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The global pharmacy automation systems market size is estimated to grow by USD 3.10 billion at a CAGR of 8.93% between 2023 and 2028.
Cardiovascular disease (CVD) is the leading cause of death globally. The prevalence of these diseases is high owing to an unhealthy and sedentary lifestyle. The geriatric population is more prone to CVD as their heart functionality becomes weak. Moreover, the prevalence of CVD is expected to increase significantly in the upcoming decade (by 2030) owing to a growing sedentary lifestyle. To keep the inventory properly managed, retailers, hospitals, and others may adopt pharmacy automation systems, which will lead to the growth of the global pharmacy automation systems market during the forecast period.
Technavio has segmented the market into Product Type, End-user, and Geography
It also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historical data from 2018-2022, besides analyzing the current market scenario.
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The market share growth by the automated medication dispensing system segment will be significant during the forecast period. The automated medication dispensing system reduces the margin for error and improves efficiency in healthcare facilities. The global pharmacy automation systems market is also experiencing substantial growth in the automated medication dispensing system segment due to a heightened focus on patient safety, the demand for efficient medication management, and the increasing adoption of technology in healthcare settings.
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The automated medication dispensing system segment was valued at USD 1.36 billion in 2018. With a growing need for error-free medication dispensing processes, healthcare facilities are seeking advanced automated systems to streamline workflow and enhance overall patient care. By automating the dispensing process and integrating it with electronic health records, the system enhanced the accuracy of medication administration, minimized the risk of adverse drug events, and ultimately improved patient outcomes. Thus, such factors will propel the growth of the automated medication dispensing system segment in the global pharmacy automation systems market during the forecast period.
The retail pharmacy segment is a significant and dynamic sector within the global pharmacy automation systems market, playing a crucial role in revolutionizing medication dispensing and enhancing operational efficiency in retail pharmacy settings. This segment contains a wide range of automation solutions designed to streamline medication management, improve customer service, and ensure accuracy in prescription filling. The global pharmacy automation systems market is witnessing substantial growth in the retail pharmacy segment, driven by the increasing demand for efficient prescription dispensing, medication synchronization, and personalized medication packaging services. Thus, such factors will propel the growth of the retail pharmacy segment in the global pharmacy automation systems market during the forecast period.
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North America is estimated to contribute 37% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers will shape the market during the forecast period. North America holds a significant share in the global pharmacy automation systems market due to an increase in the prevalence of various chronic disorders and the growing number of patients across the North American region. Moreover, the increased frequency of chronic disorders among the Mexican population is expected to fuel regional market expansion. The incidence of chronic cardiovascular disease and diabetes in North American countries is driving demand for pharmacy automation, adding to the regional market growth.
In addition, Regional market players are expanding their portfolio with acquisitions and launching products, which will propel the growth of the regional market. For instance, in March 2022, Capsa Healthcare LLC announced an expansion to its suite of NexsysADC automated dispensing cabinets. The new cabinets can accommodate controlled or high-value medications and supplies in two new sizes of Controlled Access Module Drawers. Thus, such factors are expected to increase the adoption of pharmacy automation systems, which will drive the growth of the regional market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
AmerisourceBergen Corp.: The company offers pharmacy automation systems such as BioTek MultiFlo FX Multimode Dispenser.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
There are multiple factors influencing market growth. Our researchers analyzed the data with 2023 as the base year, along with the key trends, and challenges.
Integration of AI and predictive analytics within pharmacy automation systems is the primary trend shaping market growth. The integration of AI and predictive analytics has revolutionized medication management processes by enabling proactive decision-making, improving patient safety, and optimizing operational efficiency. AI-powered algorithms play a key role in medication error detection and prevention. By continuously analyzing dispensing and prescription data, AI can identify potential errors or discrepancies, such as incorrect dosages or drug interactions, before medications are dispensed to patients.
Moreover, predictive analytics integrated within pharmacy automation systems leverages historical data and real-time inputs to forecast medication demand, optimize inventory levels, and streamline supply chain management. Additionally, AI-integrated pharmacy automation systems offer intelligent insights and decision support for pharmacists. Pharmacists can leverage these insights to engage with patients proactively, address medication adherence challenges, and optimize treatment outcomes. Thus, such factors are expected to propel the growth of the market during the forecast period.
The high cost of pharmacy automation systems is a challenge that affects market growth. The substantial initial investment required for acquiring, implementing, and maintaining automation systems poses financial barriers for many healthcare facilities, particularly smaller independent pharmacies, and healthcare providers in developing regions such as India, China, and Bangladesh. For instance, the average cost of installing a pharmacy automation software system for a new pharmacy may range from USD 15,000 to USD 30,000. The cost of replacing existing software can be up to USD 10,000 to USD 30,000.
Moreover, the high cost of pharmacy automation systems discourages some healthcare facilities from embracing these technologies, limiting their ability to optimize medication management processes, enhance patient safety, and improve operational efficiency. This cost barrier particularly affects smaller healthcare providers and pharmacies in underserved areas. Thus, such factors are expected to impede the growth of the global pharmacy automation systems market during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Pharmacy Automation Systems Market Customer Landscape
The pharmacy automation systems market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Pharmacy Automation Systems Market Scope |
|
Report Coverage |
Details |
Page number |
157 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.93% |
Market Growth 2024-2028 |
USD 3.10 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
8.34 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 37% |
Key countries |
US, Germany, UK, China, and Japan |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Agilent Technologies Inc., AmerisourceBergen Corp., ARxIUM Inc., Baxter International Inc., Becton Dickinson and Co., Capsa Healthcare LLC, Innovation Associates, McKesson Corp., MIDEA Group Co. Ltd., Omnicell Inc., Optel Group, Oracle Corp., Pearson Medical Technologies LLC, Russell Finex Ltd., Rxsafe LLC, Scientific Industries Inc., ScriptPro LLC, Swisslog Healthcare AG, Synapxe Pte Ltd., Yuyama USA Inc., and Accu Chart Plus Health Care Systems |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product Type
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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