Global Pharmacy Automation Devices Market Size is Enroute to USD 11.60 Billion, Driven by 7.33% CAGR by 2032 | Growing Technical Advancements in Pharmacies & Hospitals
According to The Brainy Insights, the global pharmacy automation devices market size is projected to reach USD 11.60 billion by 2032 from its value of USD 5.72 billion in 2022, at a CAGR of 7.33% during the forecast period. The market should witness a moderate growth rate owing to the increasing demand for minimizing the possibility of errors in different applications.
New York, Sept. 12, 2023 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the pharmacy automation devices market will grow from USD 5.72 Billion in 2022 to USD 11.60 Billion by 2032. The pharmacy automation devices market is witnessing a rise in demand due to the increasing requirement for automated dispensers and sorting machines. Investments in pharmacy equipment will substantially grow the pharmacy automation devices market.
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|Market Size in 2022||USD 5.72 Billion|
|Projected Market Size in 2032||USD 11.60 Billion|
|CAGR Growth Rate||7.33%|
|Key Market Players||Amerisource Bergen Corporation,Healthcare Systems, Inc.,Accu-Chart Plus,Omnicell, Inc.,Pearson Medical Technologies,McKesson Corporation,Baxter,Talyst, L.L.C.,Fulcrum Pharmacy Management, Inc.,Scriptpro L.L.C.,Health Robotics S.R.L.,Aesynt, Inc,Medacist Solutions Group, L.L.C.,Pyxis Corporation,Cerner Oracle,Kirby Lester,Forhealth Technologies iA,Touchpoint Medical,ARxIUM,Deenova S.R.L Parata Systems, L.L.C.,Yuyama Co. Ltd,Swisslog Healthcare,CareFusion|
|Key Segment||Product Type, Application and End-users|
|Major Regions Covered||The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level.|
Key Insight of the Pharmacy Automation Devices Market
North America to account for the largest market size during the forecast period.
North America will have the most major pharmacy automation devices market share during the forecast period. The factors supporting the growth of the regional pharmacy automation devices market include the large number of manufacturers developing advanced pharmacy automation devices that can be used in industry-specific applications. The region’s increasing number of chronic diseases provides lucrative opportunities for pharmacy automation devices.
The automated labelling and packaging systems segment is expected to augment the market during the forecast period.
The product type segment is divided into automated medication storage and dispensing systems, automated tabletop counters, automated labelling and packaging systems, automated medication compounding systems and others. The automated medication storage and dispensing systems segment further includes automated dispensing cabinets, robotic automated dispensing systems and carousels. The automated labelling and packaging systems segment is expected to augment the market during the forecast period. Automating the label verification process and packaging process is one efficient and time-saving method of preventing a label mismatch and maintaining the integrity of the package.
The inventory management segment is expected to augment the market during the forecast period.
The application segment is divided into inventory management, drug storage and drug packaging and dispensing. The inventory management segment is expected to augment the market during the forecast period. The process of filling prescriptions, from stocking and billing to distributing medications to patients, is automated by pharmacy automation devices. These devices allow pharmacies to manage medicine inventory, recommend over-the-counter medications, automate drug delivery, and lower error rates.
The outpatient pharmacies segment is expected to augment the market during the forecast period.
The end-users segment is divided into retail pharmacies, inpatient pharmacies, outpatient pharmacies and mail order pharmacies & pharmacy benefit management organizations. The outpatient pharmacies segment is expected to augment the market during the forecast period. Outpatient pharmacy deploys pharmacy automation devices to dispense and sell pharmacy products.
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Driver: Increasing demand for automated labelling and packaging
Consumer product manufacturers must accurately describe their products on their labels. Typically, this is highly regulated and industry-specific because each country has its own packaging and labelling rules. Labelling is crucial if the company exports its goods to several nations. Finding solutions to lessen the potential of a label mismatch from package contents is another issue that needs to be addressed for producers in highly regulated industries, including medical devices and pharmaceuticals. Automation lessens the possibility of human error and helps eliminate pointless compliance concerns. Regarding automated label verification systems, mistake rates are virtually nonexistent. These devices check the label data structure offline following the generation of the barcode and construction of the final artwork and inline right after printing or applying code to a product.
Pharmacy automation devices run on software and hardware that operate at faster speeds. This may lead to decreased effectiveness at times and higher maintenance costs. Further, if the equipment needs repair, isn’t working correctly, or needs new vials and medication loaded, this may result in delays.
Opportunity: Growth of the pharmaceutical industry
With increasing industrialization and urbanization, the demand for pharmaceutical products is rising. Pharmaceutical companies and R&D organizations require fast and efficient product sorting, distribution, packaging and labelling. With rising government spending on pharmaceutical R&D in emerging countries, rising life science research and development expenditure, progressing drug discovery and clinical diagnostics field, technological advancements, emerging applications, growing ageing populations, rising prevalence of chronic diseases, and changing demographics, numerous industry participants reported record sales, primarily driven by robust growth in emerging countries such as China, India, and a growing number of other emerging countries. Advances have aided the growth of the pharmaceutical industry in life science research and technology innovations. As a result, high-end research projects require quality instruments with high throughput capacity, further fuelling the pharmacy automation devices market.
Challenges: Stringent regulations for approval
The manufacturers must adhere to medical device regulations, including rules governing registration, import, manufacturing, clinical investigation, classification, grouping and product standards. The stringent regulations increase entry barriers, limiting the number of manufacturers entering the market or expanding their presence in different regions.
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Some of the major players operating in the pharmacy automation devices market are:
• Amerisource Bergen Corporation
• Healthcare Systems, Inc.
• Accu-Chart Plus
• Omnicell, Inc.
• Pearson Medical Technologies
• McKesson Corporation
• Talyst, L.L.C.
• Fulcrum Pharmacy Management, Inc.
• Scriptpro L.L.C.
• Health Robotics S.R.L.
• Aesynt, Inc
• Medacist Solutions Group, L.L.C.
• Pyxis Corporation
• Cerner Oracle
• Kirby Lester
• Forhealth Technologies iA
• Touchpoint Medical
• Deenova S.R.L Parata Systems, L.L.C.
• Yuyama Co. Ltd
• Swisslog Healthcare
Key Segments Cover in the Market:
By Product Type:
• Automated Medication Storage and Dispensing Systems
o Automated Dispensing Cabinets
o Robotic Automated Dispensing Systems
• Automated Tabletop Counters
• Automated Labelling and Packaging Systems
• Automated Medication Compounding Systems
• Inventory Management
• Drug Storage
• Drug Packaging and Dispensing
• Retail Pharmacies
• Inpatient Pharmacies
• Outpatient Pharmacies
• Mail Order Pharmacies & Pharmacy Benefit Management Organizations
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (U.A.E., South Africa, Rest of M.E.A.)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter’s five forces model, attractiveness analysis, product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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