Central Fill Pharmacy Automation Market – Statistics & Growth Dynamics
The Research Report on “Central Fill Pharmacy Automation Market by Product (Equipment (Medication Dispensing System, Automated Medication Compounding Systems, Workflow Management), Service (Process Optimization, Facility Design), Software), Vendor – Global Forecast to 2024” published by MarketsandMarkets™, the market witnessed healthy growth during the last decade and is expected to grow at a CAGR of 11.5%, projected to reach USD 656 million by 2024.
The increasing demand for specialty drugs being dispensed by central fill pharmacies is one of the primary drivers propelling the growth of this market. Other factors such as the need to minimize medication errors, growing patient volume (which in turn is increasing the burden on pharmacies), and the growing focus on automation to reduce labor costs are also driving market growth.
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The equipment segment is expected to account for the largest share of the central fill pharmacy automation market.
By product and service, 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, 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.
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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.
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).
McKesson Corporation is a leading player in the central fill pharmacy automation market. The company offers products such as drug dispensing systems along with pharmacy management software solutions in this market. McKesson’s high volume solutions offer better operational efficiency to healthcare facilities and also allow the company to customize solutions as per the requirement of different healthcare facilities. The company offers a wide range of services for centralized facilities such as consulting, setting-up, and integrating services, among others.