Pharmacy Automation Market is poised to attain US$ 13.3 billion by 2033, growing at an 8.1% CAGR

By Future Market Insights Feb 21, 2024
Pharmacy Automation MarketPharmacy Automation Market

In 2023, the global pharmacy automation market growth is expected to be valued US$ 5.6 billion. Companies in a variety of industries are starting to realize how revolutionary the healthcare industry might be. This establishes the foundation for significant expansion, since projections indicate that the market will exceed US$ 13.3 billion by 2033. The market’s outstanding potential over the next ten years is highlighted by the extraordinary CAGR of 8.1% that supports this growth trajectory.

This growth is attributed to a number of factors, including the increasing prevalence of chronic diseases, the rising demand for personalized medicine, and the growing need to improve patient safety and efficiency in pharmacies.

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Pharmacy automation can help to improve the accuracy and efficiency of medication dispensing and packaging, as well as reduce the risk of medication errors. They can also help to free up pharmacists’ time so that they can focus on providing more patient-centered care.

Key Takeaways:

  • The global pharmacy automation market is expected to grow from US$ 5.6 billion in 2023 to US$ 13.3 billion by 2033, at a CAGR of 8.1%.
  • The key drivers of the market growth include the rising demand for medication safety, operational efficiency, and technological advancements.
  • The market is segmented by type into automated medication dispensing systems, automated packaging and labeling systems, automated storage and retrieval systems, automated medication compounding systems, and others. The automated medication dispensing systems segment is expected to account for the largest market share during the forecast period.
  • The market is also segmented by application into inpatient pharmacy, outpatient pharmacy, retail pharmacy, and others. The outpatient pharmacy segment is expected to account for the largest market share during the forecast period.
  • North America is expected to be the largest market for pharmacy automation during the forecast period, followed by Europe and Asia Pacific.

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Regional Outlook:

  • North America: The North American pharmacy automation market is expected to grow at the fastest CAGR during the forecast period. This is due to the presence of a large number of key players, the high adoption of advanced technologies, and the increasing demand for medication safety and operational efficiency.
  • Europe: The European pharmacy automation market is expected to grow at a moderate CAGR during the forecast period. This is due to the increasing adoption of electronic health records and the growing awareness of the benefits of pharmacy automation.
  • Asia Pacific: The Asia Pacific pharmacy automation market is expected to grow at the second-fastest CAGR during the forecast period. This is due to the growing geriatric population, the rising number of prescriptions, and the increasing investments in healthcare infrastructure.

Other Key Regions: The pharmacy automation markets in South America, the Middle East, and Africa are expected to grow at a slower CAGR during the forecast period. This is due to the limited availability of funds, the lack of awareness of the benefits of pharmacy automation, and the underdeveloped healthcare infrastructure in these regions.

Overall, the pharmacy automation market is expected to grow significantly during the forecast period, driven by the increasing demand for medication safety, operational efficiency, and technological advancements.

Key Companies Profiled in the Pharmacy Automation Market:

  • Becton
  • Cerner Corporation
  • Parata Systems LLC
  • Yuyama Co. Ltd
  • PerceptiMed Inc
  • McKesson Corporation
  • Capsa Solutions LLC
  • Omnicell Inc
  • Dickinson and Company
  • Arxium Inc
  • Scriptpro LLC
  • Swisslog Holdings AG
  • Rxsafe LLC

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Key Segments in the Pharmacy Automation Market:

By Product:

  • Medication Dispensing Systems
  • Automated Medication Compounding Systems
  • Packaging and Labeling Systems
  • Storage and Retrieval Systems
  • Tabletop Tablet Counters

By End-use Sector:

  • Inpatient Pharmacies
    • Acute Care Settings
    • Long Term Care Facilities
  • Outpatient Pharmacies
    • Outpatient/Fast Track Clinics
    • Hospital Retail Settings
  • Pharmacy Benefit Management Organization and Mail Order Pharmacies
  • Retail Pharmacies

By Region:

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • Asia Pacific Excluding Japan (APEJ)
  • Japan
  • Middle East & Africa

Author By:

Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.

Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.

Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.

About Future Market Insights (FMI)

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