Central Fill Pharmacy Automation Market Size is estimated to show considerable expansion from 2022 to 2028 owing to the growing need for limited labor costs and higher adoption of automated solutions. The significant technological strides and growing need for minimized medication errors to cater to the expanding patient pool have resulted in higher R&D expenditure. The growing demand for specialty drugs will also infuse a positive scenario in the market proliferation.
The higher initial capital investments along with the limitations of skilled professionals may restrict the market growth to some extent. However, the growing burden of immunological disorders worldwide will enhance the industry dynamics.
The market demand for automated medication dispensing systems, based on product & services, will record a significant CAGR on account of their increasing penetration in hospitals for enhancing efficiency and patient safety. These machines offer computer-controlled storage, dispensing, as well as tracking of medications. They are increasingly preferred as they save a lot of consumers’ time and eliminate the instances of medication errors. Growing adoption for offering a higher level of tracking, security, and accountability will also impact the segment growth.
In terms of vendor segmentation, central fill pharmacy automation market size from equipment vendors will rise through 2028 due to the growing need for reducing risks, enhanced reliability, and affordable solutions. The vendors not only offer equipment, services, as well as software all under one roof, but also come up with a wide range of products while incorporating interoperable protocols, products, and deployment methodologies. Factors, including high technical expertise and wide geographic presence, and growing emphasis on improved net profits, and contract terms, will favor the market expansion.
North America is expected to be a major shareholder of the central fill pharmacy automation market owing to the rising number of pharmaceutical companies and higher penetration of advanced manufacturing equipment in biotechnology. The growing government support towards the enhancement of healthcare facilities has resulted in the amplified demand for specialty medication dispensing techniques and services. The U.S. is home to a vast geriatric patient base and a significantly rising count of obese individuals. The increasing instances of medication errors and surging need for automated systems and value-based care for providing enhanced compounding and dispensing will drive the regional industry growth.
A few of the major players in the central fill pharmacy automation market include Omnicell, Inc., R/X Automation Solutions, TCGRx, McKesson Corporation, RxSafe, LLC, Innovation, Cornerstone Automation Systems, LLC., ScriptPro LLC, ARxIUM, and Tension Packaging & Automation.
Most of these firms are actively taking up collaborative measures, like acquisitions, mergers, and partnerships, as well as technological innovations for increased global presence in an attempt to reinforce their footprint.
For instance, in January 2021, digital pharmacy frontrunner, GeniusRx, announced its collaboration with McKesson for automating its dispensing process while expanding its drug offerings and reducing the consumer costs with the latter’s Central Fill as a Service™ (CFaaS®).
In response to the COVID-19 crisis, the global business for central fill pharmacy automation systems and services significantly bolstered with growing infection rate worldwide. The rising government support on account of the alleviating problems of individual pharmacies and expanding medication delivery demand made way for increased product penetration.
For instance, Integrated Health Information Systems (IHiS) assisted the National Healthcare Group Pharmacy to Deliver 60x More Medication with the help of automated and seamless central fill pharmacy solutions amid the outbreak.
Market, By Product & Service
Market, By Vendor
The above information is provided for the following regions and countries: