During the period between 2024 and 2032, the global market for pharmacy automation devices is anticipated to expand at a CAGR of 9.8%. Utilizing analytics and software, pharmacy automation devices are revolutionising the global retail pharmacy industry. Automation has simultaneously increased the industry's profitability and efficiency by a factor of ten. The automation has significantly decreased the amount of wasted medication, thereby decreasing the cost per dose. Additionally, it has simplified workflow management for pharmacists and placed a greater emphasis on patient satisfaction. In recent years, the price of prescription and over-the-counter medications has skyrocketed.
The COVID-19 epidemic has created an opening for the sector's expansion. The epidemic increased the need for life-saving medications for COVID-positive patients in critical condition. 15% of COVID-positive patients required hospitalisation and continued medication distribution from pharmacies. This required and accelerated the need for pharmacy automation. This shift in demand for automated systems compelled major corporations to plan their manufacturing capacities, focus on the development of new products, and seek out the most effective supply chain solutions for COVID-19 requirements. There was a significant increase in prescription volumes, and due to social norms of staffing shortages and social segregation, automated systems and devices helped meet the rising demand at the height of the pandemic.
Pharmacy automation is the automation of routine actions and procedures performed in pharmacies and other healthcare settings. In pharmacies and hospitals, Pharmacy Automation System handles and distributes medications. Pharmacy automation has a significant impact on contemporary healthcare. It involves the mechanical distribution and handling of pharmaceuticals. Managing inventories, measuring and mixing powders and liquids for compounding, tracking and updating customer information from databases, including medical history and medication interaction and risk detection, are all possible pharmacy tasks. The market for pharmacy automation systems is primarily propelled by the increasing demand for error-free medication and the increased emphasis on infrastructure enhancements for providing innovative healthcare solutions in developing countries.
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Pharmacy Automation System is a mechanically driven system that handles and distributes medications in pharmacies and hospitals. The market for pharmacy automation systems is primarily propelled by the increasing demand for error-free medication and the increased emphasis on infrastructure enhancements for providing innovative healthcare solutions in developing countries.
Safety, usability, inventory management, and medication control are all compromised by automated dispensing systems. Automated dispensing systems are in high demand due to the aforementioned characteristics. These devices reduce the need for manual shift-end patient counts, thereby freeing up nurse time. A growing market exists for automated stock and inventory management solutions. The demand for automated dispensing systems is increasing due to factors such as the ageing of the global population, the prevalence of numerous chronic diseases, and the high hospitalisation rate.
Medical prescription errors are the leading cause of the rising number of injuries and fatalities; consequently, the entire healthcare industry is under constant pressure to transition to an automated system. The emphasis placed by businesses on providing patients with high-quality healthcare services is anticipated to stimulate the global market for pharmacy automation systems. Products such as automated medication dispensing systems are likely to be well-liked due to their precision and prompt delivery of pharmaceuticals to patients seeking treatment. It is widely acknowledged that medication and dispensing errors are the leading causes of hospital readmissions.
According to the American Academy of Actuaries, the cost of prescription medications alone in 2016 was an astounding 17.9% of the nation's gross domestic product. Pharmaceutical waste in hospitals and pharmacies represent an additional cost. Automation has aided the retail pharmacy industry in cutting costs by reducing the amount of expired and usable medication that is wasted. According to a Reuters analysis, the United States spends $3 billion annually on the unnecessary waste of cancer medications. In 2018, France discarded approximately 17,600 tonnes of unused or expired medications, according to an OECD survey. The amount of unused medications continues to rise.
The global market for pharmacy automation systems is anticipated to increase in the near future as a result of a shift in interest in technology brought about by a greater understanding of its benefits. Globally, pharmacies are adopting pharmacy automation technologies to automate their routine processes and reduce human intervention. Both hospital pharmacies and retail pharmacies have adopted the system. In addition, it maintains and updates patient data in a database and measures and formulates individualised medications. The pharmacy automation system continuously monitors the distribution, handling, and inventory management procedures. Both retail and hospital pharmacies have advantageous positions for pharmacy automation systems. Safety, usability, inventory management, and medication control are all compromised by automated dispensing systems. These devices reduce the need for manual shift-end patient counts, thereby freeing up nurse time. A growing market exists for automated stock and inventory management solutions.
Automation has existed for some time in the retail pharmacy industry; robotic dispensing can increase prescription volume while reducing staff training costs. Adding automated systems may be costly initially, but the cost savings from streamlining the workflow are substantial. A pharmacy owner in Colorado, for example, asserted that the installation of the ScriptPro dispensing robot increased his prescription output by fifty percent. The CEO of a different pharmacy company stated that the robot installation increased his prescription volume by 70 percent.
Globally, the number of elderly people has increased. As a result, the prevalence of chronic and fatal diseases rises, as does the amount of prescribed medication. According to an article published in June 2021 titled "Economic analysis of the prevalence and clinical and economic burden of medication error in England," an estimated 237 million medication errors are reported to the NHS in England each year, and hundreds of deaths are attributable to preventable adverse drug reactions (ADRs). As a result, hospitals and pharmacies are implementing innovative pharmacy automation technology in order to reduce operating expenses and improve patient safety.
Some healthcare professionals and providers are reluctant to adopt or accept IT-based approaches to pharmacy administration, despite their numerous benefits. This is especially evident when cultural barriers exist, particularly in developing economies. As a result, many pharmacists are reluctant to use pharmacy automation systems as part of their routine dispensing and do not desire assistance. Even though automated pharmacy systems have numerous benefits, as evidenced by their widespread adoption, only high-volume pharmacies and hospitals have historically been able to demonstrate the return on investment (ROI) derived from implementing these automated systems.
The market for pharmacy automation is anticipated to expand most rapidly in emerging economies. Developing countries have a substantial elderly population. According to the UN report on World Population Ageing, the population of Eastern and South-eastern Asia is expected to age twice as quickly as the rest of the world, with the number of people 65 and older rising from 260.6 million in 2019 to approximately 572.5 million by 2050. (2019). This demographic trend is anticipated to increase the number of patients and fuel demand for high-quality patient care and efficient pharmaceutical delivery in a number of Asian nations. Consequently, it is anticipated that the demand for pharmacy automation systems will increase in a number of Asian nations in the coming years.
The level of regulatory scrutiny varies by industry and is dependent on the category to which a given device belongs. The use of automated dispensing devices (ADDs) in medical settings is governed by numerous state boards of pharmacy regulations. These boards are state organisations responsible for regulating the practise of pharmacy and issuing licences to pharmacists. As a result, automated pharmacy system manufacturers must adhere to a number of regulations, which is time-consuming and may delay the release of new products.
Based on the final consumers, the market is divided into inpatient pharmacies, outpatient pharmacies, retail pharmacies, pharmacy benefit management companies, and mail-order pharmacies. In 2021, inpatient pharmacies held the largest share of this market. This is primarily due to the fact that using automated systems instead of human ones expedites the delivery of medications in medical settings.
Globally, pharmacies are adopting pharmacy automation technologies to automate their routine processes and reduce human intervention. Both hospital pharmacies and retail pharmacies have adopted the system. In addition, it maintains and updates patient data in a database and measures and formulates individualised medications. The pharmacy automation system continuously monitors the distribution, handling, and inventory management procedures. Both retail and hospital pharmacies have advantageous positions for pharmacy automation systems. The market for Pharmacy Automation Systems is dominated by these two end-user groups.
Pharmacy automation systems consist of six distinct items, including medicine cabinets, packing and labelling equipment, IV pharmacies, robotic dispensing equipment, carousel storage, and tablet splitters. Automated medication dispensing cabinets are utilised in outpatient pharmacies and hospitals. The majority of them are employed by decentralised pharmacies, which support nurses and pharmacists by providing formularies for use throughout the health system.
In 2023, the pharmaceutical dispensing system segment dominated the market and accounted for over 24.5% of total revenue. These systems' improved safety features and precision in medication distribution reduce the likelihood of patients receiving the wrong medications. In addition, it facilitates efficient inventory management and reduces costs by regulating storage. Patients who receive erroneous prescriptions not only risk physical harm, but also face enormous financial repercussions. According to a study published in StatPearls, over 9,000 people die annually as a result of medication errors, and the annual cost of patient care exceeds $40 billion.
The automated drug compounding systems segment is anticipated to grow at the highest rate during the forecast period. This is due to the fact that even with a precise manual compounding procedure, errors can occur, which can have a significant effect on the finished pharmaceuticals. With an automated compounding system, the likelihood of these errors in the pharmaceutical mixing process is reduced or eliminated. As the procedure is conducted in an aseptic chamber, it also completely eliminates the possibility of contamination by removing all potential contamination sources. The market is driven primarily by the aforementioned factors.
Based on the products they manufacture, the pharmacy automation market is segmented into automated tabletop counters, automated medicine compounding systems, automated packaging and labelling systems, and other pharmacy automation systems. During the forecast period, the market segment for pharmaceutical packaging and labelling systems is anticipated to expand at the quickest rate. This is primarily due to the necessity of clear labels and separate packaging for all prescriptions to assist users in avoiding such confusions, increasing dispensing accuracy and productivity, and decreasing overall process costs.
As the prevalence of numerous chronic diseases and the number of patients in the North American continent continue to rise, the market for pharmacy automation continues to maintain a substantial market share. During the COVID-19 outbreak, there has been an increase in demand for medication and pharmaceuticals to be administered without cross-contamination and errors. Consequently, these variables have all contributed to the rise in system demand.
According to the US FDA, over 100,000 suspected pharmaceutical error incidents are still reported annually in the United States. In addition, Johns Hopkins University research found that drug errors cause more than 250,000 deaths annually in the United States. Thus, it is one of the leading causes of death in the country. The vast majority of medication errors occur during prescription and dispensing. Automated medication dispensing systems and cabinets are gaining popularity in North America due to their ability to reduce errors associated with pharmaceutical distribution and improve inventory stock management, drug traceability, and dispensing speed.
Asia-Pacific is also expected to experience substantial growth over the course of the forecast period due to the ageing population and rising healthcare costs. The allocation of substantial healthcare funds to hospitals and assisted living facilities that provide medication to elderly patients may impact market demand.
The pharmacy automation market is only slightly fragmented. Market participants are focusing on ongoing product development and providing goods at reasonable prices, especially in developing countries. Arxium Inc., Capsa Healthcare, Omnicell Inc., Parata Systems LLC, and Scriptpro LLC are among the industry's most notable competitors. These market leaders are concentrating on product development and innovation in order to bolster their brands and increase revenue.
A number of competitors in the pharmacy automation system market are heavily concentrating on acquisition strategy in order to strengthen their market position. In 2016, Swisslog Holdings AG acquired Power Automation Systems (PAS), the market leader in pallet shuttle automated storage and retrieval systems (ASRS). They are also investing heavily in research and development to create new versions of pharmacy automation systems, which should help them expand their customer base. In addition, these pharmaceutical suppliers employ a cooperation strategy to expand their global footprint. Swisslog Holdings AG partnered with Parata Systems, a leading provider of pharmacy technology solutions, to offer a fully integrated outpatient pharmacy solution in the Middle East.
