The Research Report on Central Fill Pharmacy Automation Market Consist 60 tables and 24 figures spread through 129 pages and in-depth TOC, which covers Global Market overview, Major Key Players detailed Analysis, market opportunities, market risk, forecast for the next five years, major driving factors for the market as well as detailed analysis for CAGR, scope, research findings, leading key players marketing strategy to acquire major market in the form of revenue.
The Research Report provides a detailed overview of the increasing demand for specialty drugs being dispensed by central fill pharmacies is one of the primary drivers propelling the growth of this market
[129 Pages Report] 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%.
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Market Segmentation in Detailed:
The research report segments the market based on product and service, Vendor, Region.
by-product and service is segmented into equipment, services, and software. The equipment segment accounted for the largest market share in 2019. Several automated systems are used in facilities offering the advantages of freeing up manpower, allowing greater throughput, and increasing the number of processed prescriptions. These facilities form an indispensable tool for central fill pharmacies to improve the prescription assembly, verification, and delivery back to the pharmacy. This contributes to the large share of the segment.
Based on the vendor, the Central Fill Pharmacy Automation Market is segmented into equipment vendors and consulting vendors. The equipment vendors segment is estimated to account for the largest market share in 2019. This is mainly attributed to their broad product portfolio, vast geographic presence, strong technical expertise, and easy access to spare parts (resulting in reduced downtime).
Geographical Segmentation & Developments:
In 2019, North America dominated the market, followed by Europe, and this trend is expected to continue during the forecast period. The rising focus on providing value-based care to patients, an increase in specialty medication dispensing, growing number of medication errors, and the need for automated systems for improved compounding and dispensing are major factors that have resulted in increased adoption of central fill pharmacy automation equipment and services in North America.
- 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 Swisslog’s inpatient and outpatient pharmacy solutions along with the company’s field service network.
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Leading Key Players in the Worldwide Industry:
ARxIUM, Inc. (US), RxSafe, LLC (US), TCGRX Pharmacy Workflow Solutions (US), Omnicell, Inc. (US), ScriptPro (US), Kuka AG (Germany), Innovation (US), R/X Automation Solutions (US), Tension Packaging & Automation (US), McKesson Corporation (US), Cornerstone Automation Systems, LLC (CASI, US), and QMSI (US) are the key players operating in this market. Due to the intense competition in this market, major market players are increasingly focusing on expanding their geographic presence in the high-growth markets and strengthening their competitiveness by launching various technologically advanced products.
McKesson Corporation is the leading player in the Central Fill Pharmacy Automation Market, offering 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.