The pharmacy automation market size is estimated to be USD 5,289.7 million in 2022 and is expected to witness a CAGR of 9.91% during the forecast period 2023-2033. Growing geriatric population, automation in retail pharmacy globally, and technological innovations are some of the factors projected to drive the market growth in near future. Furthermore, increasing healthcare spending and surge in demand for reducing medication errors are other factors supporting the market growth, However, strict regulations and rising cost of pharmacy system implementation are predicted to limit market growth.

Automation in retail pharmacy is predicted spur the market growth during the forecast period. Robotic dispensing can improve prescription volumes while decreasing staff training expenses. The initial cost of establishing automated systems may be significant, but after the workflow is optimised, it saves far more. For instance, the installation of the ScriptPro dispensing robot, according to a Colorado pharmacy owner, boosted his prescription volume by 50%. According to the CEO of another pharmacy business, the robot’s installation raised his prescription volume by 70%.

Growing geriatric population globally is expected to fuel the market growth during the projected period. As a result, both the number of chronic and life-threatening diseases and the number of prescriptions written are increasing. In England, the National Health Service issues an estimated 237 million prescription errors annually, which cause hundreds of fatalities, according to a report published in June 2021 titled Economic analysis of the prevalence and clinical and economic consequences of medication error in England. To reduce expenses while enhancing patient safety, pharmacies and hospitals are embracing innovative pharmaceutical automation technology.

Segmentation

By Product

The market is categorized into storage and retrieval systems, packaging and labeling systems, tabletop tablet counters, medication dispensing systems, automated medication compounding systems. In 2022, the medication dispensing systems segment accounted for the highest revenue share due to these systems’ better safety features and precision in medication distribution, which reduce the chances of patients receiving the wrong medications. Additionally, it helps in efficient inventory management and lowers costs by controlling storage. Patients who receive the wrong prescriptions not only risk harm to their health, but also face huge financial consequences. According to a study published in StatPearls, over 9,000 individuals die each year as a result of medication errors, with expenses connected with patient management exceeding USD 40 billion yearly. The automated medication compounding systems segment is anticipated to increase at the fastest rate over the projected period. This is due to even a thorough manual compounding procedure is susceptible to mistakes, which can have a significant impact on how the pharmaceuticals turn out. Thus, the probability of these mistakes occurring when combining pharmaceuticals is decreased or eliminated with an automated compounding system.

By End User

The market is categorized into inpatient pharmacies, outpatient pharmacies, retail pharmacy, and pharmacy benefit management organizations and mail-order pharmacies. In the global market, the retail pharmacy segment accounted for the largest revenue share in 2022 owing to rise in retail pharmacies across all nations. Automation in retail pharmacies is revolutionizing the way costs are reduced on many levels. According to the OECD library, there are now more pharmacies in all OECD companies. In the years 2000 to 2019, Japan had the highest density due to increasing government efforts. Only 25% of pharmacists in Canada were employed in healthcare settings in 2019, with 75% of them continuing to work in community or retail pharmacies. The hospital pharmacy segment has shown the fastest growth. This is a result of high pressure on hospitals and clinics to reduce medication dispensing errors. Additionally, automation is more effective than its human counterparts and makes workflow management simple. Another benefit of managing the inventory for these hospital pharmacies is a decrease in medication waste. The segment has experienced rapid growth as a result of all these factors.

Regional Markets

In 2022, North America region accounted for the highest revenue in the pharmacy automation market and is expected to maintain its dominance during the forecast period. This is attributed to expansion of the region are the established healthcare system, improvements in patient management, and hospital management systems. According to a report in Drug Store News, 66% of prescribers and 48% of pharmacists stated that in the past 15 months, there has been an increase in the usage of automation and other technology. Furthermore, the regional market has grown as a result of the presence of significant drugstore chains and high patient volumes. Asia Pacific is anticipated to have the fastest CAGR during the forecast period. The increasing number of elderly people require medication for chronic diseases is the reason of this growth. The need to lower drug prices, prevent medication errors, and manage workflow properly in hospital pharmacies and standalone units have all contributed to the regional rise. This region has been offering the industry huge opportunities for expansion due to the enormous unmet needs in terms of sophisticated healthcare systems and management systems.

Competitor Insights

Some of the key players operating in the pharmacy automation market are Parata Systems, LLC, Baxter, Deenova S.R.L, TouchPoint Medical, ScriptPro, LLC, iA, Talyst, LLC,
Medacist Solutions Group, LLC, Accu Chart Plus Healthcare Systems, Inc., McKesson Corp., Pearson Medical Technologies, LLC, Kirby Lester, Cerner Corp., Omnicell, Inc., ARxIUM, Swisslog Healthcare, CareFusion (Becton Dickinson and Company), Yuyama Co. Ltd.

To achieve a competitive edge, these companies are implementing a variety of growth strategies. Strategic partnerships, alliances, and agreements with different businesses and research institutions are seen to be the main strategies used by companies in this sector.

• AmerisourceBergen and Walgreens Boots Alliance formed a strategic alliance in January 2021. AmerisourceBergen acquired Walgreens Boots Alliance Healthcare Business, allowing it to focus more on expanding the retail pharmacy business. The two organizations are extending and increasing their commercial arrangements through this strategic cooperation.

This comprehensive research report focuses on the global and regional market size and forecasts of diverse segments including product and end user from 2022 to 2033.

Report Scope:

Segmentation: Pharmacy Automation Devices Market Report 2022 – 2033

Product (Revenue, USD Million), 2022 – 2033

• Storage And Retrieval Systems
• Packaging And Labeling Systems
• Tabletop Tablet Counters
• Medication Dispensing Systems
  • Carousels
  • Robots/Robotic Automated Dispensing Systems
  • Automated Dispensing Cabinets
• Automated Medication Compounding Systems

End user (Revenue, USD Million), 2022 – 2033

• Inpatient Pharmacies
  • Long Term Care Facilities
  • Acute Care Settings
• Outpatient Pharmacies
  • Hospital Retail Settings
  • Outpatient/Fast Track Clinics
• Retail Pharmacy
• Pharmacy Benefit Management Organizations and Mail-Order Pharmacies

By Region (Revenue, USD Million), 2022 – 2033

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of APAC
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of LATAM
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • Rest of MEA