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What is the Estimated Growth Rate for the Pharmacy Automation Devices Market Between 2024 and 2033?

Recent years have seen a quick expansion in the size of the pharmacy automation devices market. It’s set to increase from $5.5 billion in 2023 to $6.11 billion in 2024, achieving a compound annual growth rate (CAGR) of 11.2%. Factors contributing to this growth during the historical period include rising prescription numbers, the need to reduce errors, the pressure to enhance operational efficiency, requirements for regulatory compliance, shortages in pharmacy workforce, patient expectations for rapid service, and challenges in managing inventory.

In the coming years, the market size for pharmacy automation devices is projected to witness substantial growth. The market is set to expand to $9.15 billion in 2028, with a compound annual growth rate (CAGR) of 10.6%. Various factors such as the globalization of pharmacy services, pharmacy workflow optimization, increased focus on preventive care, patient-centric medication management, sustainable practices, and growth of telemedicine services contribute to the growth in the foreseeable future. The forecast period will see major trends such as the use of robotics and automation, centralized automated dispensing systems (CADS), integration of artificial intelligence (AI), telepharmacy services, medication verification technologies, and automated prescription filling devices.

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What Are the Primary Contributors to the Growth of the pharmacy automation devices Market?

The increasing waste of medicines is set to drive the expansion of the pharmacy automation devices market in the future. This waste constitutes unnecessary drugs such as those that are expired, unused, unutilized, or contaminated, including products like pills, vaccines, and serums that need proper disposal. Automated dispensing devices help doctors to administer better care to patients in need of emergency treatment and medications during pharmacy hours and beyond, all while eliminating drug waste. Hence, pharmacies are increasingly turning to automated devices to curtail their waste, enhancing market demand. For example, the National Library of Medicine, located in the US, announced in a report in October 2021 that pharmaceutical supplies were the primary source of medication wastage, contributing to 37.1% of the total. The dominant forms of wastage were tablets and injections, with respective wastage rates of 20.78% and 16.49%. The cumulative wastage rate was 3.68%, translating to USD 159,762.66, with expiry being the common reason for wastage (92.05%). The extent of pharmaceutical waste in health facilities was almost double that of hospitals. Therefore, the escalation in medical waste is bolstering the demand for the pharmacy automation devices market.

What Key Segments Define the Pharmacy Automation Devices Market?

The pharmacy automation devices market covered in this report 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

What Are the Key Trends Reshaping the Pharmacy Automation Devices Market?

The pharmacy automation devices market is seeing a surge in product innovation, a trend that is becoming quite popular. The leading companies in this market are focusing on designing advanced solutions in response to customer needs. To illustrate, in August 2021, Innovative Associates, a software-enabled pharmacy automation devices company based in the US, unveiled the smartPod and iA Therapy Management Solutions to tackle inefficiencies in the prescription filling process. The smartPod, a next-generation robot by iA, introduces a radical scale in the context of a central fill pharmacy. It’s an inventive autofill device that brings modularity onboard, thus enabling pharmacy providers to scale and adjust their centralized fulfillment solutions in line with demand. iA also offers a therapy management solution for pharmacy providers seeking different ways for patient prescription dispensing other than traditional bottles or vials, through the BD RowaTM Pouch Packaging Solution. Leveraging their intelligent pharmacy operations software, Innovative Associates looks forward to designing patient prescriptions in adherence pouch packs that are easy to open, and this service can be centralized at one fulfillment location.

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What Are the Top Regions Fueling Growth in the Pharmacy Automation Devices Market?

North America was the largest region in the pharmacy automation devices market in 2023. The regions covered in the pharmacy automation devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Pharmacy Automation Devices Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the pharmacy automation devices market, its market share, and analyzes key competitors along with their market positions.

The Table Of Content For The Pharmacy Automation Devices Market Include

1. Pharmacy Automation Devices Market Executive Summary

2. Pharmacy Automation Devices Market Segments

3. Pharmacy Automation Devices Market Size And Template Market Growth Rate

4. Key Pharmacy Automation Devices Market Trends

5. Major Pharmacy Automation Devices Market Drivers

……

25. Key Mergers And Acquisitions In The Pharmacy Automation Devices Market

26. Top Pharmacy Automation Devices Companies

27. Pharmacy Automation Devices Market Opportunities And Strategies

28. Pharmacy Automation Devices Market, Conclusions And Recommendations

29. Appendix

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