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Pharmacy automation systems help in automating drug dispensing process, storage of pharmaceutical products, and packaging tasks. It includes equipment such as automated medication dispensing systems, packaging and labeling systems, automated storage and retrieval systems. These systems help in streamlining and optimizing pharmacy workflow which enhances productivity, patient safety and efficiency of pharmacists and other staff. Use of automation also ensures reduction in medication errors which is a major concern globally. The global Pharmacy Automation Market is estimated to be valued at US$ 3,601.4 Mn in 2023 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: One of the major trends in the Pharmacy Automation Market is increasing adoption of automation solutions in hospitals. Growing need to optimize hospital workflow and limited availability of skilled pharmacists is driving demand for automated storage and dispensing systems in hospitals. Automation helps in streamlining drug distribution process and ensures efficient management of inventory. It also aids in improved patient safety by reducing potential errors. Moreover, advanced technologies such as AI and robotics are gaining traction in pharmacy automation. Use of robotics for picking, sorting and assembling of medications as well as AI to monitor inventory levels and patient records is expected to boost market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The pharmacy automation market requires substantial infrastructure and capital investments which act as a barrier for new entrants.
Bargaining power of buyers: Many hospitals and pharmacies have consolidated their purchasing power which increases their bargaining power against pharmacy automation system suppliers.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as major players like Baxter, Cerner, and Omnicell manufacture majority of the components in-house.
Threat of new substitutes: There are no close substitutes for pharmacy automation systems currently which are integral for optimizing workflow in pharmacies.
Competitive rivalry: The global pharmacy automation market is moderately competitive with major players like Becton, Dickinson differentiating based on technology and service offerings.
Key Takeaways
The global pharmacy automation market is expected to witness high growth. Automation is being increasingly adopted by pharmacies and hospitals to minimize errors, optimize workflow and increase efficiency. The North American region currently dominates the market due to higher prescription volumes and stringent regulations regarding patient safety.
Regional analysis: North America is expected to continue dominating the global pharmacy automation market during the forecast period. The high adoption across the US can be attributed to growing need to minimize errors and government initiatives promoting adoption. Asia Pacific is anticipated to be the fastest growing region owing to expansion of healthcare infrastructure and growing patient pool in countries like China and India.
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., KUKA AG, TCGRx Pharmacy Workflow Solutions, RxSafe, LLC, ARxIUM Inc. Swisslog Holdings AG and Talyst systems LLC. These players are focusing on developing innovative solutions and expanding their presence globally through strategic partnerships and acquisitions.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
