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    Pharmacy Automation System Market Growth Analysis

    Pharmacy Automation System Market Growth Analysis
    Report code - SR2295 Delivery - 2 Weeks
    Pharmacy Automation System Market Size, Share, Trend, Forecast, Competitive Analysis, and See more...

    Market Highlights

    The Pharmacy Automation System Market was estimated at US$ 5.23 billion in 2021 and is expected to grow at a CAGR of 8.3% during 2022-2028 to reach US$ 7.9 billion in 2028.

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    To automatically direct and fit drugs, a pharmacy automation framework is used. The market for pharmacy automation systems is driven by a vision of zero errors in retail pharmacies, the advantages of pharmacy automation in industrial pharmacies over human drug delivery, and the mobility of more advanced parts.

    The market for pharmacy automation systems is driven by the desire to reduce pharmaceutical errors, eliminate manual medicine delivery, and expedite the development of more advanced parts. In addition, the market for pharmacy automation is expanding due to an increase in the elderly population and rising labour costs. It is crucial to reduce medication errors in order to further support patient healthcare advantages and confirmation security. In this way, the usage of pharmacy automation systems reduces drug, storage, recovery, dispensing, and use-related mistakes.

    Depending on how they are used in various pharmaceutical procedures, mechanical advancements in the pharmacy automation system led to more highlights, a greater success rate, and more recent employments of the equipment. 

    Some of the main factors influencing the expansion are the established healthcare system, improvements in patient management, and hospital management systems in developed countries. According to a Drug Store News article, 66% of prescribers and 48% of pharmacists reported seeing an increase in the usage of automation and other technology over the previous 15 months. The COVID-19 epidemic has fueled the expansion of pharmacy automation, according to many technology suppliers, who also claim that technology adoption and the use of technology are the future. Additionally, the market has been expanding due to the presence of significant pharmacy chain stores and high patient volumes. the requirement to reduce drug waste as well as to cut costs.

    Several investments/guidelines in the industry have been directed in recent years, which would boost the overall market. Some of them are:

    • The need for lower drug costs, reduced medication errors, and for proper workflow management in hospital pharmacies as well as standalone facilities have all contributed to the expansion of the market. Due to the enormous unmet needs in terms of sophisticated healthcare systems and management systems, regions such as APAC have been offering the industry tremendous growth potential. India regularly outranked Singapore in terms of automation, with 76% of Indians and 69% of Singaporeans, respectively, preferring to test new technologies and ways of working to be more productive or efficient, according to an article published by Business Standard Private Ltd. in May 2019. 

    Segments Analysis

    By Product Type

    The market is further segmented into automated medication dispensing systems, automated storage & retrieval system, automated labeling system, tabletop tablet counters, automated compounding devices, and others. The pharmacy automation industry's automated medicine dispensing segment held the greatest market share in 2021. The significant market share is due to benefits including increased pharmaceutical safety, better inventory control, and greater storage capacity with optimal space, time, and cost use.

    By End-User Type

    The pharmacy automation system market has been divided into retail pharmacies, hospital pharmacies, and others. Due to the need to reduce dispensing errors, an increase in the number of retail pharmacies, and an increase in the workload on pharmacists, retail pharmacy is the end user segment in pharmacy automation systems that is growing at the quickest rate. AmerisourceBergen and Walgreens Boots Alliance formed a strategic alliance in January 2021. AmerisourceBergen purchased Walgreens Boots Alliance Healthcare Business, allowing it to concentrate more on expanding the retail pharmacy business. The two businesses are extending and increasing their commercial arrangements through this strategic cooperation.

    In addition to that, only 25% of pharmacists in Canada were employed in healthcare settings in 2019, with 75% of them working in community or retail pharmacies. The hospital pharmacy segment has shown the fastest increase. This is a result of the increased pressure on hospitals and clinics to reduce pharmaceutical dispensing errors. Additionally, automation is more effective than its human equivalents and makes workflow management simple. Another benefit of managing the inventory for these hospital pharmacies is a decrease in medication waste. The segment has experienced rapid expansion as a result of all these causes.

    Regional Analysis

    The pharmacy automation system market is broken down geographically into areas like North America, Europe, Asia-Pacific, and the Rest of the World (RoW). Automation in retail pharmacies is revolutionizing the way expenses are reduced on many levels. According to the OECD library, there are now more pharmacies in all OECD enterprises. In the years 2000 to 2019, Japan has the highest density owing to greater government efforts.

    Key Players

    The following are the major players in the pharmacy automation system market:

    • Baxter International Inc.
    • BD
    • Capsa
    • Cerner Corporation
    • Danaher Corporation
    • Lonza Group
    • Omnicell Inc.
    • Parata Systems
    • Rx Safe
    • Script Pro

    Strategic agreements between hospitals/pharmacies and software companies, as well as mergers and acquisitions of smaller businesses by larger players, are the key drivers of this industry.

    For instance:

    • In June 2022, BD, a top provider of medical technology worldwide, and Frazier Healthcare Partners, a premier private equity firm that specializes solely in the healthcare industry, would pay $1.525 billion to purchase Parata Systems, a cutting-edge supplier of pharmacy automation systems. An expanding network of pharmacies is powered by Parata's portfolio of cutting-edge pharmacy automation technologies to cut costs, improve patient safety, and enhance the patient experience. The demand for intelligent workflow solutions is being fueled by significant macro trends such as the lack of clinicians, wage inflation, consolidation of pharmacy services, and rising clinical demands on pharmacists. In order to increase medication adherence, safety, and patient outcomes, pharmacists can spend more of their time on higher-value clinical tasks and patient contacts by using automation and smart technologies.
    • Capsa Healthcare, a global developer in healthcare delivery systems for hospitals, senior care facilities, and retail pharmacy suppliers, purchased RoboPharma in August 2020. RoboPharma now has access to more resources as a key division of Capsa Healthcare, enabling it to advance the development of both its already-available and future pharmacy automation products.
    • Humanscale Healthcare, a New York-based designer and manufacturer of adaptable technology solutions and computer workstations, was acquired by Capsa Healthcare in 2022. By combining its products, Capsa now has the widest range of products available and is better able to provide healthcare partners throughout the world with point-of-care computer solutions that are ergonomically designed.
    • Capsa Healthcare, announced in 2022 that it would be adding more automated dispensing cabinets to its NexsysADC line. In two new sizes of Controlled Access Module Drawers, NexsysADC can hold any size of high-value or controlled drugs or supplies.
    • Innovation Associates unveiled SmartPod in 2021, a cutting-edge robot designed for central-fill pharmacy settings. In order to meet demand, providers can scale and modify their centralized fulfillment systems using SmartPost.

    Research Methodology

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.  We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

    Report Features

    This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

    What Deliverables Will You Get in this Report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth Analysis of the Pharmacy Automation System Market 

    How lucrative is the future?

    Market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country-level historical data and forecasts

    Which are the most attractive market segments?

    Market segment analysis and Forecast

    Which are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirement?

    10% free customization

    Customization Options

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to three players)
    • SWOT analysis of key players (up to three players)

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

    Custom Research: Stratview research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com

    Frequently Asked Questions (FAQs)

    The market is expected to grow at a CAGR of 8.3% during 2022-2028.

    The market size is estimated to grow from US$ 5.23 billion in 2021 to US$ 7.9 billion in 2028.

    The major players in the pharmacy automation system market are Baxter International Inc., BD, Capsa, Cerner Corporation, Danaher Corporation, Lonza Group, Omnicell Inc., Parata Systems, Rx Safe, Script Pro.

    The market for pharmacy automation systems is driven by the desire to reduce pharmaceutical errors, eliminate manual medicine delivery, and expedite the development of more advanced parts. In addition, the market for pharmacy automation is expanding due to an increase in the elderly population and rising labour costs.

    The study period of the market is 2016-2028.