Pharmacy Automation Equipment Market to Grow at a CAGR of 8.0% to reach US$ 9,195.36 Mn Million from 2021 to 2028

Pharmacy Automation Equipment Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Automated Medication Dispensing Systems, Automated Packaging & Labeling Systems, Automated Storage & Retrieval Systems, Automated Compounding Devices, and Tabletop Tablet Counters) and End User (Hospital Pharmacy, Retail Pharmacy, Others)

  • Report Code : TIPRE00018308
  • Category : Medical Device
  • Status : Published
  • No. of Pages : 168
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The pharmacy automation equipment market was valued at US$ 4,984.70 million in 2020 and is projected to reach US$ 9,195.36 million by 2028; it is expected to grow at a CAGR of 8.0% from 2021 to 2028.

The major factors driving to the growth of the market are increasing medication errors, and rising demand for healthcare services. However, the problems associated with automated dispensing systems such as regular software updates and high system maintenance requirement are restricting the market growth. The pharmacy automation equipment market mechanizes various processes in pharmacy and other health care settings, with a main objective to reduce errors in medical prescriptions and optimize patient safety. Also, automation systems help in streamlining the workflow, reduce the risk of errors, and enhance safety of patients. The introduction of RFID, smart dashboard, barcode scanning technology, and data security in pharmacies for seamless workflow is driving the growth of the market. In addition, these devices reduce labor costs, and improve process accuracy and speed.

In December 2020, iZafe Group AB, Sweden, launched an updated version of the Dosell medication dispensing robot. With such launches, European healthcare sector witnessed increase in the adoption of pharmacy automation equipment, especially during the COVID-19 pandemic, as these systems ensure medication safety, reduce costs, and enhanced patient care.  

Lucrative Regions for Pharmacy Automation Equipment Market



Lucrative Regions for Pharmacy Automation Equipment Market
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

Market Insights

Increasing Medication Errors Drive Pharmacy Automation Equipment Market Growth

A medication error involves inappropriate and ineffective dispensing of medicines that can harm patients. Common medication errors include dispensing a wrong drug, incorrect drug quantity, wrong drug strength, and item omission. Every year, the US Food and Drug Administration (FDA) receives over 100,000 reports associated with medication errors. Further, as per the study Medication Errors, published in StatPearls in June 2020, every year, ~7,000–9,000 people die in the US due to medication errors. Similarly, as per the estimates of the study “Prevalence and Economic Burden of Medication Errors in the NHS In England,” published in 2018, ~237 million medication errors occur in the NHS, while avoidable adverse drug reactions (ADRs) lead to hundreds of deaths. ~75% of the medication errors occur due to distractions as the healthcare professionals are engaged in multiple tasks, including examining the patient, speaking to consultants, speaking to patient family members, and conversing with insurance professionals. Sometimes, a lapse of judgment, due to an urge to complete the duty early, also leads to a medication error. Another major cause of medication error is distortion caused due to poor writing, abbreviation usage, misunderstood symbols, or improper translation. Moreover, illegible writing has been a major concern faced by both pharmacists and nurses since many years. Thus, the increasing number of medication errors is boosting the adoption of pharmacy automation equipment.

Type-Based Insights

Based on type, the pharmacy automation equipment market is segmented into automated medication dispensing systems, automated packaging & labeling systems, automated storage & retrieval systems, automated compounding devices, and tabletop tablet counters. The automated medication dispensing systems segment held the largest share of the market in 2020. Growth of the market for this segment is ascribed to the increasing number of errors in medication and dispensing, escalating demand for specialty drug prescription filling solutions, and stringent government policies compelling healthcare institutes and pharmacists decentralize pharmacies for improved patient care services. Further, the pharmacy automation equipment market for automated compounding devices segment is expected to witness the highest CAGR during 2021–2028.

Pharmacy Automation Equipment Market, by Type – 2020 and 2028



Pharmacy Automation Equipment Market, by Type – 2020 and 2028
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

 

Report Coverage



End User-Based Insights

Based on end user, the pharmacy automation equipment market is segmented into hospital pharmacy, retail pharmacy, and others. The hospital pharmacy segment held the largest share of the market in 2020. However, the retail pharmacy segment is estimated to register the highest CAGR in the market during the forecast period. The growth of the retail pharmacy segment is majorly attributed to the stringent government norms pertaining to medicine inventory and untapped market of remote locations.

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Pharmacy Automation Equipment Market: Strategic Insights

Pharmacy Automation Equipment Market

  • CAGR (2020 - 2028)
    8.0%
  • Market Size 2020
    US$ 4.98 Billion
  • Market Size 2028
    US$ 9.2 Billion

Market Dynamics

GROWTH DRIVERS
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FUTURE TRENDS
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OPPORTUNITIES
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Key Players

  • Talyst LLC (Swisslog Healthcare)
  • AmerisourceBergen
  • Baxter International Inc
  • Capsa Healthcare
  • OMNICELL INC
  • Cerner Corporation
  • McKESSON CORPORATION
  • ScriptPro LLC
  • BD
  • YUYAMA Co.,Ltd

Regional Overview

  • North America
  • Europe
  • Asia-Pacific
  • South and Central America
  • Middle East and Africa

Market Segmentation

Type
  • Automated Medication Dispensing Systems
  • Automated Packaging & Labeling Systems
  • Automated Storage & Retrieval Systems
  • Automated Compounding Devices
  • Tabletop Tablet Counters
End User
  • Hospital Pharmacy
  • Retail Pharmacy
  • Others
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

Companies operating in the pharmacy automation equipment market adopt the product innovations strategy to meet the evolving customer demands across the world, which also permits them to maintain their brand name in the global market.


Pharmacy Automation Equipment Market – by Type

  • Automated Medication Dispensing Systems
  • Automated Packaging & Labelling Systems
  • Automated Storage & Retrieval Systems
  • Automated Compounding Devices
  • Tabletop Tablet Counters  

Pharmacy Automation Equipment Market – by End User

  • Hospital Pharmacy
  • Retail Pharmacy
  • Others

Pharmacy Automation Equipment Market– by Geography

  • North America

    • US
    • Canada
    • Mexico
  • Europe

    • France
    • Germany
    • Italy
    • UK
    • Spain
    • Rest of Europe
  • Asia Pacific (APAC)

    • China
    • India
    • South Korea
    • Japan
    • Australia
    • Rest of APAC
  • Middle East and Africa (MEA)

    • South Africa
    • Saudi Arabia
    • UAE
    • Rest of MEA
  • South and Central America (SCAM)

    • Brazil
    • Argentina
    • Rest of SCAM

Company Profiles

  • Talyst LLC (Swisslog Healthcare)
  • AmerisourceBergen
  • Baxter International Inc
  • Capsa Healthcare
  • OMNICELL INC
  • Cerner Corporation
  • McKESSON CORPORATION
  • ScriptPro LLC
  • BD
  • YUYAMA Co., Ltd

Pharmacy Automation Equipment Market Report Scope

Report Attribute Details
Market size in 2020 US$ 4.98 Billion
Market Size by 2028 US$ 9.2 Billion
Global CAGR (2020 - 2028) 8.0%
Historical Data 2018-2019
Forecast period 2021-2028
Segments Covered By Type
  • Automated Medication Dispensing Systems
  • Automated Packaging & Labeling Systems
  • Automated Storage & Retrieval Systems
  • Automated Compounding Devices
  • Tabletop Tablet Counters
By End User
  • Hospital Pharmacy
  • Retail Pharmacy
  • Others
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
Market leaders and key company profiles
  • Talyst LLC (Swisslog Healthcare)
  • AmerisourceBergen
  • Baxter International Inc
  • Capsa Healthcare
  • OMNICELL INC
  • Cerner Corporation
  • McKESSON CORPORATION
  • ScriptPro LLC
  • BD
  • YUYAMA Co.,Ltd
    • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
    Report Coverage
    Report Coverage

    Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

    Segment Covered
    Segment Covered

    Type and End User

    Regional Scope
    Regional Scope

    North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

    Country Scope
    Country Scope

    Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States

    Frequently Asked Questions


    What is Pharmacy Automation Equipment?

    The pharmacy automation mechanizes various processes in pharmacy and other health care settings. The objective is to reduce errors in medical prescriptions and optimize patient safety. Also, automation systems help in streamlining the workflow, reduce the risk of errors, and improve patient safety. The introduction of RFID, smart dashboard, barcode scanning technology, and data security in pharmacies for seamless workflow is driving the growth of the market. In addition, these devices reduce labor costs and enhance accuracy and speed. These products further save pharmacists’ time so that they can spend more time with patients, thereby enhancing the patient experience.

    What are the driving factors for the pharmacy automation equipment market across the globe?

    The factors that are driving growth of the market are increasing medication errors, and increasing demand for healthcare services. Moreover, technological advancements are offering lucrative opportunities for the growth of the market.

    Who are the major players in the pharmacy automation equipment market?

    The pharmacy automation equipment market majorly consists of the players such as Talyst LLC (Swisslog Healthcare), AmerisourceBergen, Baxter International Inc, Capsa Healthcare, OMNICELL INC, Cerner Corporation, MCKESSON CORPORATION, ScriptPro LLC, BD, and YUYAMA Co., Ltd amongst others.

    The List of Companies - Pharmacy Automation Equipment Market

    1. Talyst LLC (Swisslog Healthcare)
    2. AmerisourceBergen
    3. Baxter International Inc
    4. Capsa Healthcare
    5. OMNICELL INC
    6. Cerner Corporation
    7. McKESSON CORPORATION
    8. ScriptPro LLC
    9. BD
    10. YUYAMA Co.,Ltd

    The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

    1. Data Collection and Secondary Research:

    As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

    Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

    1. Primary Research:

    The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

    For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

    A typical research interview fulfils the following functions:

    • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
    • Validates and strengthens in-house secondary research findings
    • Develops the analysis team’s expertise and market understanding

    Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

    • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
    • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

    Below is the breakup of our primary respondents by company, designation, and region:

    Research Methodology

    Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

    1. Data Analysis:

    Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

    • 3.1 Macro-Economic Factor Analysis:

    We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

    • 3.2 Country Level Data:

    Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

    • 3.3 Company Profile:

    The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

    • 3.4 Developing Base Number:

    Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

    1. Data Triangulation and Final Review:

    The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

    We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

    We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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