Central Fill Pharmacy Automation Market worth $656 million – Increasing Specialty Drug Dispensing

PUNE, India, 2021-Apr-23 — /EPR Network/ — The 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 to 2024“ the Pharmacy Automation Market is projected to reach USD 826 million by 2027 from USD 381 million in 2019, at a CAGR of 16.7%.

What Drives the Market Growth?

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 market growth.

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Market Segmentation in Detailed:

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).

Geographical View in-detailed:

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.

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Global Key Leaders:

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. The company offers a wide range of services for centralized facilities such as consulting, setting-up, and integrating services, among others. The company reaches its customers through its wide network of distributors and sales offices located across the globe.