The Global Pharmacy Automation Devices Market size is expected to reach $7.9 billion by 2026, rising at a market growth of 12.5% CAGR during the forecast period. Decreased vulnerability to the storage of medication, low medication cost per dose, reduced medication waste, and improved patient security are some of the advantages provided by pharmacy automation devices. The overall efficiency of these systems can be improved due to the advent of RFID, smart dashboards, barcode scanning technology, and data safety in pharmacies for the smooth workflow. With the help of these devices, medication errors & labor costs can be reduced while accuracy & speed can be improved. Using these products, pharmacists’ time in nonclinical functions can be reduced & these functions include inventory management. Patient experience can be improved as pharmacists spend more time with patients.
The global healthcare industry is facing a lot of burden due to increasing rates of injuries & deaths because of the errors in the medical prescriptions. In order to prevent & reduce these recurrent medical errors, healthcare service vendors & pharmacists are continuously looking for the efficient and advanced technologies. Additionally, as the number of visitors, patients, and their subsequent security requirements is increasing, the medication distribution is becoming more sophisticated on a regular basis. In order to address these critical issues, emerging technologies like pharmacy automation systems are becoming the most effective equipment. Decreasing the errors in medical prescriptions & enhance patient security is the main goal of these tools. Healthcare service vendors and pharmacists can reduce their losses and scale-up effectiveness and productivity by adopting these pharmacy automation systems.
Due to the COVID-19 pandemic, various companies dealing in pharmacy automation devices observed a reduction in sales revenue. On the other hand, the COVID-19 pandemic is anticipated to raise awareness about the significance of automation in the healthcare and pharmaceutical sector, which, as a result, is expected to boost the pharmacy automation market in the next few years.
Based on Product, the market is segmented into Medication Dispensing Systems, Packaging and Labeling Systems, Storage and Retrieval Systems, Automated Medication Compounding Systems, and Tabletop Tablet Counters. The medication dispensing systems segment obtained the highest revenue share in 2019. The healthcare facilities & pharmacists face tremendous pressure to adapt to different medication dispensing systems in order to enhance patient care services owing to the rising number of deaths occurred by medication & dispensing errors, along with severe government policies.
End Use Outlook
Based on End Use, the market is segmented into Retail Pharmacy and Hospital Pharmacy. The hospital pharmacy segment would showcase the promising growth rate during the forecast period. This growth is owing to the high utilization of automated drug storage & retrieval systems, automated dispensing cabinets, automated sterile compounding systems, barcoded unit dose packaging systems to improve efficiency and productivity.
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. Asia-Pacific would exhibit a substantial growth rate during the forecast period. The growth of the regional market is owing to the increasing requirement to reduce medication errors, technological development by key players, decentralization of pharmacies, and the quickly increasing geriatric population. Moreover, the market is anticipated to witness various growth opportunities due to the advancements in healthcare infrastructure in the developing countries.
The major strategies followed by the market participants are Partnerships and Product Launches. Based on the Analysis presented in the Cardinal matrix; McKesson Corporation, Becton, Dickinson and Company, Baxter International, Inc., and Cerner Corporation are the forerunners in the Pharmacy Automation Devices Market. Companies such as Omnicell, Inc., Kuka AG, ARxIUM, Inc., and ScriptPro, LLC are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include McKesson Corporation, Baxter International, Inc., Becton, Dickinson and Company, ARxIUM, Inc., Omnicell, Inc., Kuka AG (Swisslog Healthcare), Cerner Corporation, Accu-Chart Plus Healthcare Systems, Inc., Pearson Medical Technologies, LLC, and ScriptPro, LLC.
Recent strategies deployed in Pharmacy Automation Devices Market
Partnerships, Collaborations, and Agreements:
Jan-2021: Omnicell extended its partnership with WVU Medicine, the affiliated academic medical system of West Virginia University. This expansion focused on using the medication inventory management platform to enhance pharmacy supply chain management all over the West Virginia-based health network.
Nov-2020: ARxIUM signed a multi-year partnership with the UNC Health Shared Services Center, UNC Hospitals, and Rex Hospital. By executing a line of highly automated, interoperable systems and other workflow solutions, the health system reached improved pharmacy security and operational efficacy.
Aug-2020: Omnicell signed an agreement with Pharmaceutical Strategies Group (PSG) to acquire its 340B Link business. The acquisition added a complete and distinctive portfolio of software-enabled services and solutions utilized by some eligible hospitals, clinics, health systems, and entities to operate compliance and capture 340B drug cost-cutting on outpatient prescriptions filled by the qualified organization’s pharmacy or a contracted pharmacy partner.
Jan-2020: Cerner Corporation entered into a collaboration with HealthTap, a leading virtual primary care provider. The collaboration focused on expanding health care experiences beyond on-site and near-site health and pharmacy centers. Cerner’s expertise in workforce health services with HealthTap’s digital platform supported self-funded employers to provide end-to-end primary care services to their workforces, despite proximity to on-site and near-site health centers.
Oct-2019: Omnicell came into partnership with Med Center Health. Following the partnership, the companies aimed to streamline and safeguard their medication management process. The health system upgraded to Omnicell XT Automated Dispensing Cabinets to assist in enhancing the security and nurse-pharmacy workflows.
Jul-2019: Swisslog Healthcare signed a partnership agreement with Vingmed Group as a Partner for the Nordic Countries. Following the partnership, the companies aimed to strengthen the ability of both companies to help the Nordic healthcare institutions by offering access to improved technologies in pharmacy automation and medication management.
Acquisition and Mergers:
Nov-2020: BD acquired the Medical Business assets of CUBEX LLC, a global provider of health care solutions. Under this acquisition, BD broadened its medication management capabilities into the care continuum space and provides deeper integration with electronic health records (EHRs).
Jul-2017: Baxter acquired Claris Injectables Limited, a global generic injectables pharmaceutical company. In this acquisition, Baxter strengthened its position in the generic pharmaceuticals space and helped in boosting the supply of crucial medicines to Baxter customers. Together, Baxter and Claris Injectables helped in increasing access to lower-cost generic injectables.
Jan-2017: McKesson completed its acquisition of CoverMyMeds, a healthcare software company. Under this acquisition, CoverMyMeds enhanced McKesson’s technology capabilities to clinicians, payers, and pharmaceutical manufacturers.
Product Launches and Product Expansions:
Nov-2020: Omnicell introduced the innovation to the industry-leading portfolio of medication management solutions. These innovations were inbuilt to assist hospitals and health systems to extend their medication inventory visibility and supply chain management offerings, providing enhanced clinical, operational, and financial objectives.
Mar-2019: Swisslog Healthcare introduced the InSite InFacility Medication Packaging and Dispensing Service. This service helped long-term care pharmacies to use automation by reducing the risk of investing.
Scope of the Study
Market Segments covered in the Report:
• Medication Dispensing Systems
• Packaging and Labeling Systems
• Storage and Retrieval Systems
• Automated Medication Compounding Systems
• Tabletop Tablet Counters
By End Use
• Retail Pharmacy
• Hospital Pharmacy
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
• McKesson Corporation
• Baxter International, Inc.
• Becton, Dickinson and Company
• ARxIUM, Inc.
• Omnicell, Inc.
• Kuka AG (Swisslog Healthcare)
• Cerner Corporation
• Accu-Chart Plus Healthcare Systems, Inc.
• Pearson Medical Technologies, LLC
• ScriptPro, LLC
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