Pharmacy automation systems are computerized systems used in hospitals and retail pharmacies to dispense and manage medicines and pharmaceutical products. They are designed to reduce medication errors, improve efficiency and save costs as compared to traditional pharmacy operation.
The global Pharmacy Automation Market is estimated to be valued at US$ 3,601.4 Mn in 2023 and is expected to exhibit a CAGR of 8.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The demand for pharmacy automation systems has been rising due to the increasing prescription volumes globally. Automated dispensing systems help pharmacies handle high prescription volumes efficiently while maintaining accuracy. With growing elderly population globally that take multiple medicines on a regular basis, prescription volumes will continue rising in the coming years. This is expected to propel the demand for pharmacy automation systems that can efficiently dispense large volumes of medicines accurately. Automated medication management and dispensing systems allow pharmacies to meet the rising prescription needs while maintaining safety and quality standards.
SWOT Analysis
Strength: The pharmacy automation market has adopted advanced technologies to streamline the workflow of pharmacies and reduce medication errors. Automated systems help dispense accurate doses on time.
Weakness: High initial investment cost for installing automation equipment is a major hurdle, especially for small and medium pharmacies. Technical challenges and maintenance issues can also affect operations.
Opportunity: Growing geriatric population and increasing demand for prescription drugs drive the need for automation. There is also scope to automate more complicated tasks like compounding and packaging complex medications.
Threats: Resistance to change from pharmacists can slow adoption rates. Strict regulations governing medication safety also pose compliance challenges for technology providers.
Key Takeaways
The global pharmacy automation market is expected to witness high growth driven by the rising workload in pharmacies. The growing aging population and increasing volume of prescriptions necessitate automation solutions for timely and accurate order dispensing. The global Pharmacy Automation Market is estimated to be valued at US$ 3,601.4 Mn in 2023 and is expected to exhibit a CAGR of 8.1% over the forecast period 2023 to 2030.
Regional analysis: North America currently dominates the market due to favorable regulatory environment and advanced healthcare infrastructure. The region is projected to remain the highest revenue generator due to high adoption rates among retail pharmacies and hospitals. Asia Pacific is anticipated to be the fastest growing market led by countries like China and India experiencing increased healthcare expenditure and demand for quality services.
Key players: 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. Automated dispensing cabinets remain the top revenue generator for market leaders. Strategic partnerships for product innovations and geographical expansion are also common in this competitive landscape.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
