The study involved major activities in estimating the current market size for the pharmacy automation market. Exhaustive secondary research was done to collect information on the pharmacy automation industry. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain using primary research. Different approaches, such as top-down and bottom-up, were employed to estimate the total market size. After that, the market breakup and data triangulation procedures were used to estimate the market size of the segments and subsegments of the pharmacy automation market.
Secondary Research
In the secondary research process, various secondary sources such as annual reports, press releases & investor presentations of companies, white papers, certified publications, articles by recognized authors, gold-standard & silver-standard websites, regulatory bodies, and databases (such as D&B Hoovers, Bloomberg Business, and Factiva) were referred to in order to identify and collect information for the study of pharmacy automation market. It was also used to obtain important information about the top players, market classification, and segmentation according to industry trends to the bottom-most level, geographic markets, and key developments related to the market. A database of the key industry leaders was also prepared using secondary research.
Primary Research
Extensive primary research was conducted after acquiring basic knowledge about the global pharmacy automation market scenario through secondary research. Several primary interviews were conducted with market experts from both the demand side (Hospital directors, Hospital Vice Presidents, Department heads, and Critical care specialists ) and supply side (such as C-level and D-level executives, technology experts, product managers, marketing and sales managers, among others) across five major regions—North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. This primary data was collected through questionnaires, e-mails, online surveys, personal interviews, and telephonic interviews
The following is a breakdown of the primary respondents:
Note 1: Others include sales managers, marketing managers, and product managers.
Note 2: Tiers of companies are defined on the basis of their total revenues in 2023. Tier 1 = >USD 1 billion, Tier 2 = USD 500 million to USD 1 billion, and Tier 3 = < USD 500 million.
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Market Size Estimation
Both top-down and bottom-up approaches were used to estimate and validate the total size of the pharmacy automation market. These methods were also used extensively to estimate the size of various subsegments in the market.
The research methodology used to estimate the market size includes the following:
Data Triangulation
After arriving at the overall market size—using the market size estimation processes—the market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and sub-segment, data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides in the pharmacy automation market.
Market Definition
Pharmacy automation is the usage of technology and automated systems to manage several pharmacy operations, including medication packaging, dispensing, prescription processing, labeling, storage, and inventory management, among others. These technologies aim to boost efficiency, minimize human errors, enhance medication safety, and improve workflow in hospitals, pharmacies, and healthcare facilities.
Stakeholders
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Pharmacy Automation Devices Manufacturers
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Suppliers and Distributors of Pharmacy Automation Devices
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AI Providers
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Pharmacy Automation Software Provider
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Healthcare IT Service Providers
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Hospital Pharmacies, Ambulatory Surgery Center (ASC), Ambulatory Care Center (ACC), and Other Outpatient Settings, Long-Term Care Facilities & Assisted Living Facilities, Retail Pharmacies, and Pharmacy Benefit Management Organization and Mail-Order Pharmacies
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Venture Capitalists
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Government Bodies/Regulatory Bodies
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Corporate Entities
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Accountable Care Organizations
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Pharmacy Automation Resource Centers
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Research and Consulting Firms
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Medical Research Institutes
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Clinical Departments
Report Objectives
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To define, describe, and forecast the global pharmacy automation market based on product type, component, application, facility type, end-user, and region.
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To provide detailed information regarding the major factors (such as drivers, restraints, opportunities, and challenges) influencing the market growth.
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To strategically analyze micro-markets with respect to individual growth trends, prospects, and contributions to the overall pharmacy automation market.
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To analyze opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders.
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To strategically analyze the market structure profile of the key players of the pharmacy automation market and comprehensively analyze their core competencies.
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To forecast the size of the market segments with respect to five regions, namely, North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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To track and analyze competitive developments such as product launches and enhancements and investments, partnerships, collaborations, acquisitions, expansions, funding, grant, agreements, sales contracts, product testing, FDA approval, product approval, and alliances in the pharmacy automation market during the forecast period.
HIGHEST CAGR MARKET IN 2023
US FASTEST GROWING MARKET IN THE REGION
Growth opportunities and latent adjacency in Pharmacy Automation Market