Pharmacy Automation Market Growth Demand, Opportunities, Strategies 2033

The Business Research Company recently released a comprehensive report on the Global Pharmacy Automation Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The pharmacy automation market size has grown rapidly in recent years. It will grow from $6.58 billion in 2023 to $7.32 billion in 2024 at a compound annual growth rate (CAGR) of 11.2%. The growth in the historic period can be attributed to a shortage of skilled pharmacy staff, stringent regulations, and standards, the need to reduce medication errors, enhanced data management, and patient's expectations for faster service.

The pharmacy automation market size is expected to see rapid growth in the next few years. It will grow to $11.39 billion in 2028 at a compound annual growth rate (CAGR) of 11.7%. The growth in the forecast period can be attributed to the rising number of prescriptions due to aging populations, growth of retail pharmacy chains, focus on patient experience, rising labor costs, and integration with EHR (electronic health record) systems. Major trends in the forecast period include AI-powered systems, adoption of telepharmacy solutions, increased use of robotics, centralized systems for prescription processing, and adoption of blockchain technology.

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Market Drivers and Trends:

The surge in the disease rate is expected to propel the growth of the pharmacy automation market going forward. Disease rate refers to the measure of the occurrence of a specific disease within a particular population during a specified period. There is a surge in disease rates due to several factors, including increasing population, increased travel and trade, climate change, pollution, and the emergence of new infectious agents or strains. Pharmacy automation aims to mitigate disease rates by streamlining medication dispensing processes to enhance accuracy and efficiency in disease management. Pharmacy automation systems can facilitate the timely dispensing and monitoring of medications, enabling healthcare providers to intervene promptly if patients' conditions worsen. For instance, in January 2023, according to the National Library of Medicine (NLM), a US-based biomedical library, the United States is projected to see a 99.5% increase in individuals aged 50 and older with at least one chronic condition by 2050, which is an increase from 71.522 million in 2020 to 142.66 million in 2050. Therefore, the surge in the disease rate is driving the growth of the pharmacy automation market going forward.

Major companies operating in the pharmacy automation market are focusing on expanding their product portfolio by adding advanced pharmacy automation solutions, such as next-generation automated drug dispensing systems, to gain a competitive edge in the market. Next-generation automated drug dispensing systems refer to advanced technology solutions designed to automate and streamline the process of dispensing medications in healthcare settings. For instance, in October 2023, JVM Co. Ltd., a South Korea-based manufacturer of pharmacy automation systems, launched the MENITH, an automated dispensing machine featuring a robotic arm with articulated movement. MENITH is a next-generation product by JVM that features a multi-joint collaborative robot arm designed to fully automate the canister exchange process. It has a dispensing speed that is over twice as fast as traditional pouch-type automated dispensing machines and can dispense up to 120 pouches per minute. It also features an automated inspection system that reduces the time and resources required for the pharmacy dispensing process.

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Major Key Players of the Market:

Mckesson Corporation, AmerisourceBergen Corporation, Oracle Corporation, Baxter International Inc., Cerner Corporation, Pearson Medical Technologies LLC, Omnicell Inc., Swisslog Holding AG, Tension Corporation, Noritsu Koki Co. Ltd., Scriptpro LLC, Capsa Healthcare LLC, Alixar Healthcare Private Limited, Deenova S.R.L, ARxIUM Inc., Talyst Systems LLC, Touchpoint Medical Solutions Pvt. Ltd., Kirby Lester LLC, Yuyama Co. Ltd., Willach GmbH, RxSafe LLC, Meditech Pharmacy Management Solutions Inc., Accu-Chart Plus Healthcare System Inc., PDX Pharmaceuticals Inc., Newicon Ltd.

Pharmacy Automation Market 2024 Key Insights:

• The pharmacy automation market size is expected to see rapid growth in the next few years. It will grow to $11.39 billion in 2028 at a compound annual growth rate (CAGR) of 11.7%.
• Rise In Disease Rate Is Anticipated To Fuel The Expansion Of The Pharmacy Automation Market
• Advanced Drug Dispensing Systems To Reduce Medical Errors
• North America was the largest region in the pharmacy automation market in 2023

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