Central Fill Pharmacy Automation Market Worth $656 million | Recent Developments & Impact of Covid 19

PUNE, India, 2020-Aug-26 — /EPR Network/ —

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.

According MarketsandMarkets Research – 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%

Major Market Growth Drivers:

• Increasing Specialty Drug Dispensing
• Growing Need to Minimize Medication Errors
• Rising Patient Pool
• Growing Focus on Automation to Reduce Labor Costs

Recent Developments in Central Fill Pharmacy Automation Industry;

• 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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Market Size Estimation;

The market size estimates and forecasts provided in this study are derived through a mix of the bottom-up approach (segmental analysis of major segments) and top-down approach (assessment of utilization/adoption/penetration trends, by product & service, by vendor, and by region).

By product and service, the central fill pharmacy automation market is segmented by equipment, services, and software. The equipment segment is expected to account for the largest share of the market in 2018. The equipment segment is further segmented into integrated workflow Process Automation systems, automated medication dispensing systems, automated packaging and labeling systems, automated tabletop counters, automated medication compounding systems, automated storage and retrieval systems, and other automated systems for tracking, tablet splitting, and filling.

Based on the vendor, the market is segmented into equipment vendors and consulting vendors. The equipment vendors segment is estimated to account for the largest market share in 2018. The large share of the equipment vendors segment can be attributed to the wide range of products offered by them, vast geographic presence, strong technical expertise, and access to spare parts (resulting in reduced downtime). Also, these vendors offer the equipment, services, and software under one roof, making them the preferred choice among customers.

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Geographical Regions Mapped in Report:

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.

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)