(PharmaNewsWire.Com, November 21, 2020 ) According to the new market research report “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” published by MarketsandMarkets™.
Revenue Growth Opportunities and Growth Drivers?
The central fill pharmacy automation market is projected to reach USD 656 million, at a CAGR of 11.5%
Growth Boosting Factors:
– Increasing Specialty Drug Dispensing – Growing Need to Minimize Medication Errors – Rising Patient Pool – Growing Focus on Automation to Reduce Labor Costs – Untapped Emerging Markets
by product and service, is segmented into equipment, services, and software. The equipment segment accounted for the largest market share in 2019. A number of 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 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).
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.
We are pleased to offer you this exciting, new, and entirely free professional resource. Visit our Free Biotechnology & Pharmaceuticals resource center today to browse our selection of 600+ complimentary Biotechnology & Pharmaceuticals magazines, white papers, webinars, podcasts, and more. Get popular titles including: