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(Health-NewsWire.Net, November 24, 2021 ) MarketsandMarkets™ Research Report's View on Revenue Impact?
The Central Fill Pharmacy Automation Market is projected to reach USD 656 million, at a CAGR of 11.5%
Factors Responsible for Growth and Recent Developments?
The increasing demand for specialty drugs being dispensed by central fill pharmacies is one of the primary drivers propelling the growth of this market. Other factors such as the need to minimize medication errors, growing patient volume (which in turn is increasing the burden on pharmacies), and the growing focus on automation to reduce labor costs are also driving Pharmacy Automation Market growth.
Key Developments;
- 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 and Analysis:
Prominent players in the central fill pharmacy automation market are ARxIUM, Inc. (US), RxSafe, LLC (US), TCGRX Pharmacy Workflow Solutions (US), McKesson Corporation (US), Omnicell, Inc. (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 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.
McKesson focuses on partnering with payers, hospitals, pharmacies, pharmaceutical companies, and other organizations across the spectrum of care to deliver better care to patients in every setting. For this market, the company focuses on inorganic growth through acquisitions that either expand or complement its business. In January 2018, the company acquired RxCrossroads to enhance its portfolio of manufacturing solutions. The company also focuses on product innovation as a key strategy to enhance its market standing.
Geographical Analysis in Detailed?
In 2019, North America dominated the central fill pharmacy automation 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, 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 the increased adoption of central fill pharmacy automation equipment and services in North America.
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Industry Segmentation:
The equipment segment is expected to account for the largest share of the central fill pharmacy automation market.
by product and service, 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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MarketsandMarkets™
Mr. Aashish Mehra
1-888-600-6441
raviraj.tak@marketsandmarkets.com
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