Globally, pharmacies are adopting pharmacy automation systems to automate their routine tasks to reduce human intervention. The system has been used for both inpatient and outpatient pharmacies. It also measures and compounds personalized medications and tracks and updates patient information in database. The pharmacy automation system monitors the overall process of inventory management, distribution and inventory handling processes. Pharmacy automation system has been established and strong position in hospital pharmacy and retail pharmacy. These two end-user segments have the highest market share in the Pharmacy Automation Systems market.
Pharmacy automation systems consists of six type of products including medication dispensing cabinets, packaging & labelling machines, IV pharmacy, robotic dispensing machines, carousel Storage, tablet splitters. Medication dispensing cabinet is automated cabinet used in hospitals and outpatient pharmacies it is majorly used in decentralized pharmacies which helps to provide formulary across health system to support nurses and pharmacists to manage the medication dispensing and administration.
In decentralized pharmacy settings, the medications are dispensed near the point of care while tracking drug distribution – automated dispensing cabinets or medication dispensing cabinets, tablet splitters and IV pharmacy systems are implemented in these settings. Whereas in centralized 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 was valued at US$ 3,344.7 Mn in 2016 and is expected to expand at a CAGR of 6.3% during the forecast period (2017–2027).
Increasing need for Quality Care and Technological Upgrades boost the Pharmacy Automation Systems market
Pharmacists in developed countries are implementing methods to provide enhanced safety and efficacy in the medication process. Optimization of drug delivery through automated drug dispensing systems (ADS) may be valuable in different hospital departments and in ICUs. With pharmacy automated systems, the routine process of compounding, dispensing and labelling and packing the drugs is automated and pharmacists are free to spend more time with patients to provide quality care.
Rising competition among hospitals and retail pharmacies to provide quality care to patients is projected to drive the revenue growth of pharmacy automation systems market over the forecast period.
Recent technological advancements have resulted in pharmacists and nurses having access to technologically enhanced pharmacy automation systems that can automate medication dispensing, packaging and labelling, medication compounding, inventory tracking, storage and retrieval, etc.
Also, there have been advancements such as linking EMR with medication and dispensing cabinets and pharmacy robots to provide increased efficiency of hospital and retail pharmacies. Interfacing with different software and increasing automation in pharmacies is anticipated to drive revenue growth for pharmacy automation systems market during the forecast period.
Several players in pharmacy automation system market are majorly focusing on acquisition strategy to enhance their presence in the market. For instance, Swisslog Holdings AG has acquired Power Automation Systems (PAS), the world-wide market leader in pallet shuttle automated storage and retrieval systems (ASRS) in 2016. These players are also focusing on R&D to innovate new versions of pharmacy automation systems which is expected to help them to increase the customer base.
In addition this pharmacy vendors adopt partnership strategy to expand their presence at a global level. For instance, Swisslog Holdings AG partnered with Parata Systems, a leading provider of pharmacy technology solutions to offer a fully integrated outpatient pharmacy solution in the Middle East.
Global Pharmacy Automation Systems market is categorized on the basis of product type, application, end-user, and region
On the basis of product type, the Pharmacy Automation Systems 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 dominated the global pharmacy automation systems market in 2016 and is expected to retain its dominance throughout the forecast period.
On the basis of application, the Pharmacy Automation Systems market is segmented into drug dispensing & packaging, drug storage and inventory management. In terms of revenue share, drug dispensing and packaging dominated the global pharmacy automation systems market in 2016 and is expected to do so throughout the forecast period. The inventory management application segment is anticipated to expand at the fastest CAGR during the forecast period.
On the basis of end-use industry, the global Pharmacy Automation Systems market is segmented into hospital pharmacies, clinic pharmacies, retail pharmacies, mail order pharmacies and pharmaceutical SMEs. Hospital pharmacies currently accounts for the highest revenue in the pharmacy automation systems market due to increasing usage of pharmacy automation systems in hospitals in developed countries.
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Key Developments in the market
In August 2016, Swisslog Holdings AG acquired its strategic automation partner Tecnilab to expand its market presence in Europe, the Middle East and Asia-Pacific and strengthen its pharmacy automation technology portfolio.
In April 2016, Swisslog Holdings AG acquired Power Automation Systems (PAS), the world-wide market leader in pallet shuttle automated storage and retrieval systems (ASRS)
In 2012, CareFusion Corporation acquired PHACTS, LLC, a Seattle-based technology and consulting company to strengthen its presence in hospital pharmacies
In 2011, CareFusion Corporation acquired Rowa, a Germany-based company specializing in robotic medication storage and retrieval systems to increase its brand share in retail and hospital pharmacies, in the markets outside U.S.
In Jan 2016, ScriptPro LLC partnered with PharmCo, for its product line of compact robotic machines under the agreement the CRS 225 will be installed in PharmCo's facility
In 2014, Swisslog Holdings AG partnered with Parata Systems, a leading provider of pharmacy technology solutions, to offer a fully integrated outpatient pharmacy solution in the Middle East.
In 2014, ScriptPro LLC partnered with TCGRx for the distribution and co-marketing agreement that allows the company to bring TCGRx adherence packaging technologies to retail pharmacies in U.S.
New Product Launches:
In October 2016, Kirby Lester launched updated version of its flagship tablet counting devices, KL1 and KL1 Plus at the National Community Pharmacists Association Annual Convention
In 2014, CareFusion Corporation launched Pyxis Mini system that is smaller in size than a traditional medication dispensing cabinet, to target ambulatory care centres, long-term care facilities and behavioural health centres.
In 2011, CareFusion Corporation launched Pyxis Enterprise System (ES) platform, to increase its market presence in automated dispensing systems that will simplify and standardize the medication management process
Vendors in pharmacy automation systems market are majorly focusing on partnership, acquisition and new product launches strategies to sustain their presence in the market.
North America and Western Europe are expected to maintain key market positions in the Pharmacy Automation Systems in the coming years
Among the key regional markets, the APEJ Pharmacy Automation Systems market is projected to exhibit relatively higher growth in the global Pharmacy Automation Systems market with a CAGR of over 8.2% during the forecast period. Revenue from the Pharmacy Automation Systems markets in North America and Western Europe is expected to collectively account for over 83.8% of the global Pharmacy Automation Systems market revenue in 2016.
Key competitors in Pharmacy Automation Systems market are AmerisourceBergen Corporation, Baxter International Inc., Swisslog Holdings AG, Care Fusion Corporation, Cerner Corporation, Kirby Lester LLC, Talyst, LLC., Omnicell Inc., and ScriptPro LLC.
Key Segments Covered in the Pharmacy Automation Systems Market
- Medication Dispensing Cabinets
- Packaging & Labelling Machines
- IV Pharmacy
- Robotic Dispensing Machines
- Carousel Storage
- Tablet Splitters
- Drug Dispensing & Packaging
- Drug Storage
- Inventory Tracking
- Hospital Pharmacies
- Clinic Pharmacies
- Retail Pharmacy stores
- Mail Order Pharmacies
- Pharmaceutical SMEs
Key Regions covered:
- North America
- Latin America
- Rest of Latin America
- Western Europe
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Australia & New Zealand
- Rest of APAC
- GCC Countries
- South Africa
- North Africa
- Rest of MEA