Pharmacy Automation Global Market Report 2024

The pharmacy automation market size has grown rapidly in recent years. It will grow from $6.58 billion in 2023 to $7.32 billion in 2024 at a compound annual growth rate (CAGR) of 11.2%. The increase observed in the historical period can be attributed to several factors, including a shortage of skilled pharmacy personnel, rigorous regulations and standards, the imperative to minimize medication errors, improved data management practices, and heightened patient expectations for expedited service.

The pharmacy automation market size is expected to see rapid growth in the next few years. It will grow to $11.39 billion in 2028 at a compound annual growth rate (CAGR) of 11.7%. The projected expansion in the forecast period can be ascribed to various factors, including the increasing volume of prescriptions due to aging populations, the proliferation of retail pharmacy chains, a heightened emphasis on enhancing patient experiences, escalating labor costs, and the integration with electronic health record (EHR) systems. Noteworthy trends anticipated in the forecast period encompass the utilization of AI-powered systems, the adoption of telepharmacy solutions, the heightened deployment of robotics, the implementation of centralized systems for prescription processing, and the uptake of blockchain technology.

The pharmacy automation market is poised for growth due to an anticipated increase in disease rates. Disease rate refers to the frequency of a specific illness within a given population over a set period. Various factors contribute to rising disease rates, including population growth, increased travel and trade, climate change, pollution, and the emergence of new infectious agents or strains. Pharmacy automation plays a crucial role in combating disease rates by optimizing medication dispensing processes to improve accuracy and efficiency in disease management. By enabling timely dispensing and monitoring of medications, pharmacy automation systems empower healthcare providers to intervene promptly in case of worsening patient conditions. For instance, according to the National Library of Medicine (NLM) in January 2023, the United States is projected to experience a 99.5% increase in individuals aged 50 and older with at least one chronic condition by 2050, rising from 71.522 million in 2020 to 142.66 million in 2050. Consequently, the surge in disease rates is a driving force behind the growth of the pharmacy automation market.

Leading companies in the pharmacy automation market are strategically expanding their product portfolios by introducing advanced solutions such as next-generation automated drug dispensing systems. Next-generation automated drug dispensing systems are technologically advanced solutions designed to automate and streamline medication dispensing processes in healthcare settings. For instance, in October 2023, JVM Co. Ltd., a South Korea-based manufacturer of pharmacy automation systems, unveiled MENITH, an automated dispensing machine featuring a robotic arm with articulated movement. MENITH represents a leap forward in automation technology, featuring a multi-joint collaborative robot arm designed to fully automate the canister exchange process. With a dispensing speed that is more than double that of traditional pouch-type automated dispensing machines, MENITH can dispense up to 120 pouches per minute. Additionally, it incorporates an automated inspection system that reduces the time and resources required for pharmacy dispensing processes.

In July 2022, Becton, Dickinson, and Company (BD), a US-based medical technology company, completed the acquisition of Parata Systems LLC for an undisclosed sum. This acquisition positions Becton, Dickinson, and Company to enhance its solutions strategy by integrating the innovative pharmacy automation product portfolio of Parata Systems. Through this collaboration, both companies aim to support pharmacy leaders in addressing key challenges such as clinician shortages, escalating wage costs, the centralization of pharmacy services, and increasing clinical responsibilities on pharmacy teams. Parata Systems LLC, a US-based company, offers an advanced and innovative pharmacy automation portfolio encompassing adherence packaging, high-speed dispensing, and workflow solutions.

Major companies operating in the pharmacy automation market are Mckesson Corporation, AmerisourceBergen Corporation, Oracle Corporation, Baxter International Inc., Cerner Corporation, Pearson Medical Technologies LLC, Omnicell Inc., Swisslog Holding AG, Tension Corporation, Noritsu Koki Co. Ltd., Scriptpro LLC, Capsa Healthcare LLC, Alixar Healthcare Private Limited, Deenova S.R.L, ARxIUM Inc., Talyst Systems LLC, Touchpoint Medical Solutions Pvt. Ltd., Kirby Lester LLC, Yuyama Co. Ltd., Willach GmbH, RxSafe LLC, Meditech Pharmacy Management Solutions Inc., Accu-Chart Plus Healthcare System Inc., PDX Pharmaceuticals Inc., Newicon Ltd.

North America was the largest region in the pharmacy automation market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the pharmacy automation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the pharmacy automation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Pharmacy automation encompasses the electronic techniques utilized in the distribution, sorting, packaging, and counting of prescription medications. It provides several benefits to pharmacy proprietors, including improved accuracy and efficiency, space utilization, heightened security for narcotics, and enhanced inventory management.

The primary components of pharmacy automation include dispensing systems, pill sorting machines, labeling machines, packaging machines, inventory management software, automated storage and retrieval systems, among others. A dispensing system is a device designed for the distribution or dispensation of substances or materials, encompassing tasks such as drug dispensing and packaging, drug storage, and inventory management. These systems cater to various end users, including inpatient pharmacies, outpatient pharmacies, retail pharmacies, pharmacy benefit management organizations, and mail-order pharmacies.

The pharmacy automation market research report is one of a series of new reports that provides pharmacy automation market statistics, including the pharmacy automation industry global market size, regional shares, competitors with pharmacy automation market share, detailed pharmacy automation market segments, market trends, and opportunities, and any further data you may need to thrive in the pharmacy automation industry. This pharmacy automation market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The pharmacy automation market consists of revenues earned by entities by providing services such as inventory management, narcotics security, and space savings. The market value includes the value of related goods sold by the service provider or included within the service offering. The pharmacy automation market also includes sales of prescription filling robots, narcotics dispensing systems, drug verification systems, and pharmacy robotic systems. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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