The Global Pharmacy Automation Systems Industry is poised for a remarkable transformation, fueled by the increasing adoption of these technologies in hospitals and retail pharmacies. A new analysis by Future Market Insights (FMI) predicts a robust Compound Annual Growth Rate (CAGR) of 8.00% from 2024 to 2034.
This growth is driven by the development of cutting-edge smart technologies that are revolutionizing pharmacy operations. The market, valued at US$5,621.5 million in 2024, is anticipated to surpass a staggering US$12,136.3 million by 2034, reflecting a significant shift towards automation within the pharmacy landscape.
In 2021, the medication dispensing cabinets segment emerged as the frontrunner in the global pharmacy automation systems market, boasting a substantial market share of approximately 42.6%. This segment is poised to retain its leading position throughout the forecast period.
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These systems are used by both inpatient and outpatient pharmacies. Pharmacy automation systems also include properties like the ability to measure personalized medications, track and update consumers’ information in a database, and monitor the all-over procedure of inventory management and distribution. Consequently, they are a suitable replacement for manual dispensing across drugstores. The installation of these systems has immensely improved the efficiency and security of storing, administering, filling, packaging, and labeling prescription medications. These considerations, coupled with other factors like the introduction of cost-effective automation solutions, incorporation of advancing technology into the target product, etc., are likely to drive the growth of the pharmacy automation systems market during the forecast period.
Furthermore, the rising awareness of the benefits of pharmacy automation technologies is encouraging many small and mid-sized healthcare hospitals and retail pharmacies to replace their traditional pharmacy operation practices with these systems. This will boost the market prospects during the next decade.
“Rising awareness of the advantages of pharmacy automation systems along with favorable government policies will supplement the global growth of the Global Pharmacy Automation Systems Industry over the forecast period,” says an FMI analyst.
Global Pharmacy Automation Systems Industry Key Takeaways:
- By end user, the hospital pharmacies segment will grow at a high CAGR over the forecast period.
- Based on application, drug dispensing and packaging will continue to dominate the global market growth.
- Accounting for 42.6% of the market share in 2021, the medication dispensing cabinets will present a steady growth over the assessment period.
- Germany’s pharmacy automation systems market will register a 7.9% CAGR.
- The pharmacy automation systems market in the U.S. will acquire a 56.6% share of the global market.
- An increasing number of pharmacies drives the target market growth in India.
Competitive Landscape in the Global Pharmacy Automation Systems Industry
AmerisourceBergen Corporation, Baxter International Inc., Swisslog Holdings AG, Care Fusion Corporation, Cerner Corporation, Kirby Lester LLC, Talyst, LLC., Omnicell Inc., and ScriptPro LLC among others are some of the major players in the pharmacy automation systems market profiled in the full version of the report.
Key market players are keen on adopting tactics such as new product releases and increasing investments in research and development. These organizations are also focusing on employing mergers, acquisitions, partnerships, and collaboration strategies to expand their consumer base.
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