Pharmacy Automation Devices Market Size, Share & Trends Analysis Report By Product (Medication Dispensing Systems, Automated Medication Compounding Systems), By End-use (Outpatient Pharmacies), By Region, And Segment Forecasts, 2023 - 2030

Research Methodology

A three-pronged approach was followed for deducing the pharmacy automation devices market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for pharmacy automation devices market to gather the most reliable and current information possible.

• We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
• We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
• We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
• We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
• We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of pharmacy automation devices market data depending on the type of information we’re trying to uncover in our research.

• Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

• Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

• Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

• Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

• Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

• Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

• This step also entails the finalization of the report scope and data representation pattern.

• Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Pharmacy Automation Devices Market Categorization:

The pharmacy automation devices market was categorized into three segments, namely product (Medication Dispensing Systems, Packaging And Labeling Systems, Storage And Retrieval Systems, Automated Medication Compounding Systems, Tabletop Tablet Counters), end use (Retail Pharmacy, Inpatient Pharmacies, Outpatient Pharmacies, Pharmacy Benefit Management Organizations and Mail-Order Pharmacies), and regions (North America, Europe, Asia Pacific, Latin America, Middle East & Africa).

Segment Market Methodology:

The pharmacy automation devices market was segmented into product, end use, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

• Demand estimation of each product across countries/regions summed up to from the total market.

• Variable analysis for demand forecast.

• Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

• Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

• Used extensively for new product forecasting or analyzing penetration levels.

• Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

• Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

• This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The pharmacy automation devices market was analyzed at a regional level. The global was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into thirty countries, namely, the U.S.; Canada; U.K.; Germany; France; Italy; Spain; Denmark; Sweden; Norway; Switzerland, Austria; Russia; Belgium; Netherlands; China; India; Japan; Australia; Thailand; South Korea; Singapore; Hong Kong; Brazil; Mexico; Argentina; South Africa; Saudi Arabia; UAE; Qatar.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Pharmacy automation devices market companies & financials:

The pharmacy automation devices market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

• Amerisource Bergen Corporation provides global pharmaceutical sourcing, reimbursement, and distribution services. Its key services include strategic consulting, product sourcing, specialty logistics, and product commercialization. It aims to enhance patient care by working along with healthcare providers and pharmaceutical manufacturers.

• Accu-Chart Plus Healthcare Systems, Inc., a privately held company, has been developing and providing computerized unit dose packaging equipment with barcode printing capabilities. It provides automation solutions in drug distribution, cost reduction, and inventory control. It offers a variety of effiective & high quality automatic and manual packaging equipment, along with barcode labeling printers.

• Omnicell, Inc. is a global provider of automation & software solutions, dealing with patient-centric medication and supply chain management. It has two operating segments which include automation & analytics and medication adherence. Its service portfolio consists solutions in pharmacy, perioperative, nursing, materials management, nonacute care, information technology, healthcare executives, and information technology. The products such as pharmacy automation systems, medication dispensing, IV solutions, hospital supply chain management, enterprise analytics, enterprise platform technology, performance center, nonacute care, and medication adherence are offered by this company.

• McKesson Co. is a multinational Healthcare Information Technology (HIT) company, majorly focuses on supply chain management of hospitals, community oncology & specialty care, and retail pharmacy. Its distribution solution segment provides automated dispensing systems, integrated pharmacy management systems, and related services to outpatient, retail, central fill, mail order, & specialty pharmacies.

• Pearson Medical Technologies offers pharmacy automation solutions. Its key offerings include pharmacy automation, unit dose packaging solutions, long-term care, retail pharmacy, barcode labeling, multi-dose dispensing, and patient adherence programs. Pearson Medical Technologies furnishes hospitals, long-term care facilities, and retail pharmacies with safe medical solutions.

• Baxter provides essential hospital and renal products, such as intravenous solutions, acute & in-center dialysis, infusion parental nutrition, biosurgery & anesthesia products, pharmacy automation, and perioperative care. It has two major business segments namely hospital products and renal products. Its hospital products provide products necessary for drugs and fluid delivery in patients. The renal products offer products required by healthcare providers, hospitals, home, and in-center facilities for patients with kidney failure & kidney-related diseases.

• Talyst, LLC deals in automated medication management systems and serves several end-users, such as acute care hospital pharmacies, acute care hospitals, long-term care facilities, correctional institutions, and healthcare systems. The company established various strategic partnerships with global partners, such as Arabian Healthcare Supply Company and HIT Healthcare in Saudi Arabia and Canada, respectively.

• ScriptPro LLC manufactures & distributes pharmacy automation & management and innovation-based robotic system solutions. Its key offerings include pharmacy robotics, pharmacy workflow, automation, drug databases, pharmacy management, and other products. It operates in chains of pharmacies, hospitals, and the U.S Department of Defense. It provides integrated robotic systems to enhance ambulatory and pharmacy functionality, promote homebased medication adherence, and support in dispensing of high-risk medicines. It has been expanding and developing new products and innovations.

• CareFusion is a medical company specializing in reducing medication errors through automation solutions and providing management solutions to prevent healthcare associated infections. Its key products include Alaris infusion pumps; Pyxis automated dispensing solutions & patient identification systems; Avea, Airlife, & LTV ventilation & respiratory products; and MedMined for data mining surveillance services.

• Fulcrum Pharmacy Management, Inc. provides long-term care pharmacy management solutions. It is a privately held company and a women’s business enterprise certified organization. It provides specialty pharmacy, packaging, and consulting services. Its offerings include specialized medication packaging, delivery options, reimbursement & billing expertise, order handling, and management solutions to meet specialized needs of facilities & clients.

Value chain-based sizing & forecasting

Supply Side Estimates

• Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

• Segment revenue determination via variable analysis and penetration modeling.

• Competitive benchmarking to identify market leaders and their collective revenue shares.

• Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

• Identifying parent markets and ancillary markets

• Segment penetration analysis to obtain pertinent

• revenue/volume

• Heuristic forecasting with the help of subject matter experts

• Forecasting via variable analysis

Pharmacy Automation Devices Market Report Objectives:

• Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

• Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

• Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Pharmacy Automation Devices Market Report Assumptions:

• The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

• The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

• We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

• All market estimates and forecasts have been validated through primary interviews with the key industry participants.

• Inflation has not been accounted for to estimate and forecast the market.

• Numbers may not add up due to rounding off.

• Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

• Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

• Latin America includes Central American countries and the South American continent

• Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

• Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

• Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.