunities in the region.
• The global incidence of chronic illnesses, including obesity, asthma, and cancer, has increased recently, and this is predicted to present the industry with substantial growth prospects. Furthermore, because healthcare facilities are getting better, the world's aging population is predicted to fuel the market in the forecast year.

China Leading Asia-Pacific Market Growth

• Market growth is increasing day by day owing to factors such as rapid urbanization and rising population, which are expected to drive the market in the region. By reducing wait times, expediting drug distribution, and enhancing patient care overall, pharmacy automation helps to meet this demand.
• Reducing drug mistakes is one of the primary motivations behind pharmacy automation. Automated systems minimize the possibility of human errors that could endanger patients' health by ensuring accurate medicine administration, exact dosage calculation, and proper labeling. There is a scarcity of trained pharmacists and medical personnel in many Asia Pacific nations. Pharmacy automation fills the gap by automating repetitive operations, freeing pharmacists to concentrate on patient consultation, counseling, and clinical care.

Increasing Government Initiatives and Aging Population in Japan Driving Market Growth

• The Japanese government is also supportive of pharmacy automation and has provided funding for research and development in this area. The government has also set targets for the adoption of pharmacy automation, aiming to have 50% of all pharmacies automated by 2025.
• Overall, the pharmacy automation market in Japan is growing rapidly, and Japanese companies are at the forefront of this development. Japan is expected to become a leading global market for pharmacy automation in the coming years.
• Growing chronic diseases such as neurological disorders, cardiovascular disease, and other diseases are expected to create significant opportunities for market growth over the coming decade.

Category-wise Insights

Medication Dispensing System Dominates Market by Top Product

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.

Inpatient Pharmacies Dominate the Market by End-use Sector

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.

Competitive Landscape in the Pharmacy Automation Market

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

• In October 2023, Omnicell launched specialty pharmacy services to help health systems establish and optimize specialty pharmacy programs. Specialty pharmacy services provide a comprehensive suite of solutions, including automation, software, and consulting services.
• In May 2022, ScriptPro LLC launched ScriptPro Connect, a new cloud-based pharmacy automation platform. ScriptPro Connect is designed to help pharmacies of all sizes automate their workflows and improve their efficiency.
• October 2023, Chugai Pharma and Omron Corporation are working together to develop new AI-powered automation solutions for drug discovery and research. The collaboration aims to improve research productivity and quality and enable new experimental activities.
• In September 2023, Nippon Express and NEC Corporation announced that they are developing a new robotic system for automated dispensing of medications in pharmacies. The system is expected to be launched in 2024 and will be able to dispense up to 1,200 medications per hour.

Key Companies Profiled in the Pharmacy Automation Market

• Becton
• Cerner Corporation
• Parata Systems LLC
• Yuyama Co. Ltd
• PerceptiMed Inc
• McKesson Corporation
• Capsa Solutions LLC
• Omnicell Inc
• Dickinson and Company
• Arxium Inc
• Scriptpro LLC
• Swisslog Holdings AG
• Rxsafe LLC

Table of Content

• 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