Central fill pharmacy automation involves automated systems that help improve productivity and efficiency in medication dispensing processes. Automated medication dispensing systems offer features like inventory management, packaging & labeling, quality control and increased pickup window that help reduce errors and wait times. These automated systems are seeing increased adoption as they help meet the growing prescription volumes in hospitals and pharmacies.
The global Central Fill Pharmacy Automation Market is estimated to be valued at US$ 537.78 Mn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving the growth in central fill pharmacy automation market is the rising need to optimize medication dispensing through efficiencies. Central fill pharmacies help address this need by utilizing automated systems that can process high volumes of prescriptions with accuracy and speed. Automated technologies like carousels, robots and conveyor systems are seeing higher adoption as they offer benefits like reduced errors, inventory tracking and simplified workforce management. Their ability to optimize workflows in central fill pharmacies through efficient dispensing of hundreds of prescriptions per day is expected to boost the demand for central fill pharmacy automation systems over the forecast period.
Segment Analysis
The Global Central Fill Pharmacy Automation Market Analysis is dominated by equipment segment. Equipment segment comprises automated medication dispensing systems, automated packaging and labelling systems, automated table top counters, automated medication compounding systems and others. Among these, automated medication dispensing systems hold the major share due to their wide applications in hospitals, pharmacies and retail pharmacies as they help in reducing dispensing errors and improving workflow efficiency.
Key Takeaways
The global Central Fill Pharmacy Automation Market is estimated to be valued at US$ 537.78 Mn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2024 to 2031.
Regional analysis: North America is expected to dominate the central fill pharmacy automation market during the forecast period. This is attributed to high adoption of advanced technologies, presence of major players and growing need to improve efficiency of pharmacy operations.
Key players: Key players operating in the central fill pharmacy automation market are Ostara Nutrient Recovery Technologies Inc., Nutrient Recovery & Upcycling LLC, Cambi AS, AgriProtein Holdings Ltd., Anuvia Plant Nutrients, Ostrevent, Veolia, BioHiTech Global Inc., DVO, Inc., AgriReNew, Inc., Smithfield Foods, Inc., Aqua Green, Elemental Enzymes, Suez, Bioprocess Control. Major players are focusing on new product launches and agreements to gain more market share.
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Global Central Fill Pharmacy Automation Market was valued at US$ 413.9 Mn in 2018 and is expected to reach US$ 721.5 Mn by 2026, at a CAGR of 11.01 % during a forecast period.Increasing demand for specialty medicines that are distributed by central fill drugstores is one of the major key factors steering the growth of the central fill pharmacy automation market globally.
Also, increase in the patient population base, and emphasize on automation for reducing the labor charges will contribute remarkably to the size of global central fill pharmacy automation market.However, the high initial investment and logistical challenges may act as some of the limitations for market growth.
Moreover, untapped emerging markets is expected to gain significant impetus for the central fill pharmacy automation market share in the upcoming years.The equipment vendors segment is projected to account for the largest market share during the forecast period.
This is mostly attributed to their broad product portfolio, vast geographic presence, strong technical expertise, and easy access to spare parts.North America dominated the central fill pharmacy automation market, followed by Europe, and this trend is expected to continue throughout the forecast period.
The increasing focus on providing value-based care to patients, rise in specialty medication dispensing, rising number of medication errors, and the need for automated systems for improved compounding and dispensing are major factors that have resulted in the increased acceptance of central fill pharmacy automation equipment and services in North America.A recent development in the market for fill pharmacy automation: In 2018, TCGRx acquired Parata Systems, to increase the company’s existing growth initiatives with central fill, inventory control, and automated blister card packaging technologies.
Also, in 2018, ARxIUM, Inc., hurled cGMP RIVA IV Compounding system for 503B facilities.In 2018, Swisslog Healthcare acquired Talyst Systems, LLC.
Global Central Fill Pharmacy Automation Market was valued at US$ 413.9 Mn in 2019 and is expected to reach US$ 721.5 Mn by 2027, at a CAGR of 11.01 % during a forecast period.
The report includes the analysis of impact of COVID-19 lock-down on the revenue of market leaders, followers, and disrupters.
The report has covered the current short term and long term impact on the market, same will help decision makers to prepare the outline for short term and long term strategies for companies by region.
Moreover, untapped emerging markets is expected to gain significant impetus for the central fill pharmacy automation market share in the upcoming years.
The increasing focus on providing value-based care to patients, rise in specialty medication dispensing, rising number of medication errors, and the need for automated systems for improved compounding and dispensing are major factors that have resulted in the increased acceptance of central fill pharmacy automation equipment and services in North America.
Also, in 2018, ARxIUM, Inc., hurled cGMP RIVA IV Compounding system for 503B facilities.
