Global Pharmacy Automation Solution Market Size By Product (Systems, Software), By Type (Independent, Chain), By Application (Drug Dispensing and Packaging, Drug Storage), By Geographic Scope And Forecast
Report ID: 19902|No. of Pages: 202
Global Pharmacy Automation Solution Market Size By Product (Systems, Software), By Type (Independent, Chain), By Application (Drug Dispensing and Packaging, Drug Storage), By Geographic Scope And Forecast
Pharmacy Automation Solution Market Size And Forecast
Pharmacy Automation Solution Market size was valued at USD 6.77 Billion in 2023 and is projected to reach USD 13.17 Billion by 2031, growing at a CAGR of 8.67% from 2024 to 2031.
- Pharmacy automation solutions are a collection of technologies and systems intended to streamline and improve many elements of pharmaceutical operations. These systems use modern robotics, software, and hardware to automate processes that were formerly performed manually by pharmacists and pharmacy technicians.
- These technologies, which incorporate automation into pharmaceutical procedures, aim to increase productivity, accuracy, and patient safety while lowering operational costs and minimizing errors.
- The foundation of pharmacy automation solutions is robotic dispensing systems, which automate the medicine distribution procedure. These robots can store, count, and package pharmaceuticals with high accuracy and precision.
- By automating this labor-intensive task, pharmacies may drastically reduce the time and resources required for medicine dispensing, allowing both pharmacists and technicians to focus on patient care and counseling.
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Global Pharmacy Automation Solution Market Dynamics
The key market dynamics that are shaping the global pharmacy automation solution market include:
Key Market Drivers:
- Rising Demand for Accuracy and Efficiency: As prescription volumes increase and patient safety becomes more important, pharmacies are looking for ways to automate operations and reduce medication errors. This allows pharmacists to spend more time on patient consultations.
- Technological Advancements:which involve robotics, artificial intelligence, and software, are driving innovation in pharmacy automation. Newer automation systems include expanded capabilities such as robotic prescription filling, automated drug verification, and predictive analytics, hence increasing pharmacy efficiency and accuracy.
- Focus on Patient Safety: It is critical to minimize pharmaceutical errors. Automation improves dispensing accuracy while lowering the chance of human error during high-volume periods.
- Growth of E-Pharmacy and Telepharmacy: The growth of e-pharmacy platforms and telepharmacy services has increased the demand for automated systems that can handle remote dispensing and medication administration. Pharmacy automation allows for seamless interaction with digital platforms and the delivery of pharmaceuticals to patients’ homes or remote places.
Key Challenges:
- Initial Investment Costs: Implementing pharmacy automation solutions sometimes requires a significant upfront investment in hardware, software, and infrastructure. Smaller pharmacies and healthcare groups with limited finances may find the high initial costs prohibitive, delaying or blocking the implementation of automated systems.
- Data Security and Privacy Concerns: Concerns about data security and privacy arise from the processing and storage of sensitive patient information in pharmacy automation solutions. Protecting patient data from unauthorized access, breaches, and cyber-attacks is essential for preserving trust and compliance with healthcare standards.
- Maintenance and Support Needs: Pharmacy automation systems require frequent maintenance, software upgrades, and technical assistance to ensure peak performance and reliability. Healthcare businesses must budget for ongoing maintenance and support, including access to qualified technicians and service providers, in order to fix issues and reduce downtime.
- Staff Training and Resistance to Change: Integrating automation into pharmaceutical workflows may necessitate staff training and modifications to existing processes. Resistance to change among pharmacy employees, particularly pharmacists and technicians, can be an obstacle to acceptance. Overcoming resistance and providing proper training and assistance to employees are critical for the successful implementation of automation technologies.
Key Trends:
- Adoption of Robotic Dispensing Systems: Pharmacies are increasingly using robotic dispensing systems. These systems automate drug dispensing, which increases efficiency, accuracy, and patient safety. Advanced robotics technology allow pharmacies to handle higher prescription volumes while minimizing reliance on physical labor.
- Integration with Artificial Intelligence (AI): AI is being used in automation systems for activities including as medication order verification, potential drug interaction analysis, and even basic patient contacts, which improves safety and streamlines operations.
- Emphasis on Data Analytics and Predictive Insights: Pharmacy automation systems use data analytics and predictive insights to enhance inventory management, spot patterns, and improve decision-making. Real-time analytics dashboards, predictive modeling algorithms, and inventory forecasting systems help pharmacies anticipate medicine demand, eliminate waste, and make better business decisions.
- Increased Adoption in Retail Pharmacies: While hospitals have historically been early adopters of automation, retail pharmacies are seeing the benefits and implementing solutions at an increasing rate.
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Global Pharmacy Automation Solution Market Regional Analysis
Here is a more detailed regional analysis of the global pharmacy automation solution market:
North America:
- North America’s pharmacy automation solution market is primed for supremacy, with the United States leading the way. With major players such as OMNICELL, INC. holding significant market share, the United States is expected to drive innovation and adoption in the region.
- The country’s modern healthcare infrastructure, along with a strong emphasis on technology integration to improve pharmacy operations, places it as a leader in pharmacy automation solutions.
- As a result, the North American market is likely to see considerable improvements in automation technology adoption, promoting efficiency and quality in pharmaceutical services.
Asia Pacific:
- The Asia-Pacific region maintains its dominance in the pharmacy automation solution market, supported by increased investments in research and development (R&D), which are expected to drive market expansion even further.
- China is expected to become a market leader in the Asia-Pacific region by 2023, owing to a pressing need to reduce prescription errors and an increase in pharmaceutical demand.
- The country’s strategic concentration on automation technology highlights its potential to lead the area by improving operational efficiency and patient safety across the pharmaceutical sector.
Global Pharmacy Automation Solution Market Segmentation Analysis
The Global Pharmacy Automation Solution Market is Segmented on the basis of Product, Type, Application, And Geography.
Pharmacy Automation Solution Market, By Product
- Systems
- Software
- Service
Based on Product, the market is bifurcated into Systems, Software, and Service. Medication dispensing systems took over the pharmacy automation market. These robotic solutions make prescription fulfillment more accurate and efficient. However, the automated drug compounding systems category is enjoying the most rapid growth. Advances in robotics and artificial intelligence are making these systems more capable of handling complex drugs, paving the way for eventual widespread implementation.
Pharmacy Automation Solution Market, By Type
- Independent
- Chain
- Federal
Based on Type, the market is bifurcated into Independent, Chain, and Federal. Chain pharmacies dominate the market for pharmacy automation solutions due to their widespread presence and ability to efficiently install centralized automation systems. Independent pharmacies are the fastest-growing segment, driven by their rising awareness of the benefits of automation in improving operational efficiency and patient care, despite initial implementation problems.
Pharmacy Automation Solution Market, By Application
- Drug Dispensing and Packaging
- Drug Storage
- Inventory Management
Based on Application, the market is bifurcated into Drug Dispensing and Packaging, Drug Storage, and Inventory Management. Drug dispensing and packaging systems reign supreme. These robots automate prescription fulfillment, improving pharmacy productivity and lowering pharmaceutical errors. Inventory management software is growing the fastest. With increasing medicine demand, pharmacies are increasingly using this software to optimize stock levels, avoid shortages, and maintain medication supply.
Pharmacy Automation Solution Market, By Geography
- North America
- Europe
- Asia Pacific
- Rest of the World
On the basis of Geography, the Global Pharmacy Automation Solution Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. North America accounted for the largest market share of followed by Asia Pacific. Growing demand for effective emergency care and increasing adoption of mobile surgery centers are anticipated to drive the industry during the forecast period.
Key Players
The “Global Pharmacy Automation Solution Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are ARxIUM, OMNICELL, INC., Cerner Corporation, Capsa Healthcare, ScriptPro LLC, RxSafe, LLC. MedAvail Technologies, Inc., Asteres, Inc., InterLink AI, Inc., Baxter, Fullscript, McKesson Corporation, Innovation Associates, AmerisourceBergen Corporation, UNIVERSAL LOGISTICS HOLDINGS.INC, Takazono Corporation, TOSHO, Inc., Willach Group, BIQHS.
Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.
Pharmacy Automation Solution Market Recent Developments
- In May 2023, ScriptPro got the 2023 Retail Excellence Award-Technology and Automation from Drug Store News (DSN). The DSN, a leading chain and retail sector newspaper, highlights pharmacy technology firms that strive to do their best for their consumers.
- In April 2023, iA announced NEXIA Enterprise Analytics, the first cloud-based application for NEXIA software for pharmaceutical fulfillment. NEXIA Enterprise Analytics, a new intelligence tool for iA’s NEXIA software suite, allows users to visualize pharmacy activities across various fulfillment locations in real time. Enterprise analytics can help client’s quickly spot trends and efficiently distribute prescription medications to patients. NEXIA Enterprise Analytics is the first cloud-based solution in the NEXIA software series designed for pharmacy fulfillment.
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| STUDY PERIOD | 2020-2031 |
| BASE YEAR | 2023 |
| FORECAST PERIOD | 2024-2031 |
| HISTORICAL PERIOD | 2020-2022 |
| UNIT | Value (USD Billion) |
| KEY COMPANIES PROFILED | ARxIUM, OMNICELL, INC., Cerner Corporation, Capsa Healthcare, ScriptPro LLC, RxSafe, LLC. MedAvail Technologies, Inc., Asteres, Inc., InterLink AI, Inc., Baxter, Fullscript, McKesson Corporation, Innovation Associates, AmerisourceBergen Corporation, UNIVERSAL LOGISTICS HOLDINGS.INC, Takazono Corporation |
| SEGMENTS COVERED | By Product, By Type, By Application, By Geography |
| CUSTOMIZATION SCOPE | Free report customization (equivalent to up to 4 analysts’ working days) with purchase. Addition or alteration to country, regional & segment scope. |
Research Methodology of Verified Market Research:
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Reasons to Purchase this Report
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
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Frequently Asked Questions
1 INTRODUCTION OF GLOBAL PHARMACY AUTOMATION SOLUTION MARKET
1.1 Market Definition
1.2 Market Segmentation
1.3 Research Timelines
1.4 Assumptions
1.5 Limitations
2 RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH
2.1 Data Mining
2.2 Data Triangulation
2.3 Bottom-Up Approach
2.4 Top-Down Approach
2.5 Research Flow
2.6 Key Insights from Industry Experts
2.7 Data Sources
3 EXECUTIVE SUMMARY
3.1 Market Overview
3.2 Ecology Mapping
3.3 Absolute Market Opportunity
3.4 Market Attractiveness
3.5 Global Pharmacy Automation Solution Market Geographical Analysis (CAGR %)
3.6 Global Pharmacy Automation Solution Market, By Product (USD Million)
3.7 Global Pharmacy Automation Solution Market, By Application (USD Million)
3.8 Global Pharmacy Automation Solution Market, By Type (USD Million)
3.9 Future Market Opportunities
3.10 Global Market Split
3.11 Product Life Line
4 GLOBAL PHARMACY AUTOMATION SOLUTION MARKET OUTLOOK
4.1 Global Pharmacy Automation Solution Market Evolution
4.2 Drivers
4.2.1 Driver 1
4.2.2 Driver 2
4.3 Restraints
4.3.1 Restraint 1
4.3.2 Restraint 2
4.4 Opportunities
4.4.1 Opportunity 1
4.4.2 Opportunity 2
4.5 Porters Five Force Model
4.6 Value Chain Analysis
4.7 Pricing Analysis
4.8 Macroeconomic Analysis
5 GLOBAL PHARMACY AUTOMATION SOLUTION MARKET, BY PRODUCT
5.1 Systems
5.2 Software
5.3 Service
6 GLOBAL PHARMACY AUTOMATION SOLUTION MARKET BY TYPE
6.1 Independent
6.2 Chain
6.3 Federal
7 By Application
7.1 DRUG DISPENSING AND PACKAGING
7.2 DRUG STORAGE
7.3 INVENTORY MANAGEMENT
8 GLOBAL PHARMACY AUTOMATION SOLUTION MARKET, BY GEOGRAPHY
8.1 Overview
8.2 North America
8.2.1 U.S.
8.2.2 Canada
8.2.3 Mexico
8.3 Europe
8.3.1 Germany
8.3.2 U.K.
8.3.3 France
8.3.4 Italy
8.3.5 Spain
8.3.6 Rest of Europe
8.4 Asia Pacific
8.4.1 China
8.4.2 Japan
8.4.3 India
8.4.4 Rest of Asia Pacific
8.5 Latin America
8.5.1 Brazil
8.5.2 Argentina
8.5.3 Rest of Latin America
8.6 Middle-East and Africa
8.6.1 UAE
8.6.2 Saudi Arabia
8.6.3 South Africa
8.6.4 Rest of Middle-East and Africa
9 GLOBAL PHARMACY AUTOMATION SOLUTION MARKET COMPETITIVE LANDSCAPE
9.1 Overview
9.2 Company Market Ranking
9.3 Key Developments
9.4 Company Regional Footprint
9.5 Company Industry Footprint
9.6 ACE Matrix
10 COMPANY PROFILES
10.1 ARxIUM
10.1.1 Company Overview
10.1.2 Company Insights
10.1.3 Product Benchmarking
10.1.4 Key Development
10.1.5 Winning Imperatives
10.1.6 Current Focus & Strategies
10.1.7 Threat from Competition
10.1.8 SWOT Analysis
10.2 OMNICELL INC.
10.2.1 Company Overview
10.2.2 Company Insights
10.2.3 Product Benchmarking
10.2.4 Key Development
10.2.5 Winning Imperatives
10.2.6 Current Focus & Strategies
10.2.7 Threat from Competition
10.2.8 SWOT Analysis
10.3 Cerner Corporation
10.3.1 Company Overview
10.3.2 Company Insights
10.3.3 Product Benchmarking
10.3.4 Key Development
10.3.5 Winning Imperatives
10.3.6 Current Focus & Strategies
10.3.7 Threat from Competition
10.3.8 SWOT Analysis
10.4 Capsa Healthcare
10.4.1 Company Overview
10.4.2 Company Insights
10.4.3 Product Benchmarking
10.4.4 Key Development
10.4.5 Winning Imperatives
10.4.6 Current Focus & Strategies
10.4.7 Threat from Competition
10.4.8 SWOT Analysis
10.5 ScriptPro LLC
10.5.1 Company Overview
10.5.2 Company Insights
10.5.3 Product Benchmarking
10.5.4 Key Development
10.5.5 Winning Imperatives
10.5.6 Current Focus & Strategies
10.5.7 Threat from Competition
10.5.8 SWOT Analysis
10.6 RxSafe, LLC.
10.6.1 Company Overview
10.6.2 Company Insights
10.6.3 Product Benchmarking
10.6.4 Key Development
10.6.5 Winning Imperatives
10.6.6 Current Focus & Strategies
10.6.7 Threat from Competition
10.6.8 SWOT Analysis
10.7 MedAvail Technologies, Inc.
10.7.1 Company Overview
10.7.2 Company Insights
10.7.3 Product Benchmarking
10.7.4 Key Development
10.7.5 Winning Imperatives
10.7.6 Current Focus & Strategies
10.7.7 Threat from Competition
10.7.8 SWOT Analysis
10.8 Asteres Inc.
10.8.1 Company Overview
10.8.2 Company Insights
10.8.3 Product Benchmarking
10.8.4 Key Development
10.8.5 Winning Imperatives
10.8.6 Current Focus & Strategies
10.8.7 Threat from Competition
10.8.8 SWOT Analysis
10.9 InterLink AI, Inc.
10.9.1 Company Overview
10.9.2 Company Insights
10.9.3 Product Benchmarking
10.9.4 Key Development
10.9.5 Winning Imperatives
10.9.6 Current Focus & Strategies
10.9.7 Threat from Competition
10.9.8 SWOT Analysis
10.10 Baxter
10.10.1 Company Overview
10.10.2 Company Insights
10.10.3 Product Benchmarking
10.10.4 Key Development
10.10.5 Winning Imperatives
10.10.6 Current Focus & Strategies
10.10.7 Threat from Competition
10.10.8 SWOT Analysis
10.11 Fullscript
10.11.1 Company Overview
10.11.2 Company Insights
10.11.3 Product Benchmarking
10.11.4 Key Development
10.11.5 Winning Imperatives
10.11.6 Current Focus & Strategies
10.11.7 Threat from Competition
10.11.8 SWOT Analysis
10.12 McKesson Corporation
10.12.1 Company Overview
10.12.2 Company Insights
10.12.3 Product Benchmarking
10.12.4 Key Development
10.12.5 Winning Imperatives
10.12.6 Current Focus & Strategies
10.12.7 Threat from Competition
10.12.8 SWOT Analysis
10.13 Innovation Associates
10.13.1 Company Overview
10.13.2 Company Insights
10.13.3 Product Benchmarking
10.13.4 Key Development
10.13.5 Winning Imperatives
10.13.6 Current Focus & Strategies
10.13.7 Threat from Competition
10.13.8 SWOT Analysis
10.14 AmerisourceBergen Corporation
10.14.1 Company Overview
10.14.2 Company Insights
10.14.3 Product Benchmarking
10.14.4 Key Development
10.14.5 Winning Imperatives
10.14.6 Current Focus & Strategies
10.14.7 Threat from Competition
10.14.8 SWOT Analysis
10.15 UNIVERSAL LOGISTICS HOLDINGS, INC
10.15.1 Company Overview
10.15.2 Company Insights
10.15.3 Product Benchmarking
10.15.4 Key Development
10.15.5 Winning Imperatives
10.15.6 Current Focus & Strategies
10.15.7 Threat from Competition
10.15.8 SWOT Analysis
10.16 Takazono Corporation
10.16.1 Company Overview
10.16.2 Company Insights
10.16.3 Product Benchmarking
10.16.4 Key Development
10.16.5 Winning Imperatives
10.16.6 Current Focus & Strategies
10.16.7 Threat from Competition
10.16.8 SWOT Analysis
10.17 TOSHO Inc.
10.17.1 Company Overview
10.17.2 Company Insights
10.17.3 Product Benchmarking
10.17.4 Key Development
10.17.5 Winning Imperatives
10.17.6 Current Focus & Strategies
10.17.7 Threat from Competition
10.17.8 SWOT Analysis
10.18 Willach Group
10.18.1 Company Overview
10.18.2 Company Insights
10.18.3 Product Benchmarking
10.18.4 Key Development
10.18.5 Winning Imperatives
10.18.6 Current Focus & Strategies
10.18.7 Threat from Competition
10.18.8 SWOT Analysis
10.19 BIQHS.
10.19.1 Company Overview
10.19.2 Company Insights
10.19.3 Product Benchmarking
10.19.4 Key Development
10.19.5 Winning Imperatives
10.19.6 Current Focus & Strategies
10.19.7 Threat from Competition
10.19.8 SWOT Analysis
11 VERIFIED MARKET INTELLIGENCE
11.1 About Verified Market Intelligence
11.2 Dynamic Data Visualization
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Data Collection Matrix
| Perspective | Primary Research | Secondary Research |
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Econometrics and data visualization model
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Industry Analysis Matrix
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