Market Overview:
Central fill pharmacy automation refers to the use of automated systems and technology in central fill pharmacies to increase efficiency and productivity in prescription dispensing and medication management. This automation provides advantages such as reduced medication errors, improved inventory management, increased prescription filling speed, and optimized pharmacy workflow. The need for central fill pharmacy automation is driven by the growing demand for efficient and accurate prescription filling, rising patient volume, and the need for cost-effective pharmacy operations.
Market Key Trends:
One key trend in the central fill pharmacy automation market is the adoption of robotic automation systems. Robotic automation systems play a vital role in streamlining prescription filling processes by handling various tasks such as medication counting, sorting, labeling, packaging, and inventory management. These systems eliminate the need for manual intervention and reduce the risk of errors, ensuring accurate and timely prescription dispensing. With advancements in technology, robotic automation systems are becoming more sophisticated, offering enhanced precision, speed, and flexibility. The increasing adoption of robotic automation systems by central fill pharmacies is expected to drive market growth and improve efficiency in medication management and prescription filling processes.
The global Central Fill Pharmacy Automation Market is estimated to be valued at US$416.06 Mn in 2023 and is expected to exhibit a CAGR of 12.2% over the forecast period of 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Segment Analysis:
The segment analysis for the central fill pharmacy automation market can be divided based on the type of automation systems used. The dominating sub-segment in this market is the robotic systems segment. Robotic systems are automated machines that can handle a large volume of prescription orders efficiently, accurately, and quickly. These systems automate various tasks such as dispensing, labeling, and packaging medications.
The robotic systems segment is dominating due to several factors. Firstly, these systems have the capability to handle a high volume of prescription orders in a short amount of time, increasing the productivity of the pharmacy. Secondly, they have a high level of accuracy, reducing the chances of errors in medication dispensing. Thirdly, these systems can store and organize a large number of medications, making it easier for pharmacists to access and dispense the required medications.
Key Takeaways:
The global central fill pharmacy automation market is expected to witness high growth, exhibiting a CAGR of 12.2% over the forecast period. This growth can be attributed to increasing demand for efficient and accurate prescription dispensing, as well as the need to reduce medication errors.
In terms of regional analysis, North America is expected to be the fastest growing and dominating region in the central fill pharmacy automation market. This can be attributed to the presence of advanced healthcare infrastructure, increasing adoption of automation technologies, and a high demand for efficient pharmacy operations in the region.
Key players operating in the central fill pharmacy automation market include Omnicell, ARxIUM, ScriptPro, Cardinal Health, Parata Systems, RxSafe, LLC, Tension Packaging & Automation, McKesson Corporation, Cornerstone Automation Systems, LLC, Quality Manufacturing Systems, Inc., Noritsu, Capsa Healthcare, Yuyama USA, and Catalyst Healthcare Ltd.
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Global Central Fill Pharmacy Automation Market was valued at US$ 413.9 Mn in 2018 and is expected to reach US$ 721.5 Mn by 2026, at a CAGR of 11.01 % during a forecast period.Increasing demand for specialty medicines that are distributed by central fill drugstores is one of the major key factors steering the growth of the central fill pharmacy automation market globally.
Also, increase in the patient population base, and emphasize on automation for reducing the labor charges will contribute remarkably to the size of global central fill pharmacy automation market.However, the high initial investment and logistical challenges may act as some of the limitations for market growth.
Moreover, untapped emerging markets is expected to gain significant impetus for the central fill pharmacy automation market share in the upcoming years.The equipment vendors segment is projected to account for the largest market share during the forecast period.
This is mostly attributed to their broad product portfolio, vast geographic presence, strong technical expertise, and easy access to spare parts.North America dominated the central fill pharmacy automation market, followed by Europe, and this trend is expected to continue throughout the forecast period.
The increasing focus on providing value-based care to patients, rise in specialty medication dispensing, rising number of medication errors, and the need for automated systems for improved compounding and dispensing are major factors that have resulted in the increased acceptance of central fill pharmacy automation equipment and services in North America.A recent development in the market for fill pharmacy automation: In 2018, TCGRx acquired Parata Systems, to increase the company’s existing growth initiatives with central fill, inventory control, and automated blister card packaging technologies.
Also, in 2018, ARxIUM, Inc., hurled cGMP RIVA IV Compounding system for 503B facilities.In 2018, Swisslog Healthcare acquired Talyst Systems, LLC.
Global Central Fill Pharmacy Automation Market was valued at US$ 413.9 Mn in 2019 and is expected to reach US$ 721.5 Mn by 2027, at a CAGR of 11.01 % during a forecast period.
The report includes the analysis of impact of COVID-19 lock-down on the revenue of market leaders, followers, and disrupters.
The report has covered the current short term and long term impact on the market, same will help decision makers to prepare the outline for short term and long term strategies for companies by region.
Moreover, untapped emerging markets is expected to gain significant impetus for the central fill pharmacy automation market share in the upcoming years.
The increasing focus on providing value-based care to patients, rise in specialty medication dispensing, rising number of medication errors, and the need for automated systems for improved compounding and dispensing are major factors that have resulted in the increased acceptance of central fill pharmacy automation equipment and services in North America.
Also, in 2018, ARxIUM, Inc., hurled cGMP RIVA IV Compounding system for 503B facilities.
