Pharmacy is an integral component of any healthcare system as it caters to efficient supply and distribution of medicines. Automation systems help maximize efficiency via functions like inventory management, prescription dispensing, packaging and labeling. Robotic arms pick and sort medicines and robotic dispensing cabinets distribute them accurately to improve safety. The global Pharmacy Automation Market is estimated to be valued at US$ 3,601.4 Mn in 2023 and is expected to exhibit a CAGR of 8.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increased adoption of robotics and automation technologies is one of the key trends shaping the pharmacy automation market. Automating manual tasks related to packaging, labeling, dispensing and inventory management helps minimize errors and improves efficiency. Robotic technologies are replacing human workers in picking, sorting and distributing medicines. For instance, autonomous mobile robots pick medicines from shelving units and deliver them accurately to pharmacists or automated dispensing cabinets. Automated packaging and labeling robots further help reduce dispensing time. Such technologies also minimize wastage and help prevent medication errors, thus improving patient safety. With greater push for enhancing workflow and reducing costs, the adoption of robotics and automation in pharmacies is expected to grow at a rapid pace over the coming years.
SWOT Analysis
Strength: Some of the key strengths of the pharmacy automation market include improving the accuracy of dispensing medications, reducing errors and increasing efficiency of filling prescriptions. It allows pharmacists to focus more on patient care activities.
Weakness: High initial capital investments and maintenance costs associated with automation equipment is a major weakness. Changing technology also leads to additional costs.
Opportunity: Growing geriatric population and increasing need for accurate dispensing of medications especially for chronic diseases presents an opportunity. Demand for automation solutions from clinics, hospitals and retail pharmacies is on the rise.
Threats: Data privacy and security threats due to increasing use of connected devices in automation solutions. Delays in system upgrades can lead to technologically obsolete systems.
Key Takeaways
The global pharmacy automation market is expected to witness high growth driven by increasing prescriptions worldwide along with need for improved efficiency and safety. The region of North America currently dominates the market due to implementation of stringent regulations and presence of well-established players.Key players like Becton, Dickinson provide solutions for automation of medication dispensing in pharmacies and hospitals. Cerner Corporation offers solutions for automation of clinical workflow as well as supply chain management.
Regional analysis comprises: North America has the largest share in the pharmacy automation market owing to supportive regulatory environment and rapid adoption among hospitals and retail pharmacies. The region of Asia Pacific is expected to witness fastest growth due to growing healthcare demand in countries like India and China.
Key players related content comprises: Key players operating in the pharmacy automation market are Becton, Dickinson and Company, McKesson Corporation, Yuyama Co., Ltd., Omnicell, Inc., ScriptPro LLC, Cerner Corporation, Capsa Healthcare, Baxter International, Inc., KUKA AG, TCGRx Pharmacy Workflow Solutions, RxSafe, LLC, ARxIUM Inc. Swisslog Holdings AG and Talyst systems LLC. These players offer a wide range of pharmacy automation solutions including medication dispensing systems, packaging and labeling systems, table-top counters and storage systems.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it