Rising Digitalization to Revolutionize Healthcare Systems Boosting Pharmacy Automation Market Says Future Market Insights, Inc.

Artificial Intelligence in Pharmacies Would Lead to Future Trends in Global Pharmacy Automation Market. Global Pharmacy Automation Industry Size Will Reach US$ 13.3 billion By 2033, at 8.1% CAGR Growth

NEWARK, Del., Nov. 6, 2023 /PRNewswire/ — It is anticipated that the global pharmacy automation market would grow from US$ 6.1 billion in 2023 to US$ 13.3 billion by 2033. From 2023 to 2033, the market is anticipated to grow at a compound annual growth rate of 8.1%.

Robotic systems automate several physical tasks involved in pharmacy operations, such as dispensing medications, packaging prescriptions, and transporting medications throughout the pharmacy. This enables pharmacists to focus on more clinical tasks, such as patient counseling and medication management.

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Artificial intelligence (AI) and machine learning (ML) are increasingly used in pharmacy automation systems for a wide range of tasks in the pharmacy, including prescription filling, inventory management, and patient counseling. For example, AI-powered prescription filling systems can automatically fill prescriptions accurately and quickly, reducing the risk of human error.

Cloud-based systems are more affordable and easier to implement than traditional on-premises systems. They also offer greater flexibility and scalability, making them a good option for pharmacies of all sizes, stimulating the adoption of cloud-based pharmacy automation systems.

“Interoperability allows pharmacy automation systems to communicate with other systems, such as electronic health records (EHRs) and laboratory information systems (LISs). This can improve the efficiency of pharmacy operations and reduce the risk of errors, increasing focus on interoperability between pharmacy automation systems and other healthcare IT systems,” opines Sabyasachi Ghosh Associate Vice President at Future Market Insights (FMI).

Key Takeaways:

The global pharmacy automation market is estimated to register a CAGR of 8.1%, reaching a valuation of US$ 13.3 billion by 2033.The market grew at a CAGR of 10.2% during the historical period from 2018 to 2022.The United States is anticipated to dominate the global market by registering an 8.3% CAGR during the forecast period.The market in China is anticipated to progress at a CAGR of 8.7% through 2033.The market in Japan is expected to secure a CAGR of 9.3% during the forecast period.

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Key Players and Strategies for Success in the Pharmacy Automation Market

In recent years, there has been a surge in investments and collaborations within the industry with venture capital firms and businesses. These strategic partnerships and financial investments aim to accelerate research and development, scale production, and expand market reach.

Recent Developments in the Pharmacy Automation Market:

In 2023, Omnicell launched its new specialty pharmacy services offering to help health systems establish and optimize specialty pharmacy programs. This service includes a suite of pharmacy automation solutions, such as robotic dispensing systems and cloud-based inventory management software.In 2021, BD launched its new AutoLink IV compounding system. This system automates the compounding of intravenous (IV) medications, reducing the risk of errors and improving the efficiency of pharmacy operations.In 2022, Parata Systems launched its new RxFill 360 dispensing system. This system uses AI and robotics to automate prescription filling, from order entry to labeling.

Key Players:

BectonCerner CorporationParata Systems LLCYuyama Co. LtdPerceptiMed IncMcKesson CorporationCapsa Solutions LLCOmnicell IncDickinson and CompanyArxium IncScriptpro LLCSwisslog Holdings AGRxsafe LLC

Pharmacy Automation Market Segmentation:

By Product:

Medication Dispensing SystemsAutomated Medication Compounding SystemsPackaging and Labeling SystemsStorage and Retrieval SystemsTabletop Tablet Counters

By End-use Sector:

Inpatient PharmaciesAcute Care SettingsLong Term Care FacilitiesOutpatient PharmaciesOutpatient/Fast Track ClinicsHospital Retail SettingsPharmacy Benefit Management Organization and Mail Order PharmaciesRetail Pharmacies

By Region:

North AmericaLatin AmericaWestern EuropeEastern EuropeAsia Pacific Excluding Japan (APEJ)JapanMiddle East & Africa

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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.

Explore Future Market Insights, Inc. Extensive Coverage in Healthcare Market Domain:

Lab Automation Market Analysis: In 2023, the market is estimated to be worth US$ 2.1 billion. With the increasing adoption of lab automation across various end-use verticals, the lab automation market is expected to grow at a CAGR of 10.1% during the forecast period, reaching US$ 5.5 billion by 2033.

Pharmacy Automation Systems Market Trends: The global market is expected to enjoy a valuation of US$ 4.9 Billion in 2022, and further expand at a CAGR of 8.0% between 2022 and 2032 to reach a valuation of US$ 10.6 Billion by 2032. 

Distance Health Technologies Market Sales: The global market is expected to exhibit 27% CAGR, surpassing US$ 945 billion by 2032, up from US$ 88 billion in 2022.

Healthcare Regulatory Affairs Outsourcing Market Outlook: The market is expected to grow at a CAGR of 11.3% during the forecast period. The market is valued at US$ 2 billion as of 2023, and by 2033, the market is expected to hit a valuation of US$ 5.8 billion.

Medical Automation Market Forecast: The global market is estimated to secure a valuation of US$ 48,626.2 million in 2023 and reach up to US$ 103,052.3 million by 2033.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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SOURCE Future Market Insights