(EMAILWIRE.COM, September 17, 2024 ) Pharmacy Automation Market to reach over USD 12.90 Bn by the year 2031 – Exclusive Report by InsightAce Analytic
Pharmacy Automation Market in terms of revenue was estimated to be worth $6,700.5 million in 2023 and is poised to reach $12,900.0 million by 2031, growing at a CAGR of 8.77% from 2024 to 2031 according to a new report by InsightAce Analytic.
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Latest Drivers Restraint and Opportunities Market Snapshot:
Key factors influencing the global Pharmacy Automation market are:
Growing need to minimize medication errors
Rising demand for pharmaceuticals
Decentralization of pharmacies
The following are the primary obstacles to the Pharmacy Automation market’s expansion:
High initial capital investments
Reluctance to adopt pharmacy automation systems
Interoperability problems pharmacy automation systems
Future expansion opportunities for the global Pharmacy Automation market include:
Rising healthcare expenditures
Increasing work efficiencies within pharmacies
Strategic measures by market players
Key Industry Insights & Findings from the report:
The increasing benefits from pharmacy automation are projected to be the cause of markets growth, as a there is improvement in the work efficiency and more of electronic processes.
The increasing demand for pharmaceuticals is expected to drive industry growth.
North America dominated the market and accounted for a revenue share of global revenue in 2023.
One of the significant concerns restraining industry growth is the need for a huge capital investments and adoption of pharmacy automation systems.
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Market Analysis:
The rise in the minimization of medication errors, decentralization of pharmacies as well as the demand for drug prescription filling solutions are driving growth in the global Pharmacy Automation market. Furthermore, the increasing expenditures on technological developments enhances the demand for Pharmacy Automation systems, and the number of Pharmacy Automation industries to offer Pharmacy Automation devices to major players boosts the Pharmacy Automation market expansion.
List of Prominent Players in the Pharmacy Automation Market:
Becton, Dickinson and Company (US)
Kuka AG (Swisslog Healthcare) (Germany)
Baxter International Inc. (US)
Omnicell, Inc. (US)
Capsa Healthcare (US)
Yuvama Co. Ltd. (Japan)
ARxIUM Inc. (US)
Cerner Corporation (US)
RXsafe, LLC (US)
Pearson Medical Technologies (US)
Parata Systems LLC (US)
ScriptPro LLC (US)
Touchpoint Medical Solutions
Recent Developments:
February 2022, Baxter International Inc. (US) announced that the Common Vulnerabilities and Exposures (CVE) program has given its permission to act as a CVE Numbering Authority.
December 2021, Omnicell, Inc. (US) acquired ReCept Holdings, Inc., (US) along with its specialty pharmacy management services for health systems, provider groups, and federally qualified health centers (FQHCs), to enlarge its Advanced Services portfolio.
November 2021, Swisslog Healthcare stepped into an innovation agreement with Centre Hospitalier – Le Mans to synergize their expertise in the pharmacy field through the automated packaging and dispensing system, TheraPick. The pharmacy automation system streamlines the flow of medication handling to ensure high patient safety standards. TheraPick separates blistering drugs into Blister Unit Doses (BUDs).
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Pharmacy Automation Market Dynamics:
Market Drivers: Need to Minimize Medication Errors
The increase in adoption of pharmacy automated systems is a major significant driver for Pharmacy Automation Market globally. Since, there is poor transmission of data between physicians and pharmacists, and poor practice of drug prescriptions leading to pharmacy automation which fuel market growth. Furthermore, the improvement in medical procedures and availability of new medication contributes to market growth. Moreover, these automated medical treatments lower the chances of medical errors required for the patient safety, by reducing the human error corrections, and simplifies inventory control, preventing from drug expiration and stock outs, such factors are boosting market expansion.
Challenges: Stringent Regulatory Procedures
Despite the huge benefits of automations, there are some limiting constraints projected to hinder global market expansion over the forecast period. One of the key factors contributing to the global market’s slow growth is the regulatory procedures for manufacturers of automated pharmaceuticals system. There are certain laws to regulate the medicine dispensing practices. Furthermore, the approval for these regulatory [procedures depends on the class to which the device belongs. As a result, the manufacturers of the pharmacy automation may have to adhere to regulations, which can delay the device launching and thus, act as a challenge to market growth.
North America Is Expected To Grow With the Highest CAGR during the Forecast Period
The North America Pharmacy Automation Market is likely to record a significant revenue share and to develop a rapid CAGR in the near future. This is because of the increased use of advanced technologies including artificial intelligence, machine learning and robots in this area. The North America has the highest rising number of drug prescriptions at pharmacies, resulting from aging population and many other chronic diseases in the region. Furthermore, the region has the growing number of product launching and acquisition and software-enabled automated solutions by the key market players which are propelling the market growth of Pharmacy Automation Systems.
Segmentation of Pharmacy Automation Market-
By Product-
Automated Medication Dispensing and Storage Systems
o Automated Medication Dispensing and Storage Systems, by Type
Robots/Robotic Automated Dispensing Systems
Carousels
Automated Dispensing Cabinets
o Automated Medication Dispensing and Storage Systems, By Application/Operation
Centralized Pharmacies
Decentralized Pharmacies
Automated Packaging and Labelling Systems
Automated Tabletop Counters
Automated Medication Compounding Systems
Other Pharmacy Automation Systems
By End User-
Inpatient Pharmacies
o Acute Care Systems
o Long Term Care Facilities
Outpatient Pharmacies
o Outpatient/Fast-Track Clinics
o Hospital Retail Settings
Retail Pharmacies
Pharmacy Benefit Management Organizations and Mail-Order Pharmacies
By Region-
North America-
The US
Canada
Mexico
Europe-
Germany
The UK
France
Italy
Spain
Rest of Europe
Asia-Pacific-
China
Japan
India
South Korea
Southeast Asia
Rest of Asia Pacific
Latin America-
Brazil
Argentina
Rest of Latin America
Middle East & Africa-
GCC Countries
South Africa
Rest of Middle East and Africa
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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
