Pharmacy Automation Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Application (Medical Dispensing System, Packaging And Labeling System, Robots Dispensing System, IV Pharmacy, Others), By End-User (Hospital Pharmacy, Pharmacy Chains, Retail Pharmacy), And By Geography - Forecasts From 2021 To 2026

The pharmacy automation market is projected to grow at a CAGR of 7.77% during the forecast period to reach a total market size of US$10.398 billion in 2026 from US$6.160 billion in 2019.

The key factors leading to market growth are rising healthcare costs, stringent regulatory standards and regulations, and the rising volume of e-prescriptions globally. Pharmacy automation devices such as packaging and labelling systems, medication dispensing systems, compounding systems, storage and retrieval systems, and others are used to raise the effectiveness and efficiency within the pharmaceutical sector by way of reducing medication errors and providing additional time to pharmacists and clinicians for patient care. Technological advancements and the development of precise automotive tools to carry out pharmaceutical operations will contribute to the growth of the global pharmacy automation market. Moreover, the presence of untapped growth opportunities in emerging economies such as Brazil, China, and India will also fuel market growth in the coming years.                                  

Hospital pharmacies and retail pharmacies hold the major share.

Due to the increasing number of patients globally owing to a growing ageing population and the inclining number of road accidents, hospital pharmacies and retail pharmacies are the major end-users of pharmacy automation. According to World Health Organization, approximately 1.35 million people die each year due to road traffic crashes and road traffic crashes cost 3% of the gross domestic product of most countries. Attributing to the increasing demand for OTC (Over The Counter) drugs and an increasing number of prescriptions to be handled by local pharmacists globally, the market size of the retail pharmacy segment is projected to increase significantly during the forecast period.

In June 2021, Walgreens Boots Alliance announced the completion of the sale of its Alliance Healthcare wholesale pharmacy business to AmerisourceBergen for $6.5 billion intending to accelerate the growth of its core retail pharmacy and healthcare businesses. Through this sale, Walgreens plans the acquisition of a majority stake in iA, a major provider of software-enabled pharmacy automation solutions.

Market trends of increased investments, product launches, and collaborations to spur market growth.

Moreover, as the pandemic continues to affect healthcare across the globe, the dire requirement for solutions developed to facilitate customers to achieve higher visibility, limit costs, and better manage a complex pharmacy supply chain is more significant than ever. Hence, the advent of the COVID-19 pandemic has led to increased investments, product launches, and collaborations in the market further pointing to the opportunities in the market.

iA, a New York-based pharmacy automation solutions company in March 2021 announced plans to open its new global headquarters in Indianapolis due to the region’s low-tax, pro-business environment, with the objective to lease, renovate and equip space in the city and create 420 jobs by the end of 2023.

Deenova, a supplier of combined mechatronics (robotic and automation) solutions for closed-loop medications and RFID-based medical devices traceability reported in November 2020 taking their business outside Europe with its exclusive distribution contract with leading GCC pharmacy automation PharmaTech Medical Equipment. The aim was to provide leading pharmacy technology like the most versatile Full Automated packaging Robot, All-in-One Station, and state-of-the-art RFID solutions, to further grow patient security and productivity.

RoboPharma announced in August 2020 the acquisition of the company by Capsa Healthcare, a worldwide innovator in healthcare delivery solutions for hospitals, senior care settings, and retail pharmacy providers. The objective of the acquisition for RoboPharma was to gain deeper resources to further develop its existing and additional new-to-market pharmacy automation solutions by becoming an integral segment within Capsa Healthcare.

Medicine-On-Time, a Clinical Support Services Health company, announced in June 2021 the introduction of various new blister cards, and medication compliance package types developed to function with the pharmacy industry's major packaging automation platforms, like Synergy Medical.

North America to hold a significant share of the market

Geographically, North America holds the largest market share for pharmacy automation systems, followed by Europe, due to increasing cases of deaths and injuries caused by prescription errors in the region. Per the FDA (Food and Drug Administration), medication errors cause at least one death every day and injure approximately 1.3 million people annually in the U.S. APAC region is anticipated to witness the fastest regional market growth at the highest CAGR during the forecast period owing to an increasing number of EHRs (Electronic Health Records), e-prescribing, and computerized physician order entry (CPOE) in the healthcare facilities. Moreover, the growing medical tourism industry in the region will further boost the demand for pharmacy automation in major hospitals and retail pharmacy chains to improve productivity efficiently. In Thailand, total healthcare expenditure amounted to approximately $25.3 billion in 2019 as per the Thailand Ministry of Public Health. 6.6% of the country’s GDP is contributed by healthcare expenditure.

Pharmacy Automation Market Scope:

Segmentation:

• By Application
  • Medical Dispensing System
  • Packaging and Labeling System
  • Robots Dispensing System
  • IV Pharmacy
  • Others
• By End-user
  • Hospital Pharmacy
  • Pharmacy Chains
  • Retail Pharmacy
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • UK
    • Germany
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Israel
    • Others
  • Asia Pacific
    • Japan
    • China
    • India
    • South Korea
    • Taiwan
    • Thailand
    • Indonesia
    • Others