Report Overview
Global Robotics in Pharmacy Automation Market reached US$ XX million in 2023 and is expected to reach US$ XX million by 2031, growing at a CAGR of XX% during the forecast period 2024-2031.
Robotics in pharmacy automation refers to the development and employment of robotic systems and automated technologies to improve various pharmacy operations. This includes a variety of solutions that are aimed at reducing costs, improving accuracy, and increasing efficiency in drug management, dispensing, and other pharmacy-related functions.
With continued technological improvements and rising healthcare demand, this market is set for incredible expansion, which will benefit both healthcare providers and patients.
Market Scope
|
Metrics |
Details |
|
CAGR |
XX% |
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Market Size Available for Years |
2022-2031 |
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Estimation Forecast Period |
2024-2031 |
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Revenue Units |
Value (US$ Mn) |
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Segments Covered |
Robot Type, System, Application, End-User |
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Regions Covered |
North America, Europe, Asia-Pacific, South America, and Middle East & Africa |
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Largest Region |
North America |
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Fastest Growing Region |
Asia-Pacific |
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Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights. |
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Market Dynamics: Drivers & Restraints
Rising demand for efficiency and accuracy
The increasing demand for efficiency and precision in healthcare is driving robotics in the pharmacy automation market. As the population ages and chronic diseases become more prevalent, pharmacies are experiencing an increase in prescription volumes. Robotics are improving operations, allowing pharmacists to handle more prescriptions with fewer errors.
Robotic pharmacy automation reduces the possibility of human error in medicine distribution. Robotic systems increase workflow productivity by automating routine tasks including pill counting, labeling, and handling inventory. This enables pharmacists to focus more on patient care and consultations. Robotic systems can interact with electronic health records (EHR) and pharmaceutical management systems to improve communication and data exchange.
With the rising demand for robotics in pharmacy automation with the need for efficiency and accuracy several market players are introducing robotic systems for the services. For instance, on May 14, 2024, Richtech Robotics Inc. launched its latest robot, Medbot, an elevator delivery robot designed to streamline pharmacy operations with uninterrupted, 24/7 medication delivery.
High investment costs
The initial expenses involved in obtaining robotic systems can be significant. Enhanced robotics, software integration, and related technology often come with a high upfront cost that smaller pharmacies might not be able to afford. Costs associated with installation and integration with current pharmacy administration systems are there in addition to the cost of procuring robotic systems which can be a burden.
Market Segment Analysis
The global robotics in pharmacy automation market is segmented based on robot type, system, application, end-user and region.
Robotic dispensing systems segment is expected to dominate the market share
Robotic dispensing systems can process prescriptions much faster than human pharmacists, significantly reducing wait times for patients and increasing overall operational efficiency in pharmacies. By reducing human error in medicine dispensing, these technologies guarantee that patients receive the right medication at the right dosage. These features are making pharmacies adopt robotics in pharmacy automation.
Robotic dispensing systems are ideal for pharmacies that experience different levels of demand since they can readily scale operations to match fluctuating prescription quantities. There is a growing number of launches of Robotic Dispensing Systems to meet the demands of pharmacies and healthcare needs.
For instance, on October 16, 2023, JVM, an affiliate of Hanmi Science successfully launched a next-generation automated drug dispensing machine equipped with a robotic arm, in the European market.
Market Geographical Share
North America is expected to hold a significant position in the robotics in pharmacy automation market share
North America is expected to hold a significant portion of the market share. The healthcare system in North America, and especially in the US, is well-established, which facilitates the use of innovative technologies like robotics in pharmacies. Pharmacies are being compelled to implement robotic technologies to improve operational performance due to the increasing demand for accuracy and efficiency in the dispensing and administration of medications.
The ongoing shortage of healthcare experts, such as pharmacists, offers automation an appealing approach to enhance workforce efficiency and proficiently handle workloads. Robotic systems minimize pharmaceutical errors, which helps to achieve these criteria. Thus, the above factors are expected to hold the region in the dominant position in the market.
The pharmacies are introducing new robotic pharmacy automation centers to meet the needs of customers. For instance, in March 2022, Walgreens Boots Alliance is opening robot-powered micro-fulfilment centers across the U.S. to fill customers’ prescriptions as the role of stores and pharmacist changes. The drugstore chain plans to open 22 facilities across the country.
Market Segmentation
By Robot Type
- Collaborative Robots (Cobots)
- Mobile Robots
- Industrial Robots
By System
- Robotic Dispensing Systems
- Packaging and Labeling Systems
- Robotic Automated Storage and Retrieval Systems
- Robotic Prescription Filling Systems
- Others
By Application
- Drug Formulations
- Dispensing
- Medication Storage and Retrieval
- Prescription Filling
- Medical Device Assembly
- Quality Control and Testing
By End-User
- Retail Pharmacies
- Mail-Order Pharmacies
- Compounding Pharmacies
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- South America
- Brazil
- Argentina
- Rest of South America
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Middle East and Africa
Competitive Landscape
The major global players in the market include FANUC America Corporation, Swisslog Healthcare, Synapxe Pte Ltd, Stäubli International AG, Kaufman Engineered Systems, Solara Automation, POMO Robotics, and Flextech Automation among others.
Why Purchase the Report?
- To visualize the global robotics in pharmacy automation market segmentation based on robot type, system, application, end-user, and region as well as understand key commercial assets and players.
- Identify commercial opportunities by analyzing trends and co-development.
- Excel data sheet with numerous data points of robotics in pharmacy automation market-level with all segments.
- PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
- Product mapping available as Excel consisting of key products of all the major players.
The global robotics in pharmacy automation market report would provide approximately 53 tables, 47 figures and 176 pages.
Target Audience 2024
- Manufacturers/ Buyers
- Industry Investors/Investment Bankers
- Research Professionals
- Emerging Companies
