The global pharmacy automation market is on the brink of a transformative leap, projected to grow from USD 6.1 billion in 2023 to an impressive USD 13.3 billion by 2033. This rapid expansion is expected to achieve a robust compound annual growth rate (CAGR) of 8.1% over the forecast period, underscoring the sector’s dynamic evolution.
A key catalyst behind this growth is the increasing adoption of robotic systems in pharmacy operations. These advanced technologies are revolutionizing traditional practices by automating a range of tasks, including medication dispensing, prescription packaging, and medication transportation. By optimizing these processes, robotic systems are enabling pharmacists to dedicate more time to clinically focused activities, such as patient counseling and medication management.
The integration of artificial intelligence (AI) and machine learning (ML) into pharmacy automation systems is further propelling this market forward. AI-driven solutions are enhancing efficiency in various pharmacy functions, including prescription filling, inventory management, and patient interaction. For instance, AI-powered prescription filling systems can automatically and accurately process prescriptions, significantly reducing the risk of human error and streamlining pharmacy operations.
Additionally, the rise of cloud-based systems is reshaping the landscape of pharmacy automation. Offering affordability, ease of implementation, and superior scalability compared to traditional on-premises systems, cloud-based solutions are becoming increasingly attractive to pharmacies of all sizes. This trend is fueling the broader adoption of cloud-based pharmacy automation systems.
Interoperability is also a major focus within the market. The ability of pharmacy automation systems to seamlessly communicate with other healthcare IT systems, such as electronic health records (EHRs) and laboratory information systems (LISs), is enhancing operational efficiency and minimizing errors. According to an analyst at FMI, “The growing emphasis on interoperability is improving the integration of pharmacy automation systems with other healthcare technologies, driving further advancements in the sector.”
As the pharmacy automation market continues to evolve, these technological advancements are set to reshape the future of pharmacy operations, offering enhanced efficiency, accuracy, and patient care.
Key Takeaways from the Pharmacy Automation Market Report:
- The global pharmacy automation market is estimated to register a CAGR of 8.1%, reaching a valuation of USD 13.3 billion by 2033.
- The market grew at a CAGR of 10.2% during the historical period from 2018 to 2022.
- The United States is anticipated to dominate the global market by registering an 8.3% CAGR during the forecast period.
- The market in China is anticipated to progress at a CAGR of 8.7% through 2033.
- The market in Japan is expected to secure a CAGR of 9.3% during the forecast period.
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Key Players and Strategies for Success in the Pharmacy Automation Market
In recent years, there has been a surge in investments and collaborations within the industry with venture capital firms and businesses. These strategic partnerships and financial investments aim to accelerate research and development, scale production, and expand market reach.
Recent Developments in the Pharmacy Automation Market
- In 2023, Omnicell launched its new specialty pharmacy services offering to help health systems establish and optimize specialty pharmacy programs. This service includes a suite of pharmacy automation solutions, such as robotic dispensing systems and cloud-based inventory management software.
- In 2021, BD launched its new AutoLink IV compounding system. This system automates the compounding of intravenous (IV) medications, reducing the risk of errors and improving the efficiency of pharmacy operations.
- In 2022, Parata Systems launched its new RxFill 360 dispensing system. This system uses AI and robotics to automate prescription filling, from order entry to labeling.
Key Companies Profiled in the Pharmacy Automation Market:
- Becton
- Cerner Corporation
- Parata Systems LLC
- Yuyama Co. Ltd
- PerceptiMed Inc
- McKesson Corporation
- Capsa Solutions LLC
- Omnicell Inc
- Dickinson and Company
- Arxium Inc
- Scriptpro LLC
- Swisslog Holdings AG
- Rxsafe LLC
Key Segments in the Pharmacy Automation Market:
By Product:
- Medication Dispensing Systems
- Automated Medication Compounding Systems
- Packaging and Labeling Systems
- Storage and Retrieval Systems
- Tabletop Tablet Counters
By End-use Sector:
- Inpatient Pharmacies
- Acute Care Settings
- Long Term Care Facilities
- Outpatient Pharmacies
- Outpatient/Fast Track Clinics
- Hospital Retail Settings
- Pharmacy Benefit Management Organization and Mail Order Pharmacies
- Retail Pharmacies
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excluding Japan (APEJ)
- Japan
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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