Pharmacy Automation Equipment Market Size, Share, Growth, And Industry Analysis By Type (Medication Dispensing System, Packaging & Labeling System, Tabletop Counter and Storage System, Others) By Application (Hospital Pharmacy, Retail Pharmacy, Others) and Regional Forecast By 2031

Pharmacy Automation Equipment Market Report Overview

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The global pharmacy automation equipment market size was USD 3029.98 million in 2021 & the market is expected to reach USD 7495.87 million in 2031, exhibiting a CAGR of 9.48% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre- pandemic levels once the pandemic is over. 

Pharmacy automation equipment refers to the use of technology and machinery to automate various processes in a pharmacy setting. This can include automated dispensing systems, medication management systems, robotic prescription filling machines, and other types of equipment that help streamline and optimize pharmacy operations. The goal of pharmacy automation equipment is to improve the efficiency, accuracy, and safety of medication dispensing and management, while reducing the workload on pharmacists and other healthcare providers. Automation systems can also help reduce the risk of medication errors and improve patient outcomes by ensuring that the right medication is dispensed to the right patient at the right time.

The global pharmacy automation equipment market is expected to grow significantly in the coming years due to the increasing demand for automation systems in the healthcare industry. The market is driven by factors such as the growing need to reduce medication errors, improve patient safety, and increase operational efficiency in pharmacies. The adoption of pharmacy automation equipment is also driven by the growing number of prescriptions and the shortage of pharmacists in many regions.

COVID-19 Impact: Pandemic Need for Social Distancing Measures Boosted the Market Growth

The COVID-19 pandemic has had a significant impact on the global pharmacy automation equipment market. The pandemic has increased the demand for pharmacy automation systems due to the need for social distancing measures, reduced contact, and increased hygiene. The pandemic has also led to an increase in the number of patients, which has put a strain on healthcare systems, leading to an increased demand for automation systems in pharmacies to increase operational efficiency. The pandemic has also led to disruptions in the supply chain, affecting the availability of raw materials and components for the production of pharmacy automation equipment. The pandemic has also led to a decrease in demand for non-essential healthcare services, affecting the adoption of pharmacy automation systems.

Latest Trends

"Adoption Of Robotics & Artificial Intelligence to Boost the Market Development"

The pharmacy automation equipment market is witnessing several trends, including the adoption of robotics and artificial intelligence (AI) in pharmacy automation systems. Robotics and AI are being used to automate various pharmacy processes, such as medication dispensing, prescription verification, and medication management. These technologies help reduce medication errors, improve patient safety, and increase operational efficiency in pharmacies. Another trend in the pharmacy automation equipment market is the adoption of cloud-based pharmacy automation systems. Cloud-based systems enable remote access to pharmacy automation systems, allowing pharmacists to manage medication dispensing and medication management from anywhere, at any time.

Pharmacy Automation Equipment Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into Medication Dispensing System, Packaging & Labeling System, Tabletop Counter and Storage System, Others. Medication Dispensing System being the leading segment of the market by type analysis.

• By Application Analysis

Based on application, the market can be divided into Hospital Pharmacy, Retail Pharmacy, Others. Hospital Pharmacy being the leading segment of the market by application analysis.

Driving Factors

"Growing Need to Reduce Medication Errors and Improve Patient Safety to Drive the Market Growth"

Medication errors are a significant problem in healthcare, with studies showing that medication errors occur in up to 50% of all medication administrations. Pharmacy automation equipment helps reduce medication errors by automating medication dispensing and medication management processes. Automated systems help ensure that the right medication is dispensed to the right patient, at the right time, and in the right dose, reducing the risk of medication errors and improving patient safety.

"Increasing Number of Prescriptions and Shortage of Pharmacists to Drive the Market Development"

The increasing number of prescriptions and the shortage of pharmacists is a major driver of the adoption of pharmacy automation equipment. The aging population and the increasing prevalence of chronic diseases are contributing to the rising number of prescriptions. Additionally, advancements in medical technology and the availability of new drugs are also contributing to the growth in the number of prescriptions. This increase in demand for prescriptions is putting a strain on healthcare organizations, leading to a shortage of pharmacists in many regions. Pharmacy automation systems help increase operational efficiency in pharmacies, allowing pharmacists to manage a larger number of prescriptions with fewer resources. Automation systems help reduce the time spent on manual tasks such as counting pills, labeling medication, and organizing inventory, allowing pharmacists to spend more time on tasks that require their expertise. Automated dispensing systems can also help reduce errors in dispensing medication by accurately dispensing the correct dosage, reducing the risk of adverse events.

Restraining Factors

"High Cost of Automation Systems to Impede the Market Growth"

One of the main challenges facing the pharmacy automation equipment market is the high cost of automation systems. Pharmacy automation equipment requires significant investment in hardware, software, and installation, which can be a barrier to adoption for many healthcare organizations. The high cost of automation equipment can be attributed to the complex nature of the technology, the need for specialized training, and ongoing maintenance and support costs. As a result, smaller healthcare organizations with limited budgets may find it difficult to justify the cost of pharmacy automation equipment.

Pharmacy Automation Equipment Market Regional Insights

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"High Adoption of Technology in The Healthcare Industry in North America to Bolster the Market Development in the Region"

North America is a mature market for pharmacy automation equipment, driven by the high adoption of technology in the healthcare industry. The increasing number of prescriptions, the shortage of pharmacists, and the need to improve patient safety and reduce medication errors are driving the growth of the pharmacy automation equipment market in North America. The presence of major players such as Omnicell, McKesson Corporation, and AmerisourceBergen Corporation is also contributing to the growth of the market in the region. The United States is the largest market for pharmacy automation equipment in North America, driven by the increasing demand for automation systems in hospital pharmacies and retail pharmacies.

The Asia Pacific region is expected to grow at the highest rate in the pharmacy automation equipment market, driven by the increasing adoption of technology in the healthcare industry and the rising number of prescriptions in the region. Countries such as China and India are experiencing a shortage of pharmacists, leading to an increasing demand for pharmacy automation equipment. The growth of e-commerce in the region is also contributing to the growth of the pharmacy automation equipment market, as online pharmacies are adopting automation systems to improve efficiency and reduce costs. The presence of major players such as BD, McKesson Corporation, and Baxter International Inc. is also contributing to the growth of the market in the region.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

LIST OF TOP PHARMACY AUTOMATION EQUIPMENT COMPANIES

• RxSafe, LLC (U.S.)
• Becton (U.S.)
• ScriptPro LLC (U.S.)
• KUKA AG (Germany)
• Cerner Corporation (U.S.)
• Talyst Systems, LLC (U.S.)
• Capsa Healthcare (U.S.)
• TCGRx Pharmacy Workflow Solutions (U.S.)
• Omnicell, Inc (U.S.)
• ARxIUM Inc (Canada)
• Parata Systems LLC (U.S.)
• Baxter International, Inc (U.S.)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.