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The U.S. pharmacy automation devices market size was worth USD 1.27 billion in 2022 and is projected to grow at a CAGR of 10.8% during the forecast period.
Pharmacy automation devices are systems primarily used in hospitals and pharmacies to store and dispense medications for improved medication safety, better inventory management, and increased drug storage capacity. The adoption of these systems reduces medication dispensing errors and boosts prescription volume and efficiency among patients. The growing concerns about medication dispensing errors among patients and the rising demand for advanced systems for drug prescription filling across retail and hospital pharmacies propel the market growth in the country.
The increasing demand for these devices, coupled with the rising introduction of technologically advanced systems by key industry players, will further augment the pharmacy automation devices market growth across the country. Similarly, the increasing number of patient admissions across hospitals for treatment, coupled with the high demand for medication dispensing systems across decentralized hospital pharmacies, further drives the market growth.
This market witnessed a negative impact due to the COVID-19 pandemic in 2020, owing to a decline in patients visiting health settings, such as hospitals and outpatient & retail pharmacies across the nation.
Rise in Adoption of Robotic Automated Systems across the U.S. Hospital Pharmacies to Propel Market Growth
The incidence of medical prescription errors across clinical settings is high. Thus, hospital pharmacies across the U.S. are now emphasizing the adoption of robotic systems for barcoding, dispensing, intravenous workflow, and intravenous compounding of medications among patients. Moreover, the high potential advantages of these systems, such as patient safety, ease of drug dispensing, and efficient inventory management as compared to manual dispensing devices, cater to the pharmacy automation devices market growth in the U.S.
Thus, the rising adoption of robotic systems across retail hospital pharmacies further augments market growth.
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The total number of pharmacists in the U.S. is high compared to other developed countries such as the U.K. (61,140) and Australia (34,726) in the year 2022.
Rising Strategic Acquisitions and Product Launches by Key Corporations will Propel Growth
The demand for automated dispensing systems is high across U.S. hospitals and retail pharmacies. Thus, the market players are focusing on strategic initiatives, such as mergers and acquisitions to expand their pharmacy automation devices portfolio in the U.S. market. Moreover, the strong focus of these players on technological advancements and improving the digital capabilities of these automation devices to be installed in hospital pharmacies drives the demand for pharmacy automation devices during the forecast period. Moreover, the rising presence of industry players with automation software that is integrated with systems further propels market growth.
Need for High Capital Investments for Installation of the Devices to Hamper Market Growth
The increasing number of installations of automation devices requires high capital investment as compared to manual setups. Additionally, the growing concerns over return on investment (ROI) related to pharmacy automation devices may limit its adoption by hospitals and pharmacies, which is further hampering the market growth.
Thus, these elements, coupled with rising device maintenance costs by health settings, further limit the U.S. pharmacy automation devices market growth.
Based on product, the market is segmented into automated medication dispensing systems, automated packaging systems, and others.
The automated medication dispensing systems segment held a larger share in 2022 owing to the rising launch of automated devices with technologically advanced solutions by key players. Moreover, the growing adoption of pharmacy automation systems across the U.S. distribution channels, such as retail and community pharmacies, further augments the segment share in the U.S. market.
Based on the distribution model, the market is segmented into centralized and decentralized.
The decentralized segment held a larger share in 2022 owing to the high adoption of decentralized distribution of medication across hospital and retail pharmacies. Similarly, high advantages associated with decentralized distribution, such as improved inventory management and enhanced patient safety across health settings, are driving the demand for these models.
Based on end-user, the market is segmented into hospital pharmacies, retail pharmacies, and others.
The hospital pharmacies segment held a larger share in 2022 owing to the increasing penetration of robotic pharmacy systems for medication dispensing and management across hospital outpatient settings across the country. Also, the increasing number of hospital admissions and growing number of medicine dispensing among patients further boosts segment share.
In terms of the competitive landscape, the market showcases the presence of established players such as Omnicell, Inc., Becton Dickinson and Company, and Yuyama Co., Ltd. Omnicell, Inc. grabbed the highest U.S. pharmacy automation devices market share in 2022. The highest share was attributable to the presence of an extensive product portfolio and strong sales performance. Moreover, the rising focus of these players on the introduction of advanced technologies to optimize pharmacy services further augments their market share in the U.S. market.
Some of the other companies with a considerable presence in the U.S. market include Capsa Healthcare, RxSafe, LLC., Baxter, among others. The increasing emphasis of emerging players on introducing advanced systems and solutions for drug dispensing will propel their share in the U.S. market.
An Infographic Representation of U.S. Pharmacy Automation Devices Market
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The U.S. pharmacy automation devices market research report provides a detailed market analysis and focuses on crucial aspects such as leading players, product types, and major indications of products. Additionally, it offers insights into market trends, key industry developments such as mergers, partnerships, & acquisitions, and the impact of COVID-19 on the market. In addition to the factors mentioned above, the report includes the factors that have contributed to the market's growth in recent years with a regional analysis of different segments.
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CAGR of 10.8% from 2023 to 2030
Value (USD Billion)
By Distribution Model
Fortune Business Insights says that the U.S. market was worth USD 1.27 billion in 2022.
The market is expected to exhibit a CAGR of 10.8% during the forecast period (2023-2030).
By product, the automated medication dispensing systems segment leads the market.
Omnicell, Inc., BD and Yuyama Co., Ltd. are the top players in the market.
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