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(Health-NewsWire.Net, May 19, 2020 ) [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%
This study involved the extensive use of both primary and secondary sources. The research process involved the study of various factors affecting the industry to identify the segmentation types, industry trends, key players, competitive landscape, key market dynamics, and key player strategies.
Secondary Research;
The secondary research process involves the widespread use of secondary sources, directories, databases (such as Bloomberg Businessweek, Factiva, and D&B Hoovers), white papers, annual reports, companies house documents, investor presentations, and SEC filings of companies. Secondary research was used to identify and collect information useful for the extensive, technical, market-oriented, and commercial study of the central fill pharmacy automation market. It was also used to obtain important information about the key players and market classification, and segmentation according to industry trends to the bottom-most level, and key developments related to market and technology perspectives.
Primary Research;
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include industry experts such as pharmacy automation instrument manufacturers, service providers, software developers, distributors, and related key executives from various key companies and organizations operating in the central fill pharmacy automation market.
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By product and service, the equipment segment is expected to account for the largest share of the central fill pharmacy automation market
The central fill pharmacy automation market, 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.
The equipment vendors are increasing with the increasing demand for automation systems
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).
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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).
MarketsandMarkets™
Mr. Aashish Mehra
1-888-600-6441
raviraj.tak@marketsandmarkets.com
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