Global Pharmacy Automation Devices Market Analysis 2023: Size, Share, And Key Trends
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
As per The Business Research Company’s Pharmacy Automation Devices Global Market Report 2023, the pharmacy automation devices market is expected to show significant growth in the forecast period.
Key insights from the pharmacy automation devices market forecast include:
- Market Size
The global pharmacy automation devices market is expected to grow from $4.96 billion in 2022 to $5.52 billion in 2023 at a compound annual growth rate (CAGR) of 11.3%. The market size of pharmacy automation devices is expected to grow to $8.24 billion in 2027 at a CAGR of 10.6%.
- Major Driver
Rising medicine waste is likely to drive the growth of the pharmacy automation devices market in the coming years. According to research issued in October 2021 by the National Library of Medicine, a US-based library of medicine, pharmaceutical supplies were the most wasteful type of drugs, accounting for 37.1% of total waste. Tablets and injections were the most wasteful pharmaceutical dosage forms, with overall waste rates of 20.78% and 16.49%, respectively. The entire pharmaceutical wastage rate was 3.68%, equivalent to USD 159,762.66, with expiry being the leading cause of wastage (92.05%). Pharmaceutical waste was nearly twice as high in health centres as it was in hospitals. As a result, increased medicine waste is boosting the market for pharmacy automation technologies.
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- Key Trend
Product innovation is a major trend that is gaining traction in the pharmacy automation equipment industry. To address client demand, major players in the pharmacy automation devices market are focusing on developing new and creative solutions. For example, Innovative Associates, a US-based software-enabled pharmacy automation device company, announced smartPod and iA Therapy Management Solutions to Reduce Prescription Filling Process Inefficiencies in August 2021. SmartPod is an iA next-generation robot that enables ground-breaking scale in a central fill pharmacy scenario. SmartPod is a cutting-edge autofill device with built-in modularity that allows pharmacy providers to alter and extend their centralised fulfilment solutions to meet demand. Using iA’s intelligent pharmacy operations software, Innovative Associates aims to design a patient’s prescriptions in easy-to-open adherence pouch packs, which can be centralised in a single fulfilment location.
- Largest Region
North America was the largest region in the pharmacy automation devices market in 2022.
- Major Players
Major players in the food diagnostics market are Omnicell Inc., McKesson Co., Baxter International Inc., ScriptPro LLC, Becton Dickinson & Company, Cerner Corporation, ARxIUM, Capsa Healthcare, Script Pro, Deenova S.R.L., Swisslog Healthcare, RxSafe LLC, Yuyama Co., Ltd., Accu Chart Plus Healthcare Systems Inc., Amerisource Bergen Corp., Talyst LLC, Medacist Solutions Group, Kirby Lester, TouchPoint Medical, Kuka AG (Swisslog Healthcare), Danaher Corporation, and Lonza Group.
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Key Pharmacy Automation Devices Market Segments
The global pharmacy automation devices market is segmented –
1) By Product: Medication Dispensing Systems, Packaging And Labeling Systems, Storage And Retrieval Systems, Automated Medication Compounding Systems, Tabletop Tablet Counters
2) By End-User: Retail Pharmacy, Inpatient Pharmacies, Outpatient Pharmacies, Pharmacy Benefit Management Organizations and Mail-Order Pharmacies
The Pharmacy Automation Devices Global Market Report 2023 provides an in-depth analysis on the pharmacy automation devices market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the pharmacy automation devices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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