November 7, 2024

Automated Pharmacy Dispensing is Driven by Need for Improved Medication Management

The global pharmaceutical industry has witnessed significant growth in recent years owing to rising demand for medicines and therapeutics. Pharmacy automation includes the mechanical processes involved in drug dispensing, storage, packaging, labeling, formulation, and other pharmaceutical tasks. It aims to improve workflow efficiency and reduce human errors in medication preparation and distribution. Pharmacy automation products such as automated dispensing cabinets, packaging and labeling systems, and robotic dispensing systems are increasingly being adopted by retail pharmacies, hospitals, nursing homes and other healthcare institutions to streamline drug delivery.

The global pharmacy automation market is estimated to be valued at US$ 3,601.4 Mn in 2024 and is expected to exhibit a CAGR of 8.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
Prescription volumes have increased substantially in recent years due to aging populations and growing prevalence of chronic diseases. This has fueled the demand for advanced pharmacy automation solutions to reduce wait times, enhance safety, and optimize resources. Additionally, the implementation of strict regulations regarding proper medication labeling and dispensing has encouraged healthcare providers to incorporate automated technologies. Significant investments by market players to develop smart automated systems integrated with AI, robotics and analytics is also expected to promote market growth over the coming years. For instance, next-gen pharmacy robots can track prescription orders, manage inventory with real-time alerts on low stock, and facilitate compliance through automated workflows.

Porter’s Analysis
Threat of new entrants: The threat of new entrants in the pharmacy automation market is moderate. Setting up of new automated systems requires high initial investments which acts as a barrier for new players.
Bargaining power of buyers: The bargaining power of buyers in the pharmacy automation market is moderate to high. Buyers can negotiate on prices and functionality based on their requirements.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are multiple global players providing various pharmacy automation solutions and systems.
Threat of new substitutes: The threat of new substitutes is low as pharmacy automation systems have various advantages over manual systems that are difficult to replace.
Competitive rivalry: The competitive rivalry is high among the major global players operating in the pharmacy automation market. Players compete based on product quality, features, pricing and strong distribution network.

Key Takeaways
The global pharmacy automation market is expected to witness high growth. The global pharmacy automation market is estimated to be valued at US$ 3,601.4 Mn in 2024 and is expected to exhibit a CAGR of 8.1% over the forecast period 2023 to 2030.

North America region currently dominates the market due to growing geriatric population and high healthcare spending. Europe region is also expected to grow at a faster pace owing to increasing demand for automation in pharmacies to minimize errors. The growth in North America region is attributed to factors such as advanced healthcare infrastructure, presence of major pharmacy automation players and rising need to reduce medication errors. Europe is the second largest market and countries like Germany, UK and France are major revenue generators in this region.

Key players: Key players operating in the pharmacy automation market are Becton, Dickinson and Company, McKesson Corporation, Yuyama Co., Ltd., Omnicell, Inc., ScriptPro LLC, Cerner Corporation, Capsa Healthcare, Baxter International, Inc. Key players compete based on their product portfolio and strong distribution network across regions.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research

2. We have leveraged AI tools to mine information and compile it

Ravina
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Ravina Pandya, a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals. 

Ravina Pandya

Ravina Pandya, a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals. 

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