Pharmacy Automation Devices Market Size to Hit US$ 9.10 BN by 2030

The global Pharmacy Automation Devices market size is expected to hit around US$ 9.10 billion by 2030 and is predicted to grow at a CAGR of 9.5% during forecast period 2021 to 2030.

Growth Factors

The increasing burden of chronic diseases and the growing geriatric population are leading to an increase in the number of prescriptions. This, in turn, is resulting in a rise in the number of medication errors. For instance, 237.4 million medication errors occurred in England in 2018, according to the article published in The Pharmaceutical Journal. This is driving the demand for pharmacy automation devices. Moreover, an increase in initiatives by various organizations, such as the American Society of Health-System Pharmacists, to reduce medication errors is positively impacting the market growth.

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In 2020, the medication dispensing systems product segment accounted for the largest revenue share owing to the benefits offered by these products, such as minimized medication errors, better inventory management, improved medication adherence for patients with complex treatments, improved patient care, minimized drug waste with true split-fills, improved storage capacity, and reduced administrative burden among the end-users. The automated medication compounding systems segment is anticipated to witness the fastest growth during the forecast period. Reduction in compounding errors and contamination is a major factor driving the segment. Moreover, the increasing adoption of these devices for sterile compounding is fueling the segment growth.

Report Highlights

The medication dispensing systems accounted for the largest revenue share of 25.1%. The increasing number of deaths due to medication and dispensing errors, coupled with stringent government policies, is creating pressure on healthcare institutes and pharmacists to include various medication dispensing systems for improving patient care services. According to a survey conducted by Pharmacy Purchasing and Products on pharmacy automation devices in 2019, 84.0% of the hospital pharmacies have adopted or planned to adopt automated dispensing cabinets.

The automated medication compounding systems segment is anticipated to witness the fastest growth during the forecast period. Rising applications in sterile compounding is a major parameter driving this segment. For instance, in December 2018, ARxIUM launched the RIVA IV compounding system for 503B outsourcing, central-fill, and hospital pharmacies. In addition, automated robotic sterile compounding solutions empower technicians and pharmacists with tools for improving dosage accuracy and making Intravenous (IV) pharmacy compounding safer, while reducing costs and enabling compliance.

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The retail pharmacy segment accounted for the largest share of 52.7% in 2020. Increasing applications of these solutions in prescription filling, cutting down costs and errors, inventory tracking, and streamlining operations are driving the adoption of these solutions in retail pharmacies. For instance, automated robotic storage and retrieval systems offered by RxSafe enable retail pharmacies to experience speed, space savings, accuracy, and convenience delivered by the combination of real-time inventory tracking, prescription dispensing, and workflow optimization solutions.

The hospital pharmacy segment is anticipated to witness the fastest growth during the forecast period. This can be attributed to the increasing usage of automated dispensing cabinets, barcoded unit dose packaging systems, automated drug storage and retrieval systems, and automated sterile compounding systems to enhance productivity and efficiency. For instance, in December 2020, Omnicell Central Pharmacy Dispensing Service was deployed by Owensboro Health to eliminate medication dispensing errors and improve inventory management.

North America accounted for the largest revenue share of 54.9% in 2020. Technological advancements in medication management in hospitals and pharmacies are expected to drive the demand for pharmacy automation devices in North America. For instance, Duke University Hospital in the U.S. has implemented Omnicell’s XT series automated dispensing system in five of their hospitals. These redesigned cabinets allow for increased capacity and accommodate 30% more medications in the same outline as the old design. Growing concerns over inadequate inventory management may propel the growth of high-volume dispensing cabinets in the region as it leads to a high cost of holding inventory, which can ultimately put a cost burden on retailers.

Key Players

• Amerisource Bergen Corporation
• Accu Chart Plus Healthcare Systems, Inc.
• Omnicell, Inc.
• McKesson Corporation
• Pearson Medical Technologies, LLC
• Baxter
• Talyst, LLC
• ScriptPro, LLC
• CareFusion (Becton Dickinson And Company)
• Medacist Solutions Group, LLC
• Kirby Lester
• Cerner Corporation
• iA
• ARxIUM
• TouchPoint Medical
• Deenova S.R.L
• Parata Systems, LLC
• Swisslog Healthcare
• Yuyama Co. Ltd. 

Market Segmentation

• Product Outlook 
  • Medication Dispensing Systems
  • Packaging and Labeling Systems
  • Storage and Retrieval Systems
  • Automated Medication Compounding Systems
  • Tabletop Tablet Counters
• End-use Outlook 
  • Hospital Pharmacy
  • Retail Pharmacy
• Regional Outlook 
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

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