Pharmacy automation includes systems such as medication dispensing systems, packaging and labeling systems, and tabletop counters that help pharmacist to manage workload more efficiently. Automated pharmacy systems help to reduce dispensing errors and securely store medicines. They also enable 24/7 access to medicines which is crucial in hospitals.
The global pharmacy automation market is estimated to be valued at US$ 3,601.4 Mn in 2024 and is expected to exhibit a CAGR of 8.1% over the forecast period from 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the key drivers for the market growth is the increased demand for improving workflow efficiency. Automated pharmacy systems help to streamline workflows and improve productivity. For instance, automated medication dispensing systems enable filling larger number of prescriptions accurately in less time as compared to manual methods thereby improving overall pharmacy work speed. This helps pharmacies to address issues like understaffing. The increased adoption of such automated systems is expected to propel the market growth over the forecast period. Additionally, growing geriatric population prone to multiple medications also necessitates pharmacy automation to reduce dispensing errors and ensure patient safety, thus supporting market expansion.
SWOT Analysis
Strength: The pharmacy automation market has several growth opportunities to increase efficiency and reduce errors. Automated systems can fulfil large volumes of prescriptions quickly and accurately which improves turnaround times. Integrated software helps detect risks of drug interactions and allergies in three or fewer clicks, enhancing patient safety. Customizable solutions allow pharmacies of all sizes to benefit from automation.
Weakness: High initial investment costs pose a challenge for small pharmacies and hospitals to adopt automation technologies. Integration of legacy systems with new automated equipment requires additional expenses. Technical glitches or malfunctions can disrupt workflow if spare parts or maintenance support is not readily available.
Opportunity: Growing geriatric population prone to chronic diseases is fueling the demand for pharmacy services. Automation enables 24/7 operations to meet the needs of an aging society. Telepharmacy expands access to medications in rural areas. Integration of artificial intelligence into workflows has potential to optimize inventory, enhance reporting, and assist staff.
Threats: Strict regulations for pharmaceutical robots and medical software vary across countries. Delay in approvals can slow market adoption. Tech startups may launch low-cost alternatives disrupting established players. Economic downturns can deter healthcare organizations from prioritizing capital investments.
Key Takeaways
The global pharmacy automation market is expected to witness high growth over the forecast period of 2023 to 2030 supported by rising pharmaceutical spending, growing geriatric population, and increasing focus on reducing medication errors. The global pharmacy automation market is estimated to be valued at US$ 3,601.4 Mn in 2024 and is expected to exhibit a CAGR of 8.1% over the forecast period from 2023 to 2030.
Regional analysis shows North America dominates currently owing to numerous regional players and early adoption of novel technologies. Automated dispensing cabinets are highly popular in hospitals for point-of-care medication administration in the region. The market in Asia Pacific is anticipated to grow at the fastest rate in the coming years led by China, India, and Japan. Rapid economic development, surge in healthcare infrastructure investment, and increasing patient pool are driving the demand.
Key players operating in the pharmacy automation market are Becton, Dickinson and Company, McKesson Corporation, Yuyama Co., Ltd., Omnicell, Inc., ScriptPro LLC, Cerner Corporation, Capsa Healthcare, Baxter International, Inc., KUKA AG, TCGRx Pharmacy Workflow Solutions, RxSafe, LLC, ARxIUM Inc. Swisslog Holdings AG and Talyst systems LLC. These leading market participants are focusing on new product launches, mergers, acquisitions and geographical expansions to gain market share and maximize profits.
