The covid-19 pandemic have created an awareness regarding the need of automotive and robots in pharmaceutical industries. As pharmacy automation system can help in reducing the medication errors, and also reduce medication cost, its demand may have a positive impact during the forecast period. With the help of robots, labour cost can be reduced which can act as a driver for the market growth. Some of the recent developments in the industry are mentioned below.
In July 2020, Baxter International, Inc., and Ayogo Health Inc., a behavioural science based digital health company announced partnership for unique digital health solutions for home dialysis. The two companies aims to support the needs kidney disease patients through digital health solutions. Ayogo’s life plan as its unique digital platform with Baxter’s expertise in renal care to build mobile apps and digital solutions can bring timely and customised support to kidney failure patients. Baxter has also invested in Ayogo.
Baxter International, recently in March 2021 has announced US FDA 510[K] Clearance of AK 98 Hemodialysis Machine. The latest technology in hemodialysis machine offers compact, portable and easy to use system for dialysis providers. AK 98 offers two way connectivity enabling the system to pull prescriptions directly from the electronic medical record for simplified workflow and data handling. The technology helps dialysis providers to manage the challenges coming due to multiple hemodialysis sessions happening every day.
Swisslog healthcare in November 2020 announced their partnership with Summa Health for a new program providing medication among hospital patients preparing for discharge. Meds to beds program aims to secure, autonomous robotic delivery of prescribed medication and medical reconciliation and consulting services conducted at the bedside in preparation for discharge of patients. The organisation is helping patients in safety related to medication use and delivering more medications with the help service of robots.
In November 2020, Omnicell, Inc. announced the latest innovation to company’s leading portfolio of medication management solutions. The technology is capable of helping hospitals to expand their medication inventory visibility and supply chain management applications.
Pharmacy automation systems are the systems used for inpatient patient and outpatient pharmacies to automate the routine task of a pharmacist thus these systems automates the entire mechanical processes of handling and distributing medications. However these systems also helps in measuring and compounding medications, tracking and updating patient information in databases, and inventory management.
Pharmacy automation systems considered in the report fall under six major categories – automated dispensing cabinets (medical dispenser), packaging and labelling systems, IV pharmacy (automated drug compounding), robotic dispensing systems, carousal storage systems and tablet splitters. Medication dispensing cabinet is a drug storage device generally used in hospitals and outpatient pharmacies i.e. generally used in decentralised pharmacies.
In decentralised pharmacy settings the medications are dispensed near the point of care while tracking drug distribution thus automated dispensing cabinets or medication dispensing cabinets, tablet splitters and IV pharmacy systems has been implemented in these settings. Whereas in centralised pharmacies, packaging and labelling systems, robotic dispensing systems and carousal storage systems are preferred for drug tracking and inventory management. The global pharmacy automation systems market has been estimated to be valued at US$ 3175.2 Mn in 2015 and is expected to expand at 6.7% CAGR over the forecast period 2016–2026.
Rising adoption and growing demand for automated solutions in pharmacies drive the growth of the global pharmacy automation systems market
Growth of the global pharmacy automation systems market is mainly driven by rising adoption and growing demand for automated solutions in pharmacies coupled with socio-economic factors such as increasing disease incidences due to growing ageing population. There is an increasing inclination of pharmacists for automation systems as it automates time-consuming and routine tasks such as medication compounding, tablet packing, dispensing, storage and retrieval, etc.
Also, these automation solutions streamline pharmacy workflow and also reduce risk of errors, which enables physicians to focus on direct ciritical care patient monitoring activities. Other prominent growth drivers are product innovations and increasing rates of hospitalisations. Through pharmacy automation systems, hospitals can manage and track drugs, supplies and health information related to patients, thus replenishing only the items that are needed.
This increasing demand for effective and transparent tracking systems is expected to drive the revenue for pharmacy automation systems as it accurately record medication expiry dates and physical quantities. However, cost of implementation and installation of pharmacy automation systems is a major factor restraining growth of the market over the forecast period.
Medication dispensing cabinets segment is projected to dominate the global pharmacy automation systems market
Based on product type, the market is segmented into medication dispensing cabinets, packaging and labelling systems, IV pharmacy (automated drug compounding), robotic dispensing systems, carousal storage systems and tablet splitters. In terms of revenue share, medication dispensing cabinets (ADC) dominated the global pharmacy automation systems market in 2015 and is expected to continue to dominate throughout the forecast period.
Based on application of pharmacy automation systems, the market has been segmented into drug dispensing and packaging, drug storage and inventory management. In terms of revenue share, drug dispensing and packaging dominated the global pharmacy automation systems market in 2015 and is expected to do so throughout the forecast period. Whereas inventory management application segment is anticipated to expand with the fastest CAGR over the forecast period.
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Western Europe is expected to exhibit a healthy CAGR due to increasing inclination of pharmacists to opt for automated technologies
The global pharmacy automation systems market has been segmented into seven major regions: North America, Latin America, Eastern Europe, Western Europe, Asia Pacific Excluding Japan (APEJ), Japan and Middle East & Africa (MEA). In terms of value, North America has been estimated to dominate the global pharmacy automation systems market in 2016 and is expected to expand at a CAGR of 6.6% over the forecast period.
APEJ and Japan are estimated to be the fastest growing markets in terms of revenue, while Western Europe is expected to exhibit a healthy CAGR due to increasing inclination of pharmacists in the region to opt for automated technologies in their pharmacies to provide quality care to the patients. In terms of value, Western Europe is expected to register a CAGR of 7.2% over the forecast period.
The global pharmacy automation systems market is consolidated with key players occupying a large market share
The pharmacy automation systems market is largely consolidated, with top few players accounting for the major share in 2015. Recently there have been several acquisitions leading to consolidation of the market. Established players are focussing on strategic moves such as product launch, increasing their distribution channel for automation solutions, and getting into partnerships and agreements to increase the brand awareness of their product.
Leading market players dominating the global pharmacy automation systems market
Some key players in the global pharmacy automation systems market included in this report are Baxter International Inc., Swisslog Holdings AG, Care Fusion Corporation, Cerner Corporation, Kirby Lester LLC, Talyst, LLC., Omnicell Inc. etc.
Global pharmacy automation system market segmentation
To understand and assess opportunities in the global pharmacy automation systems market, we have categorised the report into four sections based on market segmentation as under.
- Medication Dispensing Cabinets
- Packaging and Labelling System
- IV Pharmacy
- Robotic Dispensing System
- Carousel Storage Systems
- Tablet Splitters
- Drug Dispensing and Packaging
- Drug Storage
- Inventory Management
- Hospital Pharmacies
- Clinic Pharmacies
- Retail Pharmacies
- Mail Order Pharmacies
- Pharmaceutical SMEs
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Ex Japan (APEJ)
- Middle East and Africa