Pharmacy Automation Devices Market Worth $11.6 Billion by 2030: Grand View Research, Inc.
SAN FRANCISCO, May 23, 2023 /PRNewswire/ -- The global pharmacy automation devices market size is expected to reach USD 11.6 billion by 2030, expanding at a CAGR of 9.9%, based on a new report by Grand View Research, Inc. This growth can be attributed to the rising adoption of pharmacy automation devices, such as automated dispensing systems, packaging systems, and storage and retrieval systems for pharmaceutical purposes. Pharmacy automation has increased the efficiency and productivity of pharmacies as well as improved patient safety. It reduces the time required for counting, filling, packaging, and labeling of patient prescriptions.
Key Industry Insights & Findings from the report:
- In 2022, the medication dispensing segment dominated the market in 2022. Medication dispensing systems are often used to distribute medication, which helps to decrease mistakes and improve how fast and accurate the process is. These advantages of medication dispensing devices are increasing their use, leading to growth in the market.
- The automated medication compounding systems segment is expected to witness significant growth over the forecast period. This can be attributed to growing adoption of personalized medication for chemotherapy and rising demand to minimize medication errors are boosting the adoption of automated medication compounding systems among end users.
- The retail pharmacy segment held the largest revenue share of market in 2022. The segment is being driven by the rise in the number of independent and chain pharmacies, and the presence of prescription drugs in supermarkets and large retailers in countries like the U.S. and UK.
- The North America region dominated the market in 2022. Technological advancements in medication management in hospitals and pharmacies are expected to drive the demand for pharmacy automation devices to the market in the region.
- The presence of large number of key players such BD, Omnicell, Baxter, AmerisourceBergen, and Cerner. Majority of the global pharmacy automation companies such as BD and Baxter generated more than 50% of sales revenue from the developed countries such as, the U.S
- In July 2022, BD acquired Parata Systems, LLC, to entire the pharmacy automation market
Read 161 page full market research report, "Pharmacy Automation Devices Market Size, Share & Trends Analysis Report By Product (Medication Dispensing Systems, Automated Medication Compounding Systems), By End-use (Outpatient Pharmacies), By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.
Pharmacy Automation Devices Market Growth & Trends
In addition, according to a report published by Omnicell Inc., 75% of the pharmacist's time is spent on nonclinical operations, such as order review & verification (41%), drug distribution (19%), administrative management (8%), education & other (7%), and clinical (25%). Through automation, pharmacists can spend more time on patient care. Moreover, it helps to prevent product contamination and errors, thereby reducing the risk of liabilities and increasing patient safety.
The COVID-19 pandemic has significantly impacted the market. Many pharmacy automation players witnessed a decline in revenue from the second quarter of 2020 owing to the COVID-19 pandemic. For instance, Omnicell Inc. witnessed a decline in its revenue by -0.13% in the second quarter of 2020. However, the pandemic has exposed gaps and challenges across the pharmacy supply chain, making more sophisticated automation and intelligence capabilities critical to effectively manage medications in the post-COVID world.
Pharmacy Automation Devices Market Segmentation
Grand View Research has segmented the global pharmacy automation devices market based on product, end-use, and region:
Pharmacy Automation Devices Market - Product Outlook (Revenue, USD Billion, 2018 - 2030)
- Medication Dispensing Systems
- Robots/Robotic Automated Dispensing Systems
- Automated Dispensing Cabinets
- Packaging And Labeling Systems
- Storage And Retrieval Systems
- Automated Medication Compounding Systems
- Tabletop Tablet Counters
Pharmacy Automation Devices Market - End-Use Outlook (Revenue, USD Billion, 2018 - 2030)
- Retail Pharmacy
- Inpatient Pharmacies
- Outpatient Pharmacies
- Pharmacy Benefit Management Organizations and Mail-Order Pharmacies
Pharmacy Automation Devices Market - Region Outlook (Revenue, USD Billion, 2018 - 2030)
- North America
- Asia Pacific
- South Korea
- Hong Kong
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
List of Key Players in the Pharmacy Automation Devices Market
- Amerisource Bergen Corporation
- Accu-Chart Plus Healthcare Systems, Inc.
- Omnicell, Inc.
- McKesson Corporation
- Pearson Medical Technologies
- Talyst, LLC (Swisslog Healthcare)
- Scriptpro LLC
- Fulcrum Pharmacy Management, Inc.
- Health Robotics S.R.L.
- Medacist Solutions Group, LLC
- Aesynt, Inc
- Pyxis Corporation (Becton Dickinson And Company)
- Kirby Lester (Acquired By Capsa Healthcare)
- Cerner Oracle
- Forhealth Technologies (Baxter International Inc.)
- Touchpoint Medical
- Deenova S.R.L
- Parata Systems, LLC (Becton Dickinson And Company)
- Swisslog Healthcare
- Yuyama Co. Ltd/Yuyama MFG Co. Ltd
- CareFusion (Becton Dickinson And Company)
Check out more market research studies published by Grand View Research:
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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