Central Fill Pharmacy Automation Market Size, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI3626
Central fill pharmacy automation market size is expected to grow significantly from 2019 to 2025.
Central fill pharmacy automation market is anticipated to witness significant growth over the coming years. The drug therapy process is susceptible to various medication errors that range from drug information, proper communication, patient information, environmental factors, inbuilt quality controls, storage, dispensing of drugs, standardization and staff training. Along with advancements and rising access to medical care the vulnerability to errors accompanying medication are on a rise. Moreover, increasing reporting of medication errors is growing public concern regarding safety, thereby will boost central fill pharmacy automation industry growth.
Emphasis on automation in order to reduce labor costs should increase the demand for automated central fill pharmacy systems, thus favoring business growth. Growing patient pool will further foster industry growth during the forecast timeline. Furthermore, increasing demand for specialty drugs dispensed through central fill pharmacies should foster industry growth. Central fill pharmacies offer numerous advantages such as improvement in operational efficiency, more revenue and less cost are factors that propel central fill pharmacy automation market growth. However, high capital investment required for automated central fill pharmacy might hamper business growth.
Automated medication dispensing systems segment held considerable revenue share in 2018 and will witness robust CAGR during the analysis period. The growth is attributable to benefits associated with automated medication dispensing systems that include maximum operational efficiency as it provides high quality and high quantity, optimizes drug inventory, reduces dispensing cost. Moreover, it helps to free up resources so as to provide better patient care, thus should boost segmental growth.
Equipment vendors segment is expected to witness significant growth over the coming years owing to expertise in technical areas and access to spare parts coupled with wide-ranging product offerings. Moreover, these vendors provide various services, software and equipment at one place that is convenient for customers, thereby favors segmental growth.
North America central fill pharmacy automation industry accounted for significant revenue share in 2018 and will grow considerably during the forecast timeframe. The growth is attributable to surging number of medication errors coupled with rising demand for enhanced dispensing and compounding systems in the region. Furthermore, growing demand for specialty drugs fosters regional growth.
Some of the prominent industry players operating in central fill pharmacy automation industry includes ARxIUM, Cornerstone Automation Systems (CASI), Innovation, McKesson, Omnicell, R/X Automation Solutions, RxSafe, ScriptPro and TCGRx. Major business players focus on acquisitions, collaboration, merger strategies to capture more revenue share. In December 2018, TCGRx acquired Parata Systems. This acquisition aimed at offering pharmacy technology solution that helps to lower medical costs and provides better health outcomes.
Central Fill Pharmacy Automation Market By Product & Service, 2014-2025 (USD Million)
- Automated Medication Dispensing Systems
- Automated Packaging & Labeling Systems
- Integrated Workflow Automation Systems
- Automated Medication Compounding Systems
- Automated Tabletop Counters
- Automated Storage & Retrieval Systems
- Workflow & Process Optimization
- Facility Designing
- Custom Software Development
- Other Services
Central Fill Pharmacy Automation Market By Vendor, 2014-2025 (USD Million)
- Equipment Vendors
- Consulting Vendors
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
- Cornerstone Automation Systems, LLC. (CASI)
- McKesson Corporation
- Omnicell, Inc.
- R/X Automation Solutions
- RxSafe, LLC
- ScriptPro LLC
- Tension Packaging & Automation
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