The Global Pharmacy Automation Market is expected to grow at a rate of ~8.5% by 2026. Some of the major factors propelling the global pharmacy automation market are the rising awareness regarding pharmacy automation, rapid decentralization of pharmacies, the increasing demand to minimize medication errors, increased demand for faster prescription processing, and technological advancements to manage workflow in the pharmacy and improve efficiency.
The Arrival of Advanced Pharmacy Automation Technologies Drives the Pharmacy Automation Market
The development of digital technology makes it possible for pharmacies to handle high prescription loads safely and efficiently. When pharmacy automation originally gained popularity, pill counting was one of the only techniques available in the market. Automated medication dispensing systems, automated storage and retrieval systems, automated packaging and labeling systems, table-top tablet counters, and automated compounding devices are just a few of the more accessible automation machines that are now available.
Recently, numerous technological developments have been made to improve the common tasks and processes performed in a pharmacy or other healthcare settings such as:
In March 2022, Capsa Healthcare announced an expansion to its suite of NexsysADC automated dispensing cabinets. NexsysADC can accommodate any size of controlled or high-value medications or supplies in two new sizes of Controlled Access Module Drawers
In August 2021, Innovation Associates announced the launch of its Smart-Pod, a next-generation robot for central-fill pharmacy environments. Smart-Pod allows providers to adjust and scale their centralized fulfillment solutions to meet demands
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Change towards Pharmacy Automation System Over Manual Methods
The pharmacy system used manual methods for a various process such as tablet counting, IV dosage fillings, medicine dispensing, etc. The manual method used many workers, extra time in completion of the work, errors were common in these processes. But as the benefits offered by pharmacy automation grew clearer, even traditionalist pharmacies have started to make the switch. Automation increases a pharmacyâ€™s efficiency while dramatically reducing its rate of error. Also, the costs associated with automation continue to drop, and more pharmacies are realizing that they canâ€™t afford to put off automation any longer.
â€œNew pharmacy automation systems are emerging to address the growing demand for medicine in the world. Technology has a key role to play. An advancement in digital technologies enables pharmacies to handle high prescription loads safely and efficiently.â€ – Vice President, Global Operations and Supply Chain, Pharmacy Automation Company, United States
North America Likely to Continue its Dominance in the Coming Years
Geographically speaking, North America holds a major market share of the pharmacy automation market. Increasing adoption of new automation technologies in hospitals and pharmacies, a surge in the need to reduce prescription & dispensing errors, the need for improving efficiency and management of workflow in the pharmacy, and an increasing number of hospitals and healthcare laboratories in this region are expected to drive the pharmacy automation market.
Companies Accepting both Organic & Inorganic Growth Strategies to Increase their Market Share
Players operating in pharmacy automation market are adopting both organic and inorganic growth strategies such as collaborations, acquisitions, funding, and new product launches to garner market share.
In May 2022, Deenova announced the launch of its innovative Pay-Per-Dose unit dose pharmacy automation service to the UK market
In February 2022, Capsa Healthcare announced the acquisition of Humanscale Healthcare, a designer and manufacturer of flexible technology solutions and computing workstations based in New York
Competitive Landscape Analysis of Pharmacy Automation Market
Some of the key players operating in the global pharmacy automation market include Becton Dickinson and Company, Omnicell Inc., KUKA AG, Baxter International Inc., Capsa Healthcare, among others.
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