by The global Pharmacy Automation Market is estimated to be valued at US$3,601.4 million in 2017 and is expected to reach US$ Mn in 2022, growing at a CAGR of 8.1% during the forecast period 2018-2026, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Pharmacy automation refers to the use of technology and automated systems to streamline the medication dispensing process and improve pharmacy operations. These automated systems not only reduce medication errors but also enhance efficiency and accuracy in medication management. The rising need for improved patient safety and increasing pressure to optimize workflow in pharmacies are driving the adoption of pharmacy automation solutions.
Market Key Trends:
One key trend in the pharmacy automation market is the increasing adoption of robotic dispensing systems. These systems utilize robots to accurately and efficiently dispense medications, reducing the risk of human error and improving productivity. Robotic dispensing systems can handle large volumes of medications, ensuring timely and accurate dispensing, even in high-volume settings such as hospitals and retail pharmacies. This trend is driven by the need for improved efficiency, reduced costs, and enhanced patient safety in medication management.
Key Players in the market include Becton, Dickinson and Company, McKesson Corporation, Yuyama Co., Ltd., Omnicell, Inc., ScriptPro LLC, Cerner Corporation, Capsa Healthcare, Baxter International, Inc., KUKA AG, TCGRx Pharmacy Workflow Solutions, RxSafe, LLC, ARxIUM Inc., Swisslog Holdings AG, and Talyst systems LLC.
Porter’s Analysis
Threat of New Entrants: The threat of new entrants in the pharmacy automation market is relatively high. This is due to the low barriers to entry, as the market is not highly regulated and does not require significant capital investment. Additionally, the market is witnessing strong growth and offers lucrative opportunities, which is likely to attract new players.
Bargaining Power of Buyers: The bargaining power of buyers in the pharmacy automation market is moderate. While buyers have a wide range of options to choose from, they still rely on established players for their automation needs. However, with the increasing number of suppliers and advancements in technology, buyers have more negotiating power to demand competitive pricing and better solutions.
Bargaining Power of Suppliers: The bargaining power of suppliers in the pharmacy automation market is moderate to high. This is because there are a limited number of established suppliers who provide specialized automation solutions. Suppliers with unique and advanced technologies have an advantage in negotiating favorable terms with buyers.
Threat of New Substitutes: The threat of new substitutes in the pharmacy automation market is low. Pharmacy automation plays a critical role in improving efficiency, accuracy, and safety in healthcare facilities. While manual processes can still be a substitute, the benefits offered by automation, such as reducing medication errors and improving workflow, make it difficult for substitutes to compete.
Competitive Rivalry: The competitive rivalry in the pharmacy automation market is high. The market is characterized by the presence of several key players who compete based on product innovation, pricing, and service offerings. The industry is also witnessing collaborations and partnerships among companies to strengthen their market position and expand their product portfolio.
Key Takeaways
The global Pharmacy Automation Market is expected to witness high growth, exhibiting a CAGR of 8.1% over the forecast period. This growth is primarily driven by the increasing demand for efficient medication management systems and the need to reduce medication errors in healthcare facilities. The automation of various pharmacy processes, such as medication dispensing, inventory management, and prescription filling, is also contributing to market growth.
Regionally, North America is expected to be the fastest-growing and dominating region in the pharmacy automation market. This can be attributed to the presence of well-established healthcare infrastructure, increasing adoption of advanced technologies, and favorable government initiatives to promote automation in healthcare.
Key players operating in the pharmacy automation market include Becton, Dickinson and Company, McKesson Corporation, Yuyama Co., Ltd., Omnicell, Inc., ScriptPro LLC, Cerner Corporation, Capsa Healthcare, Baxter International, Inc., KUKA AG, TCGRx Pharmacy Workflow Solutions, RxSafe, LLC, ARxIUM Inc., Swisslog Holdings AG, and Talyst Systems LLC. These players are focusing on product innovation, strategic partnerships, and mergers and acquisitions to strengthen their market presence and gain a competitive edge.
In conclusion, the pharmacy automation market is experiencing significant growth and offers lucrative opportunities for both existing players and new entrants. The increasing demand for efficient medication management systems, the need to reduce medication errors, and the adoption of advanced technologies are driving market growth. North America is expected to dominate the market, with key players focusing on innovation and strategic collaborations to stay competitive.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
