Pharmacy Automation Equipment Market Dynamics and Analysis by 2031
The pharmacy automation equipment market size is projected to reach US$ 11.62 billion by 2031 from US$ 6.28 billion in 2023. The market is expected to register a CAGR of 8.00% during 2023–2031. The emergence of medication dispensing systems, robotics, artificial intelligence (AI), telepharmacies, and automated inventory management systems are likely to remain a key trend in the market.
Pharmacy Automation Equipment Market Analysis
Due to new technologies, the healthcare sector is constantly changing and getting better, especially for pharmacies. To maintain timeliness, precision, and accuracy, pharmacies need to use a variety of systems, so those in this field must stay current on technological advancements. Leading the way in the technological revolution for the betterment of patients and healthcare providers has been pharmacy automation. Pharmacists can now handle patient prescriptions more efficiently and work more productively due to automation, which can handle anything from tedious chores to the smooth exchange of health information.
Pharmacy Automation Equipment Market Overview
The market for pharmacy automation systems is being driven by the numerous advantages that they offer to pharmacies. Automation enhances accuracy, pharmacy workflow, and patient experience while lowering expenses and medication-related errors. Future predictions for the global automation market point to an exponential growth in prescription demand, technical equipment, and broadening technological knowledge. The field of digital healthcare is rapidly growing and dominating. The number of prescriptions written will increase in tandem with the aging population, meaning that automation will have a significant impact on pharmacy practice in the future. Automation currently combines automated labeling, packaging, storing, and dispensing to lower errors in dispensing and boost productivity for pharmacy leaders. From this point on, the company will only use electronics and technology to grow.
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Pharmacy Automation Equipment Market: Strategic Insights
Market Size Value in US$ 4,984.70 Million in 2020 Market Size Value by US$ 9,195.36 Million by 2028 Growth rate CAGR of 8.0% from 2021-2028 Forecast Period 2021-2028 Base Year 2021
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Pharmacy Automation Equipment Market: Strategic Insights
| Market Size Value in | US$ 4,984.70 Million in 2020 |
| Market Size Value by | US$ 9,195.36 Million by 2028 |
| Growth rate | CAGR of 8.0% from 2021-2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Pharmacy Automation Equipment Market Drivers and Opportunities
Increase in Adoption of Pharmacy Automation Equipment Favors the Market Growth
Pharmacy automation is now being done with robotics and AI. Mechanical devices known as pharmacy robotics can replicate human behavior once they are programmed to do so without constant operator assistance. For instance, a lot of automated workflow systems, pharmacy barcoding, and medication dispensing systems are all categorized as robotic. Artificial Intelligence (AI) is a rapidly developing field in pharmacy technology that can be applied to various tasks like polypharmacology, dosage form design, drug discovery, computer programs, and hospital pharmacy. Since AI is typically used to mimic human cognitive tasks, the pharmaceutical industry may see a significant increase in its use of this technology. It can be used to carry out human-like tasks on digital computers or computer-controlled robots (such as automated dispensing cabinets). Leading pharmaceutical companies are beginning to use artificial intelligence (AI) in research and development, drug discovery, healthcare system analysis, medication accuracy, medical support, and assistance, helping with repetitive tasks, treatment plan design, and health record maintenance. AI can be used in hospital pharmacies for a variety of purposes, including barcode scanning, automated medication preparation, automated tracking, and dispensing. Thus, an increase in use coupled with emerging applications of pharmacy automation systems is likely to drive the growth of the market.
Government Initiatives in Developing Nations
Because healthcare costs are rising and there is increasing pressure to improve access to services, pharmaceutical management plays a critical role in developing countries. For instance, the role of the pharmacist has expanded to include ensuring appropriate counseling, monitoring, and medication adherence, as well as preventing the development of HIV drug resistance in many resource-constrained settings burdened by the virus. This generates the need for cutting-edge technological solutions. The governments of developing nations are implementing several measures to make these medications easier to obtain. For example, to improve the delivery of HIV treatment, the Ministry of Health and Social Services in Namibia has implemented multi-month dispensing to enable the scaling-up of antiretroviral therapy. In Namibia's healthcare facilities, this is currently widely used, which aids in achieving the country's HIV treatment objectives. In India, the hospital sector makes up 80% of the whole healthcare market. There is a significant demand for it from both domestic and international investors. Consequently, during the projected period, these factors are probably going to generate significant growth opportunities for the pharmacy automation equipment market.
Pharmacy Automation Equipment Market Report Segmentation Analysis
Key segments that contributed to the derivation of the pharmacy automation equipment market analysis are type and end user.
- Based on type, the pharmacy automation equipment market is divided into automated medication dispensing systems, automated packaging & labeling systems, automated storage & retrieval systems, automated compounding devices, and tabletop tablet counters. The automated medication dispensing systems segment held the most significant market share in 2023.
- By end user, the market is segmented into hospital pharmacy, retail pharmacy, and others. The hospital pharmacy segment held the largest share of the market in 2023.
Pharmacy Automation Equipment Market Share Analysis by Geography
The geographic scope of the pharmacy automation equipment market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America has captured the largest share of the global market, with growth being driven by factors such as the increasing adoption of pharmacy automation equipment in the US, growing public health awareness, increasing government initiatives, and the presence of leading players. A key driver of market growth is the increase in medication errors and the increasing demand for pharmaceutical products. The growing patient population in the U.S. indicates an increase in the number of patients taking multiple medications daily. Research shows that in the U.S., over 50% of patients have at least one prescription, with many taking multiple medications daily, putting them at increased risk of medication errors and potential health risks. The rising demand for pharmaceutical products, advancing technology, and the need for precise robotic equipment and tools to efficiently perform tasks are expected to be key factors for market growth.
Pharmacy Automation Equipment Market Report Scope
Pharmacy Automation Equipment Market News and Recent Developments
The pharmacy automation equipment market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the pharmacy automation equipment market are listed below:
- BD (Becton, Dickinson, and Company) a leading global medical technology company, and Frazier Healthcare Partners, a leading private equity firm focused exclusively on the healthcare sector, announced a definitive agreement for BD to acquire Parata Systems, an innovative provider of pharmacy automation solutions, for $1.525 billion. (Source: BD, Press Release, June 2022)
- Canadian pharmacies serving the hospital, retail, and long-term care markets now have access to next-generation pharmacy automation technology to increase the reliability, efficiency, and safety of medication management. This includes adherence pouch packaging and inspection systems and front-loading semi-automated vial filling machines. (Source: News Letter, April 2024)
Pharmacy Automation Equipment Market Report Coverage and Deliverables
The “Pharmacy Automation Equipment Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Pharmacy automation equipment market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Pharmacy automation equipment market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Pharmacy automation equipment market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments.
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments in the pharmacy automation equipment market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type and End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
North America dominated the pharmacy automation equipment market in 2023
Key factors driving the market are an increase in the adoption of pharmacy automation equipment and a growing demand for pharmacy automation equipment.
The emergence of medication dispensing systems, robotics, artificial intelligence (AI), telepharmacies, and automated inventory management systems are likely to remain a key trend in the market.
Cerner Corporation, AmerisourceBergen, Baxter International Inc, Talyst LLC (Swisslog Healthcare), Capsa Healthcare, BD, OMNICELL INC, MCKESSON CORPORATION, ScriptPro LLC, YUYAMA Co., Ltd
The market is expected to register a CAGR of 8.0% during 2023–2031.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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