North America Pharmacy Automation Market, By Product (Systems, Software, and Services), Pharmacy Type (Independent, Chain, and Federal), Pharmacy Size (Large Size Pharmacy, Medium Size Pharmacy, and Small Size Pharmacy), Application (Drug Dispensing and Packaging, Drug Storage, and Inventory Management), End User (Inpatient Pharmacies, Outpatient Pharmacies, Retail Pharmacies, Online Pharmacies, Central Fill/Mail Order Pharmacies, Pharmacy Benefit Management Organizations, and Others), Distribution Channel (Direct Tender and Third Party Distributor) – Industry Trends and Forecast to 2031.
North America Pharmacy Automation Market Analysis and Size
Technological advancements in the pharmacy automation market are revolutionizing operations and enhancing efficiency, accuracy, and patient safety. Automated systems streamline medication dispensing, inventory management, and prescription filling processes. Pharmacies benefit from reduced errors, improved workflow, and increased productivity, ultimately delivering better patient care and satisfaction.
For instance, The International Conference on Communication Systems & Networks (January 2021) revealed that automated pharmacy systems in rural healthcare centers during COVID-19 improved access to healthcare, disease awareness, pandemic control, and significantly reduced mortality rates in middle and lower-income countries.
The North America pharmacy automation market size was valued at USD 3.18 billion in 2023, is projected to reach USD 6.76 billion by 2031, with a CAGR of 9.9% during the forecast period 2024 to 2031. This indicates that the market value. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2024 to 2031
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Base Year
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2023
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Historic Years
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2022 (Customizable to 2016-2021)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Product (Systems, Software, and Services), Pharmacy Type (Independent, Chain, and Federal), Pharmacy Size (Large Size Pharmacy, Medium Size Pharmacy, and Small Size Pharmacy), Application (Drug Dispensing and Packaging, Drug Storage, and Inventory Management), End User (Inpatient Pharmacies, Outpatient Pharmacies, Retail Pharmacies, Online Pharmacies, Central Fill/Mail Order Pharmacies, Pharmacy Benefit Management Organizations, and Others), Distribution Channel (Direct Tender and Third Party Distributor)
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Countries Covered
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U.S., Canada, and Mexico
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Market Players Covered
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ARxIUM (U.S.), OMNICELL INC. (U.S.), Cerner Corporation (U.S.), Capsa Healthcare (U.S.), ScriptPro LLC (U.S.), RxSafe, LLC. (U.S.), MedAvail Technologies, Inc. (U.S.), Asteres Inc. (U.S.), InterLink AI, Inc. (U.S.), BD (U.S.), Baxter (U.S.), Fullscript (Canada), McKesson Corporation (U.S.), Innovation Associates (U.S.), AmerisourceBergen Corporation (U.S.), UNIVERSAL LOGISTICS HOLDINGS, INC. (U.S.), Takazono Corporation (Japan), and TOSHO Inc. (Japan)
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Market Opportunities
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Market Definition
Pharmacy automation utilizes technology to simplify medication dispensing, inventory management, and prescription filling, enhancing efficiency and accuracy in pharmaceutical operations. It utilizes robotics, software, and machinery to accurately count pills, label packages, and store medications, reducing errors and enhancing pharmacy efficiency. Automation optimizes workflow, enhances patient safety, and allows pharmacists to focus more on patient care than repetitive tasks.
Pharmacy Automation Market Dynamics
Drivers
- Growing Need to Minimize Medication Errors
Reducing medication errors is critical due to their substantial impact on global mortality rates and hospital admissions. These errors range from prescription and dispensing inaccuracies to administration mishaps, often stemming from coordination lapses between healthcare providers. For instance, ambiguous medication labeling can lead to administration errors, emphasizing the critical need for precise communication and robust systems in pharmacies to ensure patient safety.
- Remote Healthcare Trends
The surge in telemedicine and remote healthcare services underscores pharmacies' need to streamline medication dispensing and delivery. Automation enables pharmacies to meet this demand efficiently. For instance, automated prescription refill systems and medication dispensing kiosks offer patients convenient access to medications without the need for in-person visits. These systems enhance patient experience and optimize pharmacy operations in the era of remote healthcare.
Opportunities
- Rising Prescription Rates
As the population ages and chronic diseases become more prevalent, the demand for prescription medications rises. Pharmacy automation systems, including robotic dispensers and automated prescription filling, aid pharmacies in efficiently handling this surge in volume. For instance, a pharmacy chain implemented robotic dispensers that can accurately fill hundreds of prescriptions per hour, allowing pharmacists to focus more on patient care and consultation rather than manual tasks, meeting the growing demand effectively.
- Technological Advancements
Advancements in robotics, AI, and machine learning have revolutionized pharmacy automation. For instance, robotic prescription dispensing systems such as the ScriptPro SP Central Pharmacy Management System can accurately count, label, and dispense medications, reducing errors and enhancing efficiency. AI-powered inventory management systems analyze usage patterns to optimize stock levels, minimizing waste. Such innovations streamline pharmacy operations and improve patient safety and satisfaction, driving widespread adoption of automation technologies.
Restraints/Challenges
- Initial Investment Costs
Implementing pharmacy automation systems demands substantial initial equipment, software, and training investments. Such costs can dissuade smaller pharmacies or healthcare facilities with constrained budgets from adopting these technologies, limiting their ability to streamline operations and enhance patient care.
- Staff Training and Retention
Staff turnover and shortages in healthcare make training and retaining skilled pharmacy staff challenging. Efficiently training them in automation systems is crucial for maximizing benefits. However, ongoing turnover jeopardizes maintaining a proficient workforce, hindering effective operation of these technologies. Addressing this issue is vital for sustained efficiency and quality patient care in pharmacies.
This market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Recent Development
- In January 2023, AmerisourceBergen Corporation completed its acquisition of PharmaLex Holding GmbH, bolstering its specialty services and North America platform for pharmaceutical manufacturer services, aligning with its growth strategy
- In June 2022, BD finalized the acquisition of Parata Systems for USD 1.525 billion, enriching its pharmacy automation solutions to drive cost reduction, patient safety enhancement, and improved patient experiences across a growing pharmacy network
- In May 2022, Deenova introduced its Pay-Per-Dose unit dose pharmacy automation service to the U.K. market, initially targeting the Greater London Metropolitan Area. This innovative solution aims to serve both NHS and private hospitals, offering enhanced medication management capabilities
- In February 2022, Baxter obtained authorization from the Common Vulnerability and Exposures (CVE) program to serve as a CVE Numbering Authority, reinforcing its commitment to cybersecurity and bolstering its capabilities in managing security vulnerabilities
Pharmacy Automation Market Scope
The market is segmented on the basis of product, pharmacy type, pharmacy size, application, end user, and distribution channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product
- Systems
- Software
- Services
Pharmacy Type
- Independent
- Chain
- Federal
Pharmacy Size
- Large Size Pharmacy
- Medium Size Pharmacy
- Small Size Pharmacy
Application
- Drug Dispensing and Packaging
- Drug Storage
- Inventory Management
End User
- Inpatient Pharmacies
- Outpatient Pharmacies
- Retail Pharmacies
- Online Pharmacies
- Central Fill/Mail Order Pharmacies
- Pharmacy Benefit Management Organizations
- Others
Distribution Channel
- Direct Tender
- Third Party Distributor
Pharmacy Automation Market Regional Analysis/Insights
The market is analyzed and market size insights and trends are provided by country, product, pharmacy type, pharmacy size, application, end user, and distribution channel as referenced above.
The countries covered in the market report are U.S., Canada, and Mexico.
The U.S. is expected to dominate the market, propelled by key players such as OMNICELL, INC., McKesson Corporation, and AmerisourceBergen Corporation. The region's emphasis on minimizing medication errors further fuels market growth. Advanced automation solutions streamline processes, ensuring accuracy and efficiency in medication management, thus meeting the rising demand for healthcare optimization.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure Growth Installed base and New Technology Penetration
The market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the market. The data is available for historic period 2016-2021.
Competitive Landscape and Pharmacy Automation Market Share Analysis
The market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to the market.
Some of the major players operating in the market are:
- ARxIUM (U.S.)
- OMNICELL INC. (U.S.)
- Cerner Corporation (U.S.)
- Capsa Healthcare (U.S.)
- ScriptPro LLC (U.S.)
- RxSafe, LLC. (U.S.)
- MedAvail Technologies, Inc. (U.S.)
- Asteres Inc. (U.S.)
- InterLink AI, Inc. (U.S.)
- BD (U.S.)
- Baxter (U.S.)
- Fullscript (Canada)
- McKesson Corporation (U.S.)
- Innovation Associates (U.S.)
- AmerisourceBergen Corporation (U.S.)
- UNIVERSAL LOGISTICS HOLDINGS, INC. (U.S.)
- Takazono Corporation (Japan)
- TOSHO Inc. (Japan)
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