Pharmacy Automation Systems Market Projected to Hit USD 10.7 billion at a 7.5% CAGR by 2031 - Report by ...

Wilmington, Delaware, United States, Feb. 02, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. -The global pharmacy automation systems market is estimated to flourish at a CAGR of 7.5% from 2023 to 2031. Transparency Market Research projects that the overall sales revenue for pharmacy automation systems is estimated to reach US$ 10.7 billion by the end of 2031.

The incorporation of data analytics in pharmacy automation systems is emerging as a game-changer. Advanced analytics tools enable pharmacies to derive actionable insights from data generated during the medication management process, fostering informed decision-making, inventory optimization, and enhanced patient outcomes.

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Some prominent manufacturers are as follows:

• BD Rowa
• Omnicell Inc.
• ScriptPro
• KirbyLester (Capsa Healthcare)
• Swisslog Healthcare (KUKA)
• ARxIUM
• Parata Systems LLC
• McKesson Corporation

The demand for eco-friendly and sustainable pharmacy automation solutions is on the rise. Pharmacies are increasingly inclined towards systems that reduce waste, energy consumption, and environmental impact, aligning with broader industry trends towards sustainability and corporate responsibility.

The role of automation in managing clinical trials and research pharmacy processes is gaining attention. Automation systems are proving instrumental in ensuring the precise preparation and dispensing of investigational drugs, contributing to the efficiency and compliance of pharmaceutical research.

Key Findings of the Market Report

• Medication dispensing systems lead the pharmacy automation systems market, ensuring efficient and accurate medication dispensing in diverse healthcare settings.
• Inpatient pharmacies lead the pharmacy automation systems market, prioritizing automated solutions for efficient medication dispensing and patient care within healthcare facilities.
• North America leads the pharmacy automation systems market with advanced healthcare infrastructure, regulatory support, and a strong emphasis on technology adoption.

Pharmacy Automation Systems Market Growth Drivers & Trends

• Increasing awareness of medication errors propels the adoption of pharmacy automation systems, emphasizing patient safety and reducing human errors in medication dispensing.
• Ongoing innovations, including robotics and artificial intelligence, drive the evolution of pharmacy automation systems, enhancing efficiency, accuracy, and the overall medication management process.
• Growing emphasis on modernizing healthcare infrastructure globally fuels the demand for automated pharmacy solutions, streamlining workflows and improving patient care.
• The integration of Radio-Frequency Identification (RFID) technology enables real-time tracking of medications, reducing inventory errors, and enhancing traceability in the pharmacy automation process.
• The rise of telepharmacy services, especially in remote or underserved areas, fosters the adoption of pharmacy automation systems, ensuring timely and accurate medication dispensing through virtual platforms.

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Global Pharmacy Automation Systems Market: Regional Profile

• As a technological hub in healthcare, North America leads the pharmacy automation systems market. The region's well-established healthcare infrastructure and the increasing adoption of advanced technologies drive market expansion.
• Continuous emphasis on reducing medication errors, enhancing patient safety, and optimizing workflow efficiency fuels the demand for pharmacy automation systems. Regulatory support and a high awareness level among healthcare providers further contribute to North America's dominant position in the global market.
• Europe stands as a robust market for pharmacy automation systems, driven by the region's commitment to healthcare modernization. The integration of automation technologies in pharmacies across European countries enhances medication management and patient care. Increasing investments in research and development, along with strategic partnerships, fortify Europe's role in shaping the global market landscape.
• Asia Pacific experiences significant growth in the pharmacy automation systems market, fueled by rising healthcare expenditure and a surge in demand for efficient medication dispensing solutions. The region's developing healthcare infrastructure, particularly in countries like China and India, presents substantial market opportunities. As healthcare providers in Asia Pacific strive to improve service quality and patient outcomes, the adoption of pharmacy automation systems becomes pivotal.

Pharmacy Automation Systems Market: Competitive LandscapeThe pharmacy automation systems market is fiercely competitive, driven by rapid technological advancements and the increasing demand for streamlined healthcare operations. Key players, including BD Rowa, Omnicell, and ScriptPro, engage in continuous innovation to offer comprehensive solutions for medication dispensing, inventory management, and workflow optimization.

Strategic collaborations, mergers, and acquisitions are prevalent strategies to strengthen market presence. With a focus on improving patient safety, reducing errors, and enhancing operational efficiency, the competitive landscape in the pharmacy automation systems market is marked by a dynamic pursuit of cutting-edge solutions to meet the evolving needs of modern healthcare settings.

Product Portfolio

• BD Rowa pioneers automated solutions for pharmacies worldwide. Their innovative robotics streamline medication dispensing, inventory management, and workflow efficiency, ensuring precise, patient-centric care.
• Omnicell Inc. is a leading provider of medication management solutions. Their portfolio includes cutting-edge automation and analytics tools, optimizing medication workflows, reducing errors, and enhancing patient safety in healthcare settings.
• ScriptPro delivers pharmacy automation solutions for improved medication management. Their product portfolio includes robotics and software, facilitating efficient prescription dispensing, medication adherence, and workflow optimization, ensuring enhanced pharmacy performance and patient care.

Pharmacy Automation Systems Market: Key SegmentsBy Product Type

• Medication Dispensing Systems
• Packaging and Labelling Systems
• Table-top Counters
• Storage and Retrieval Systems
• Others (Medication Compounding Systems, etc.)

By End User

• Retail Pharmacies
• Inpatient Pharmacies
• Outpatient Pharmacies
• Others (PBMOs, Mail Order Pharmacies, etc.)

By Region

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa

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