The pharmacy automation market is projected to reach USD 8.2 billion by 2027 from USD 5.6 billion in 2022, at a CAGR of 7.9% during the forecast period. Growth in the market is mainly driven by the growing focus on automation to reduce labor costs and increasing specialty drug dispensing. Emerging economies will be the key areas of opportunity for players seeking to expand their presence in the market. On the other hand, the high costs of implementing pharmacy automation systems in health facilities and pharmacies can inhibit the growth of this market.
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Key Market Players
The pharmacy automation market is consolidated at the top with a large number of leading market players based in developed countries. The prominent players operating in this market include Becton, Dickinson and Company (US), Omnicell, Inc. (US), KUKA AG (Swisslog Healthcare) (Germany), Baxter International Inc. (US), Capsa Healthcare (US), Cerner Corporation (US), Yuyama Co., Ltd. (Japan), ARxIUM Inc. (US), Parata Systems, LLC (US), RxSafe, LLC (US), ScriptPro LLC (US), Pearson Medical Technologies, LLC (US), Medical Packaging Inc., LLC (US), Tension Corporation (US), Noritsu Pharmacy Automation (US), Euclid Medical Products (US), TouchPoint Medical Solutions (US), Meditech Pharmacy Management Solutions (Belgium), and Innovation Associates (US). Due to the intense competition in the market, major market players are increasingly focusing on increasing their presence in the high-growth markets through both organic as well as inorganic growth strategies such as product launches, and acquisitions.
Becton, Dickinson and Company (BD) (US): As a global manufacturer of high-quality pharmacy automation products, BD aims to further strengthen its market position through organic growth strategies such as investments in research & development activities. BD invested USD 1.33 billion and USD 1.09 billion in R&D in 2021 and 2020, respectively. Moreover, with its strong geographic presence, wide distribution network, and brand recognition, the company has established itself as a leader in the global market.
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Omnicell, Inc. (US): Omnicell is one of the leading players in the pharmacy automation market. The company has an extensive range of pharmacy automation systems with a high brand value that has helped it gain a competitive edge in the pharmacy automation market and a prominent global presence. The company focuses on inorganic growth by acquiring other companies. Omnicell acquired MarkeTouch Media, LLC (US) to expand its footprint in the retail pharmacy sector. It also acquired ReCept Holdings, Inc. (US) to expand its advanced services portfolio.
KUKA AG (Swisslog Healthcare) (Germany): KUKA offers a wide range of pharmacy automation solutions through its Swisslog Healthcare business division. Swisslog Healthcare focuses on enhancing its business through new product developments and geographic expansions. The company developed the UniPick 2 automation solution for outpatient drug dispensing in hospital pharmacies (outpatient solutions) in the rapidly growing Chinese market. New products developed and enhancements have provided Swisslog with a competitive advantage over other players in the market.
Pharmacy Automation Market Dynamics
Drivers: Growing need to minimize medication errors
Restraints: High initial capital investments
Opportunities: Untapped emerging markets
Challenges: Stringent regulatory procedures
North America holds the largest share of the pharmacy automation market
North America accounted for the largest share of the pharmacy automation market in 2021. Factors such as technological advancements in pharmacy automation systems, growth in the healthcare sector, and the presence of top pharmacy automation system manufacturers in the US are expected to contribute to the growth of the pharmacy automation market in North America.
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