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Pharmacy automation systems are used to streamline pharmacy workflows and maintain accuracy in dispensing and packaging medications. Various products used in pharmacy automation include automated medication dispensing systems, automated packaging and labeling systems, automated storage and retrieval systems, and tablet splitting devices. Automated dispensing cabinets help pharmacies reduce dispensing errors, meet high patient volumes, and improve efficiency. Specialty pharmacies are increasingly adopting pharmacy automation systems to streamline complex workflows involved in dispensing specialty and biologic drugs for chronic diseases. With the rise in medication complexity and treatment protocols, specialty pharmacies rely on automation technologies like robotics and packaging stations to reduce errors and ensure standard operating procedures are followed.
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 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the major drivers fueling the growth of the pharmacy automation market is the rising adoption of specialty pharmacy services. Specialty drugs require specialized storage, handling, and administration. Pharmacy automation solutions allow specialty pharmacies to efficiently store and dispense temperature-sensitive biologics while maintaining appropriate temperatures. Automated systems also help specialty pharmacies comply with stringent regulations and product traceability requirements for handling high-risk medications. Furthermore, pharmacy robots and mechanization reduce processing times and allow specialty pharmacies to scale operations while minimizing errors – a critical requirement considering complex dosing and administration of specialty drugs. This is expected to significantly drive demand for pharmacy automation in specialty pharmacies over the forecast period.
Segment Analysis
The pharmacy automation market is dominated by automated medication dispensing systems, which holds over 40% share. This is because automated medication dispensing systems help reduce medication errors, improve workflow efficiency and security of medications. The automated packaging and labeling systems segment is also growing rapidly due to increasing need for enhanced packaging of medical products and patient specific labeling of medications.
PEST Analysis
Political: Governments across countries are promoting healthcare modernization by supporting automation of medication management processes to enhance patient safety and reduce errors. Additionally, regulations regarding drug traceability and inventory management are driving demand for pharmacy automation.
Economic: The high cost of medication errors and recalls are pushing healthcare providers to invest in pharmacy automation solutions to optimize costs in the long-run. Furthermore, growing healthcare expenditures are prompting institutions to adopt automation for improving workflow efficiency.
Social: Rising geriatric population prone to multiple ailments is increasing workload on pharmacies. Automation is helping address this challenge by facilitating optimized dispensing and management of complex medication regimes for the elderly. Additionally, emphasis on enhancing patient safety and satisfaction is propelling adoption.
Technological: Integration of advanced technologies like AI, robotics, IoT and cloud computing into pharmacy systems is improving accuracy, efficiency and inventory visibility. Also, emerging solutions featuring miniaturized robots, automated tablets counters and advanced track-and-trace functionality are further reinforcing market growth.
Key Takeaways
The global pharmacy automation market is expected to witness high growth at a CAGR of 8.1% during the forecast period of 2023 to 2030.
North America dominates currently due to advanced healthcare infrastructure and increasing geriatric population. Strict regulations regarding drug dispensing and inventory management are driving demand in the region. The Asia Pacific region is emerging as the fastest growing market for pharmacy automation driven by increasing investments towards healthcare infrastructure development in major emerging countries. Additionally, growing generic and OTC drug markets, coupled with rising patient pool are further supporting market growth in the region.
Key players operating in the pharmacy automation market include 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, and ARxIUM Inc. Swisslog Holdings AG and Talyst systems LLC. Adoption of integrated pharmacy automation solutions featuring advanced robotic dispensing systems, packaging machines, and AI-based analytics is on the rise among pharmacies to reduce errors, enhance patient safety, and optimize staff productivity.
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- Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
