Global Pharmacy Automation Market, By Product (Dispensing Systems, Pill Sorting Machines, Labelling Machines, Packaging Machines, Inventory Management, Automated Storage and Retrieval Systems, and Others), By End User Industry [Inpatient Pharmacies (Acute Care Settings and Long Term Care Facilities), Outpatient Pharmacies (Outpatient/Fast Track Clinics and Hospital Retail Settings), Pharmacy Benefit Management Organization and Mail Order Pharmacies, and Retail Pharmacies] and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 5.54 Bn in 2023 and is expected to exhibit a CAGR of 8.1% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
Pharmacy automation includes automated medication dispensing systems, packaging and labeling systems, storage and retrieval systems, and tabletop counters which help in tasks like dispensing, packaging, labeling, and sorting of pharmaceuticals. These systems help reduce errors and improve efficiency in pharmacies.
The increasing adoption of automation technologies across healthcare facilities is a major driver propelling the growth of the global pharmacy automation market. Hospitals and pharmacies are increasingly automating dispensing and packaging processes to reduce medication errors, enhance safety, and optimize workflow. According to the American Society of Health-System Pharmacists, medication errors cause at least 1 death every day and injure approximately 1.3 million people in the U.S. annually. Automation helps minimize these errors significantly. Moreover, the growing need to optimize technical skills is another key factor boosting demand for pharmacy automation systems. They help streamline complex medication processes and reduce dependence on manual labor.
Global Pharmacy Automation Market – Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019, as "coronavirus disease 2019" or COVID-19. This virus spread quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries, such as India, China, Brazil, and others, faced problems with regard to the transportation of things from one place to another.
Furthermore, key market players operating in the global pharmacy automation market faced major challenges on various fronts due to the COVID-19 pandemic. The major challenges include the supply of raw materials required for manufacturing pharmacy automation devices due to irregularities in transportation facilities. Moreover, distributors of pharmacy automation systems were experiencing irregular demand for products from retailers.
Global Pharmacy Automation Market: Key Developments
On October 16, 2023, JVM CO.,LTD., a machine industry company, launched its Next-generation automated drug dispensing system via High-End Robot Arm 'MENITH' in the European Market. The company's European business, which was originally focused on entry-level models, will be able to expand with this product launch to "large-scale high-end models."
On January 12, 2023, Conduent Incorporated, a technology-based process solutions company, declared the official launch of the IntelliHealth module for interaction with healthcare providers. This new module provides pharma companies with an end-to-end solution to enhance access to and engagement with healthcare professionals.
Browse 36 Market Data Tables and 26 Figures spread through 140 Pages and in-depth TOC on “Global Pharmacy Automation Market”- Forecast to 2030, Global Pharmacy Automation Market, By Product (Dispensing Systems, Pill Sorting Machines, Labelling Machines, Packaging Machines, Inventory Management, Automated Storage and Retrieval Systems, and Others), By End User Industry [Inpatient Pharmacies (Acute Care Settings and Long Term Care Facilities), Outpatient Pharmacies (Outpatient/Fast Track Clinics and Hospital Retail Settings), Pharmacy Benefit Management Organization and Mail Order Pharmacies, and Retail Pharmacies] and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa).
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/pharmacy-automation-market-472
Key Takeaways of the Global Pharmacy Automation Market:
- The global pharmacy automation market is expected to exhibit a CAGR of 8.1% during the forecast period. Growing need for minimizing medication errors offers lucrative growth opportunities for players in the global pharmacy automation market.
- Among product, the packaging machines segment is expected to provide a lucrative opportunity for the growth of the global pharmacy automation market during the forecast period, and this is attributed to the increasing product launches by key market players. For instance, on September 29, 2022, Ranpak, an eco-friendly packaging and automated paper packing solutions company, announced the global launch of its automated packaging solution. The machine is claimed to improve efficiency and production, as well as reduce temporary labor.
- Among region, North America is expected to be the dominant region in the global pharmacy automation market, owing to product launches by key market players. For instance, on August 29, 2023, Amcor plc., a packaging solutions company, announced the launch of curbside-recyclable AmFiberTM Performance Paper packaging in North America. Paper-based packaging alternatives employ innovative technologies to deliver the right barrier, shelf-life, and machine performance to meet brand and product needs.
- Major players operating in the global pharmacy automation market are Swisslog Healthcare, Omnicell, Inc., BD, Oracle, Capsa Healthcare, MCKESSON CORPORATION, Yuyama Co., Ltd., Gebr. Willach GmbH, ScriptPro LLC., and RxSafe, LLC.
