The Central Fill Pharmacy Automation Market is projected to reach USD 656 million by 2024 from USD 381 million in 2019, at a CAGR of 11.5%. The increasing demand for specialty drugs being dispensed by central fill pharmacies is one of the primary drivers propelling the growth of this market.
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The equipment segment is expected to account for the largest share of the central fill pharmacy automation industry, by product service, in 2018
By product and service, the market is segmented by equipment, services, and software. The equipment segment is expected to account for the largest share of the market in 2018. The equipment segment is further segmented into integrated workflow Process Automation systems, automated medication dispensing systems, automated packaging and labeling systems, automated tabletop counters, automated medication compounding systems, automated storage and retrieval systems, and other automated systems for tracking, tablet splitting, and filling. In 2018, the automated medication dispensing systems segment accounted for the largest share of the central fill pharmacy automation equipment market.
Equipment vendors segment to dominate the central fill pharmacy automation market
Based on the vendor, the market is segmented into equipment vendors and consulting vendors. The equipment vendors segment is estimated to account for the largest market share in 2018. The large share of the equipment vendors segment can be attributed to the wide range of products offered by them, vast geographic presence, strong technical expertise, and access to spare parts (resulting in reduced downtime). Also, these vendors offer the equipment, services, and software under one roof, making them the preferred choice among customers.
The Europe market is expected to grow at the highest CAGR during the forecast period
The global central fill pharmacy automation industry in Europe is expected to grow at the highest CAGR during the forecast period. The Europe region is currently under-penetrated with respect to the number of central fill facilities. Countries such as the UK are adopting the central fill pharmacy model which will aid market growth in the coming years. Furthermore, the increasing demand for efficient prescription filling with the rising patient pool and the increasing focus of pharmacists on providing efficient patient care are key factors supporting the growth of the market.
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Market Dynamics
Market Drivers
- Increasing Specialty Drug Dispensing
- Growing Need to Minimize Medication Errors
- Rising Patient Pool
- Growing Focus on Automation to Reduce Labor Costs
Market Restraints
- High Initial Capital Investments
- Market Opportunities
- Untapped Emerging Markets
Market Challenges
- Logistical Challenges
Market Trend
- Multichannel Communication
- Regulatory Landscape
Key Market Players
Prominent players in the central fill pharmacy automation market are ARxIUM, Inc. (US), RxSafe, LLC (US), TCGRX Pharmacy Workflow Solutions (US), Omnicell, Inc. (US), McKesson Corporation (US), ScriptPro (US), Kuka AG (Germany), Innovation (US), R/X Automation Solutions (US), Tension Packaging Automation (US), Cornerstone Automation Systems, LLC (CASI, US), and QMSI (US).
Recent Developments
- In 2018, TCGRx acquired Parata Systems, to expand the company’s existing growth initiatives with central fill, inventory control, and automated blister card packaging technologies.
- In 2018, ARxIUM, Inc., launched cGMP RIVA IV Compounding system for 503B facilities.
- In 2018, Swisslog Healthcare acquired Talyst Systems, LLC. With the aim of expanding Swisslogs inpatient and outpatient pharmacy solutions along with the company’s field service network.
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