Pharmacy Automation Systems Market Size and CAGR by 2031
The pharmacy automation systems market size is projected to reach US$ 24.79 billion by 2031 from US$ 12.12 billion in 2023. The market is expected to register a CAGR of 9.4% during 2023–2031. Pharmacy automation for telepharmacy is likely to remain a key trend in the market.
Pharmacy Automation Systems Market Analysis
The presence of several market players and the increasing chronic diseases incidences are the key factors driving the market growth. In the UK, due to a lot of medication errors, the government suffers from a high cost. In a year, nearly 273 medication miscalculations are stated, which cost US$ 79.4 million (£98 million) to the healthcare systems. Therefore, the operating companies, along with the National Health Services (NHS) are taking strategic initiatives to curb the extent of errors. In June 2023, Omincell UK & Ireland collaborated with Alphatron Medical, the Netherlands-based company, to launch the AMiS-PRO Smart Cart in the country. Such instances are likely to transform the workflow of nurses for the medication.
Pharmacy Automation Systems Market Overview
Pharmacy automation system market driving factors include low cost, fewer medication-related errors, more significant pharmacy workflow, and good patient experience. There are vast benefits that are associated the pharmacy automation system brings to pharmacies. Furthermore, older people live with one or more chronic medical conditions, such as diabetes, arthritis, Alzheimer’s, or Parkinson’s; the treatments of these conditions require regular refilling of medicines. Therefore, with the growing aging population, the prescription demand will rise exponentially in the years to come. Currently, automation integrates automated dispensing, packaging, storing, labeling, etc, to reduce dispensing errors and increase pharmacy leaders’ productivity.
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Pharmacy Automation Systems Market: Strategic Insights
Market Size Value in US$ 11,121.33 million in 2022 Market Size Value by US$ 22,632.12 million by 2030 Growth rate CAGR of 9.3% from 2022 to 2030 Forecast Period 2022-2030 Base Year 2022
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Pharmacy Automation Systems Market: Strategic Insights
| Market Size Value in | US$ 11,121.33 million in 2022 |
| Market Size Value by | US$ 22,632.12 million by 2030 |
| Growth rate | CAGR of 9.3% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
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Pharmacy Automation Systems Market Drivers and Opportunities
Growing Adoption of Robotic Pharmacy to Favor Market
Automation dismisses pharmacists from labour-intensive distributive functions and improves workflow efficiency in pharmacies. Moreover, robotics and automated systems are rising as the growing network of pharmacies can enhance patient safety, reduce costs, and improve the patient experience. Therefore, product launches are also increasing. In May 2023, ScriptPro received Retail Excellence Award–Technology and Automation from Drug Store News. The premier chain and retail industry publication, DSN, spotlights pharmacy technology companies that strive the best for their clients. Furthermore, in October 2022, McKesson Corporation opened a new state-of-the-art pharmaceutical distribution center in Jeffersonville, Ohio, between Cincinnati and Columbus. The new facility will distribute pharmaceutical, over-the-counter (OTC), and home healthcare (HHC) products as well as consumer packaged goods (CPG) to customers across Ohio, Indiana, Kentucky, Michigan, Pennsylvania, and West Virginia.
Artificial Intelligence (AI) In The Pharmacy Sector
These days AI technology has been incorporated by top pharmaceutical companies for healthcare system analysis, drug discovery, the accuracy of medicine, research and development, health support and medical assistance, treatment plan design, assisting in repetitive tasks, and others. AI provides opportunities for various other industries and fields. For instance, AI can also be implemented via telehealth partnerships, inventory management, and using chatbots to mimic patient-pharmacist interactions. In retail pharmacy and hospital pharmacy settings, AI is used to track the preparation of injectable medications, barcode scanning, and others. With such features, the adoption of automated pharmacy systems will grow in developing countries as well in the coming years.
Pharmacy Automation Systems Market Report Segmentation Analysis
Key segments that contributed to the derivation of the pharmacy automation systems market analysis are type and end-user.
- Based on type, the Pharmacy Automation Systems market is divided into automated packaging and labeling systems, automated medication dispensing systems, automated storage and retrieval systems, automated table-top counters, and other types. The pharmacy automation systems market for automated dispensing systems type is bifurcated into product and operation. The automated medication dispensing systems segment held a larger market share in 2023.
- Based on end user, the pharmacy automation systems market is divided into hospital pharmacy, retail pharmacy, and others. The hospital pharmacy segment held a larger market share in 2023.
Pharmacy Automation Systems Market Share Analysis by Geography
The geographic scope of the pharmacy automation systems market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America has dominated the market and Asia Pacific is anticipated to grow with the highest CAGR in the coming years. The growth of the Asia Pacific market is due to the rising use of artificial intelligence for medical device technology, international players entering the healthcare markets in the region, and the increasing geriatric population. Automation technologies are widely used in the healthcare industry, leveraging demand for automated pharmacy systems. China is the biggest exporter of active pharmaceutical ingredients to Western countries, requiring automation for the packaging and labeling of the products to be shipped. Also, production sites and warehouses have automated pharmacy systems installed in the manufacturing site. The above factors will propel the pharmacy automation systems market.
Pharmacy Automation Systems Market Report Scope
Pharmacy Automation Systems Market News and Recent Developments
The pharmacy automation systems 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 systems market are listed below:
- Successful Launch of JVM's Next-Generation Automated Drug Dispensing System, an affiliate of Hanmi Science, via High-End Robot Arm 'MENITH' in the European Market. (Source: Hanmi Science, Press Release, October 2023)
- Deenova announced the unveiling of three new innovative additions to its award-winning D3 product line of mechatronic solutions in conjunction with the 26th Congress of the European Association of Hospital Pharmacists, in Vienna. AIDE-Cut is one of three new Deenova’s latest modular mechatronic solutions for the repackaging of oral solid medications in unit doses. AIDE-Pack is Deenova’s new solution for the repackaging of all forms of medications (Oral and non Oral) in unit dose format, and AIDE-Pick solution is developed to fit the needs of the centralized therapy preparation in sub-acute and/or multi-site Healthcare Facilities. (Source: Deenova, Press Release, March 2022)
Pharmacy Automation Systems Market Report Coverage and Deliverables
The “Pharmacy Automation Systems Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Pharmacy automation systems market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Pharmacy automation systems 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 systems market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments3
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the pharmacy automation systems market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, End User, and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
North America has dominated the pharmacy automation systems market.
Factors such as growing adoption of robotic pharmacy and its associated benefits will boost the market growth.
Pharmacy automation for telepharmacy is likely to remain a key trend in the market.
The pharmacy automation systems market size is projected to reach US$ 24.79 billion by 2031.
The market is expected to register a CAGR of 9.4% 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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