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Global Pharmacy Automation Devices Market is valued approximately USD 5.5 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 9.9% over the forecast period 2023-2030. Pharmacy automation devices are advanced technological solutions designed to streamline and enhance various processes within a pharmacy setting. These devices are employed to automate tasks such as medication dispensing, inventory management, prescription filling, and labeling, aiming to improve efficiency, accuracy, and overall patient care. Automated dispensing systems, robotic pill dispensers, and prescription verification tools are examples of pharmacy automation devices. The Pharmacy Automation Devices market is expanding because of factors such as rising demand for robotics dispensing devices across hospital and retail pharmacies, increasing medication dispensing errors across pharmacies and rising adoption of these systems across acute care settings in hospital and retail pharmacies.
The robotic dispensing system (RDS) is a pivotal component in the pharmaceutical landscape, automating the storage, counting, and dispensing of various medication pills to facilitate centralized pharmacies in efficiently fulfilling high-volume prescriptions. The heightened precision and efficiency of these robotic systems have fueled an increasing demand, particularly in acute care settings, where they are employed for drug barcoding, dispensing, and intravenous compounding. Major industry players are actively contributing to the expansion of technologically advanced robotic dispensing systems in healthcare settings, driving growth in the pharmacy automation devices market. March 2023 article published by NCBI underscores the widespread adoption of robotic dispensing systems as a comprehensive solution to mitigate medication errors during the dispensing process. These systems are responsible for filling over 90,000 patient prescriptions daily in central pharmacy systems. Notably, various pharmacy settings, both outpatient and institutional, are now prioritizing the automation of medication dispensing systems to address the escalating incidence of medical errors and the growing demand for specialty drug dispensing, which necessitates more intricate techniques than traditional prescription drugs. Real-world success stories further validate the impact of robotic dispensing systems. The Wirral Hospitals NHS Trust reported a remarkable 50.0% reduction in medication dispensing errors within just four months of implementing a pharmacy robot in March 2022. The American Society of Health-System Pharmacists (ASHP) national survey in 2020 revealed that 74.5% of hospitals utilize robots for drug dispensing. These findings underscore the significant advantages offered by robotic systems, including enhanced workflow and error-free medication dispensing, contributing to their increasing adoption and high demand in hospital pharmacies across developed countries, thereby bolstering market growth. In addition, rising technological advancements and rising initiatives for modern healthcare infrastructure. However, the lack of skilled personnel in automation sector, high cost of pharmacy automation devices stifles market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Pharmacy Automation Devices Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the increasing demand for efficient and error-free medication management systems has driven the adoption of automation devices in pharmacies across the region. The ongoing advancements in technology and the trend toward digitization in healthcare are also pivotal drivers. Integration of electronic health records (EHRs), connectivity with other healthcare systems, and the implementation of smart automation solutions contribute to a more interconnected and efficient healthcare ecosystem, fostering the adoption of pharmacy automation devices in the region. Europe is expected to grow at a fastest rate during the forecast period, owing to factors such as rising adoption of advanced technological solutions within pharmaceutical settings, the stringent regulatory environment in Europe emphasizes the importance of compliance and traceability in the pharmaceutical supply chain. Pharmacy automation devices, equipped with features such as drug barcoding and inventory tracking, assist pharmacies in meeting these regulatory requirements.
Major market player included in this report are:
Amerisource Bergen Corporation
Accu-Chart Plus Healthcare Systems, Inc.
Omnicell, Inc.
McKesson Corporation
Pearson Medical Technologies
Baxter
Talyst, LLC (Swisslog Healthcare)
Scriptpro LLC
Fulcrum Pharmacy Management, Inc.
Health Robotics S.R.L.
Recent Developments in the Market:
Ø In July 2022, BD has announced the acquisition of Parata Systems, LLC, a company known for its pioneering pharmacy automation systems and solutions. Within the Parata Systems product lineup are automated dispensing systems that resemble vending machines, designed for the precise dispensing, capping, and sorting of pills. Additionally, the portfolio encompasses advanced software programs tailored for pharmacy automation devices, further expanding BD’s capabilities in the evolving landscape of pharmaceutical automation
Ø In Aug 2021, Capsa Healthcare has strategically acquired Specialty Carts Inc. with the aim of enhancing its capabilities in long-term care (LTC) medication management. This acquisition reinforces Capsa’s commitment to offering a comprehensive and diverse range of products in the field of pharmacy automation. By integrating the expertise and solutions of Specialty Carts Inc., Capsa Healthcare aims to further strengthen its position in providing advanced and tailored medication management solutions for long-term care settings.
Global Pharmacy Automation Devices Market Report Scope:
ü Historical Data – 2020 – 2021
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered – Product, End-use, Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
ü Customization Scope – Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Product:
Medication Dispensing Systems
Packaging And Labeling Systems
Storage And Retrieval Systems
Automated Medication Compounding Systems
Tabletop Tablet Counters
By End-use:
Retail Pharmacy
Inpatient Pharmacies
Outpatient Pharmacies
Pharmacy Benefit Management Organizations
Mail-Order Pharmacies
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa
Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Billion)
1.2.1. Pharmacy Automation Devices Market, by Region, 2020-2030 (USD Billion)
1.2.2. Pharmacy Automation Devices Market, by Product, 2020-2030 (USD Billion)
1.2.3. Pharmacy Automation Devices Market, by End-use, 2020-2030 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Pharmacy Automation Devices Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Industry Evolution
2.2.2. Scope of the Study
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Pharmacy Automation Devices Market Dynamics
3.1. Pharmacy Automation Devices Market Impact Analysis (2020-2030)
3.1.1. Market Drivers
3.1.1.1. Rising demand for robotics dispensing devices across hospital and retail pharmacies
3.1.1.2. Increasing medication dispensing errors across pharmacies
3.1.1.3. Rising adoption of these systems across acute care settings in hospital and retail pharmacies
3.1.2. Market Challenges
3.1.2.1. Lack of skilled personnel in automation sector
3.1.2.2. High cost of pharmacy automation devices
3.1.3. Market Opportunities
3.1.3.1. Rising technological advancements
3.1.3.2. Rising initiatives for modern healthcare infrastructure
Chapter 4. Global Pharmacy Automation Devices Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. Porter’s 5 Force Impact Analysis
4.3. PEST Analysis
4.3.1. Political
4.3.2. Economical
4.3.3. Social
4.3.4. Technological
4.3.5. Environmental
4.3.6. Legal
4.4. Top investment opportunity
4.5. Top winning strategies
4.6. COVID-19 Impact Analysis
4.7. Disruptive Trends
4.8. Industry Expert Perspective
4.9. Analyst Recommendation & Conclusion
Chapter 5. Global Pharmacy Automation Devices Market, by Product
5.1. Market Snapshot
5.2. Global Pharmacy Automation Devices Market by Product, Performance – Potential Analysis
5.3. Global Pharmacy Automation Devices Market Estimates & Forecasts by Product 2020-2030 (USD Billion)
5.4. Pharmacy Automation Devices Market, Sub Segment Analysis
5.4.1. Medication Dispensing Systems
5.4.2. Packaging And Labeling Systems
5.4.3. Storage And Retrieval Systems
5.4.4. Automated Medication Compounding Systems
5.4.5. Tabletop Tablet Counters
Chapter 6. Global Pharmacy Automation Devices Market, by End-use
6.1. Market Snapshot
6.2. Global Pharmacy Automation Devices Market by End-use, Performance – Potential Analysis
6.3. Global Pharmacy Automation Devices Market Estimates & Forecasts by End-use 2020-2030 (USD Billion)
6.4. Pharmacy Automation Devices Market, Sub Segment Analysis
6.4.1. Retail Pharmacy
6.4.2. Inpatient Pharmacies
6.4.3. Outpatient Pharmacies
6.4.4. Pharmacy Benefit Management Organizations
6.4.5. Mail-Order Pharmacies
Chapter 7. Global Pharmacy Automation Devices Market, Regional Analysis
7.1. Top Leading Countries
7.2. Top Emerging Countries
7.3. Pharmacy Automation Devices Market, Regional Market Snapshot
7.4. North America Pharmacy Automation Devices Market
7.4.1. U.S. Pharmacy Automation Devices Market
7.4.1.1. Product breakdown estimates & forecasts, 2020-2030
7.4.1.2. End-use breakdown estimates & forecasts, 2020-2030
7.4.2. Canada Pharmacy Automation Devices Market
7.5. Europe Pharmacy Automation Devices Market Snapshot
7.5.1. U.K. Pharmacy Automation Devices Market
7.5.2. Germany Pharmacy Automation Devices Market
7.5.3. France Pharmacy Automation Devices Market
7.5.4. Spain Pharmacy Automation Devices Market
7.5.5. Italy Pharmacy Automation Devices Market
7.5.6. Rest of Europe Pharmacy Automation Devices Market
7.6. Asia-Pacific Pharmacy Automation Devices Market Snapshot
7.6.1. China Pharmacy Automation Devices Market
7.6.2. India Pharmacy Automation Devices Market
7.6.3. Japan Pharmacy Automation Devices Market
7.6.4. Australia Pharmacy Automation Devices Market
7.6.5. South Korea Pharmacy Automation Devices Market
7.6.6. Rest of Asia Pacific Pharmacy Automation Devices Market
7.7. Latin America Pharmacy Automation Devices Market Snapshot
7.7.1. Brazil Pharmacy Automation Devices Market
7.7.2. Mexico Pharmacy Automation Devices Market
7.8. Middle East & Africa Pharmacy Automation Devices Market
7.8.1. Saudi Arabia Pharmacy Automation Devices Market
7.8.2. South Africa Pharmacy Automation Devices Market
7.8.3. Rest of Middle East & Africa Pharmacy Automation Devices Market
Chapter 8. Competitive Intelligence
8.1. Key Company SWOT Analysis
8.1.1. Company 1
8.1.2. Company 2
8.1.3. Company 3
8.2. Top Market Strategies
8.3. Company Profiles
8.3.1. Amerisource Bergen Corporation
8.3.1.1. Key Information
8.3.1.2. Overview
8.3.1.3. Financial (Subject to Data Availability)
8.3.1.4. Product Summary
8.3.1.5. Recent Developments
8.3.2. Accu-Chart Plus Healthcare Systems, Inc.
8.3.3. Omnicell, Inc.
8.3.4. McKesson Corporation
8.3.5. Pearson Medical Technologies
8.3.6. Baxter
8.3.7. Talyst, LLC (Swisslog Healthcare)
8.3.8. Scriptpro LLC
8.3.9. Fulcrum Pharmacy Management, Inc.
8.3.10. Health Robotics S.R.L.
Chapter 9. Research Process
9.1. Research Process
9.1.1. Data Mining
9.1.2. Analysis
9.1.3. Market Estimation
9.1.4. Validation
9.1.5. Publishing
9.2. Research Attributes
9.3. Research Assumption
At Bizwit Research and Consultancy, we employ a thorough and iterative research methodology with the goal of minimizing discrepancies, ensuring the provision of highly accurate estimates and predictions over the forecast period. Our approach involves a combination of bottom-up and top-down strategies to effectively segment and estimate quantitative aspects of the market, utilizing our proprietary data & AI tools. Our Proprietary Tools allow us for the creation of customized models specific to the research objectives. This enables us to develop tailored statistical models and forecasting algorithms to estimate market trends, future growth, or consumer behavior. The customization enhances the accuracy and relevance of the research findings.
We are dedicated to clearly communicating the purpose and objectives of each research project in the final deliverables. Our process begins by identifying the specific problem or challenge our client wishes to address, and from there, we establish precise research questions that need to be answered. To gain a comprehensive understanding of the subject matter and identify the most relevant trends and best practices, we conduct an extensive review of existing literature, industry reports, case studies, and pertinent academic research.
Critical elements of methodology employed for all our studies include:
Data Collection:
To determine the appropriate methods of data collection based on the research objectives, we consider both primary and secondary sources. Primary data collection involves gathering information directly from various industry experts in core and related fields, original equipment manufacturers (OEMs), vendors, suppliers, technology developers, alliances, and organizations. These sources encompass all segments of the value chain within the specific industry. Through in-depth interviews, we engage with key industry participants, subject-matter experts, C-level executives of major market players, industry consultants, and other relevant experts. This allows us to obtain and validate critical qualitative and quantitative information while evaluating market prospects. AI and Big Data are instrumental in our primary research, providing us with powerful tools to collect, analyze, and derive insights from data efficiently. These technologies contribute to the advancement of research methodologies, enabling us to make data-driven decisions and uncover valuable findings.
In addition to primary sources, we extensively utilize secondary sources to enhance our research. These include directories, databases, journals focusing on related industries, company newsletters, and information portals such as Bloomberg, D&B Hoovers, and Factiva. These secondary sources enable us to identify and gather valuable information for our comprehensive, technical, market-oriented, and commercial study of the market. Additionally, we utilize AI algorithms to automate the collection of vast amounts of data from various sources such as surveys, social media platforms, online transactions, and web scraping. And employ Big Data technologies for storage and processing of large datasets, ensuring that no valuable information is missed during the data collection process.
Data Analysis:
Our team of experts carefully examine the gathered data using suitable statistical techniques and qualitative analysis methods. For quantitative analysis, we employ descriptive statistics, regression analysis, and other advanced statistical methods, depending on the characteristics of the data. This analysis may also incorporate the utilization of AI tools and big data analysis techniques to extract meaningful insights.
To ensure the accuracy and reliability of our findings, we extensively leverage data science techniques, which help us minimize discrepancies and uncertainties in our analysis. We employ Data Science to clean and preprocess the data, ensuring its quality and reliability. This involves handling missing data, removing outliers, standardizing variables, and transforming data into suitable formats for analysis. The application of data science techniques enhances our accuracy, efficiency, and depth of analysis, enabling us to stay competitive in dynamic market environments.
Market Size Estimation:
Our proprietary data tools play a crucial role in deriving our market estimates and forecasts. Each study involves the creation of a unique and customized model. The model incorporates the gathered information on market dynamics, technology landscape, application development, and pricing trends. AI techniques, such as machine learning and deep learning, aid us to analyze patterns within the data to identify correlations, trends, and relationships. By recognizing patterns in consumer behavior, purchasing habits, or market dynamics, our AI algorithms aid us in more precise estimations of market size. These factors are simultaneously analyzed within the model, allowing for a comprehensive assessment. To quantify their impact over the forecast period, correlation, regression, and time series analysis are employed.
To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
Insight Generation & Report Presentation:
After conducting the research, our experts analyze the findings in relation to the research objectives and the specific needs of the client. They generate valuable insights and recommendations that directly address the client’s business challenges. These insights are carefully connected to the research findings to provide a comprehensive understanding.
Next, we create a well-structured research report that effectively communicates the research findings, insights, and recommendations to the client. To enhance clarity and comprehension, we utilize visual aids such as charts, graphs, and tables. These visual elements are employed to present the data in an engaging and easily understandable format, ensuring that the information is accessible and visually appealing to the client. Our aim is to deliver a clear and concise report that conveys the research findings effectively and provides actionable recommendations to meet the client’s specific needs.
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