Pharmacy Automation Devices Market Size to Surpass USD 5.84 Billion by 2030, at a CAGR of 10.9%
As per the report by Fortune Business Insights, The global pharmacy automation devices market size was valued at USD 2.56 billion in 2022 and is projected to grow from USD 2.83 billion in 2023 to USD 5.84 billion by 2030, exhibiting a CAGR of 10.9% during the forecast period.
Pharmacy Automation Devices Market
Pune, India, Nov. 27, 2023 (GLOBE NEWSWIRE) — Global pharmacy automation devices market size was valued at USD 2.56 billion in 2022 and is projected to grow from USD 5.84 billion by 2030 exhibiting a CAGR of 10.9% during forecast period. Pharmacy automation devices are used to distribute, sort, package, and count prescriptions across centralized dispensing pharmacies in healthcare settings.
These systems help maintain medication inventory and stocks and improve patient adherence. The increasing adoption of these systems across acute care settings in retail and hospital pharmacies is estimated to drive market growth during the projected period.
Fortune Business Insights™ mentioned this in a report titled, “Pharmacy Automation Devices Market, 2023-2030.”
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Key Industry Development
March 2022 – Capsa Healthcare announced the controlled medication storage expansion to its suite of NexsysADC automated dispensing cabinets. The NexsysADC accommodates any large size of high-value or controlled medications in two new sizes of Controlled Access Module Drawers.
Key Takeaways :
- Decline in Pharmacy Automation Device Sales Amid Pandemic Hindered Market Growth
- Rising Demand for Robotics Dispensing Devices Across Hospital and Retail Pharmacies to Aid Market growth
- Increasing Medication Dispensing Errors Across Pharmacies to Fuel the Demand for Automated Devices
- High Capital Investments to Install Pharmacy Automation Devices to Hamper Market Growth
- Rising Strategic Acquisitions and Product launches By Key Players to Propel Market Growth
List of Key Players Present in the Report:
- Omnicell, Inc. (U.S.)
- BD (U.S.)
- Yuyama Co., Ltd. (Japan)
- Baxter (U.S.)
- Capsa Healthcare (U.S.)
- ScriptPro LLC (U.S.)
- RxSafe, LLC. (U.S.)
- NewIcon (Finland)
- Swisslog Healthcare (KUKA AG) (Switzerland)
- JVM Europe (Netherlands)
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit:
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Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2021 to 2028 CAGR | 10.9% |
| 2030 Value Projection | USD 5.84 Billion |
| Base Year | 2022 |
| Pharmacy Automation Devices Market Size in 2022 | USD 2.56 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 155 |
| Segments covered | By Product, By Distribution Channel, By End User |
Drivers & Restraints
Growing Medication Dispensing Errors to Drive Market Growth
Medication dispensing errors occur when there is an inconsistency between drugs prescribed and dispensed in the pharmacies. The factors, such as rising expansive prescription drug availability, growing number of people adopting self-treatment, and increasing medicines consumption, are increasing the chances for medication dispensing errors globally, further driving the pharmacy automation devices market growth.
However, the requirement of high capital to install these devices compared to the manual setup is estimated to hamper market growth during the forecast period.
Segments:
Growing Benefits of Automated Dispensing Systems to Boost Automated Dispensing Systems Segment Growth
By product, the market is segmented into automated medication dispensing systems, automated packaging systems, and others. The automated medication dispensing systems segment accounted for the largest pharmacy automation devices market share in 2022. The growth is attributed to the potential benefits of these systems, including the safe and accurate dispensing of medications across various pharmacies.
Rising Satellite Pharmacies and ADCs Adoption to Augment Decentralized Segment Growth
Based on distribution model, the market is classified into centralized and decentralized. The decentralized segment held the dominant market share in 2022 and is estimated to grow at the highest CAGR during the forecast period. The growth is attributed to the increasing adoption of ADCs and satellite pharmacies across retail pharmacies for drug prescriptions.
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Increasing Emphasis of Hospitals on Pharmacy Workflow Automation to Drive Hospital Pharmacies Segment Growth
Based on end user, the market is classified into hospital pharmacies, retail pharmacies, and others. The hospital pharmacies segment held the largest market share in 2022 due to the increasing emphasis of hospitals on pharmacy workflow automation to reduce the increasing incidence of medication errors among patients.
Geographically, the market is studied across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage-
The report offers:
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
- Comprehensive insights into regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- The latest industry developments include product launches, partnerships, mergers, and acquisitions.
Regional Insights
Increasing Launches of Technologically Advanced Devices to Propel Market Growth in North America
North America accounted for USD 1.50 billion in 2022. The market’s growth in the region is attributed to the increasing number of new and technologically advanced devices launched in the region.
Asia Pacific is estimated to grow at the highest CAGR during the forecast period. The increasing number of retail and hospital pharmacies in the region is expected to boost market growth during the forecast period.
Competitive Landscape
Growing Number of New Product Launches by Major Players to Boost Market Growth
The market comprises key market players, including NewIcon, RxSafe LLC., and ScriptPro LLC., and others. The increasing focus of these key players on research and development for launching new products to increase the pharmacy automation devices accessibility globally is expected to drive market growth.
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Table of Contents :
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Prevalence of Drug Dispensing Errors, by Key Countries, 2022
- Evolution of Pharmacy Automation Devices Market
- Recent Product Launches, by Key Players
- Key Industry Developments: Mergers, Acquisitions, and Partnerships
- Impact of COVID-19 on Global Pharmacy Automation Devices Market
- Global Pharmacy Automation Devices Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Product
- Automated Medication Dispensing Systems
- Robotic Dispensing Systems
- Automated Dispensing Cabinets (ADC’s)
- Automated Packaging Systems
- Others
- Automated Medication Dispensing Systems
- Market Analysis, Insights and Forecast – By Distribution Model
- Centralized
- Decentralized
- Market Analysis, Insights and Forecast – By End User
- Hospital Pharmacies
- Retail Pharmacies
- Others
- Market Analysis, Insights and Forecast – By Product
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
- Market Analysis, Insights and Forecast – By Region
- North America Pharmacy Automation Devices Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Product
- Automated Medication Dispensing Systems
- Robotic Dispensing Systems
- Automated Dispensing Cabinets (ADC’s)
- Automated Packaging Systems
- Others
- Automated Medication Dispensing Systems
- Market Analysis, Insights and Forecast – By Distribution Model
- Centralized
- Decentralized
- Market Analysis, Insights and Forecast – By End User
- Hospital Pharmacies
- Retail Pharmacies
- Others
- Market Analysis, Insights and Forecast – By Product
- Market Analysis, Insights and Forecast – By Country
- U.S.
- Canada
- Market Analysis, Insights and Forecast – By Country
- Europe Pharmacy Automation Devices Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Product
- Automated Medication Dispensing Systems
- Robotic Dispensing Systems
- Automated Dispensing Cabinets (ADC’s)
- Automated Packaging Systems
- Others
- Automated Medication Dispensing Systems
- Market Analysis, Insights and Forecast – By Distribution Model
- Centralized
- Decentralized
- Market Analysis, Insights and Forecast – By End User
- Hospital Pharmacies
- Retail Pharmacies
- Others
- Market Analysis, Insights and Forecast – By Product
- Market Analysis, Insights and Forecast – By Country/Sub-region
- Germany
- U.K.
- France
- Spain
- Italy
- Rest of Europe
- Market Analysis, Insights and Forecast – By Country/Sub-region
Toc Continue…
FAQs :
How big is the Pharmacy Automation Devices Market?
- The global pharmacy automation devices market size was valued at USD 2.56 billion in 2022 and is projected to grow from USD 2.83 billion in 2023 to USD 5.84 billion by 2030, exhibiting a CAGR of 10.9% during the forecast period.
What are the key factors driving the Pharmacy Automation Devices Market?
- The rising prevalence of medical errors in pharmacies and the increasing product launches by industry players across the globe are the key factors driving the market growth.
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