Northbrook, IL -- (SBWire) -- 02/16/2022 --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.
According to the new market research 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", published by MarketsandMarkets™, the Pharmacy Automation Market is projected to reach USD 656 million by 2024 from USD 381 million in 2019, at a CAGR of 11.5%.
Recent 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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By product and service, the equipment segment is expected to account for the largest share of the central fill pharmacy automation market
The pharmacy automation market, by product and service, is segmented into equipment, services, and software. The equipment segment accounted for the largest market share in 2018. 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 2018. 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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In 2018, North America dominated the 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)
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Central Fill Pharmacy Automation Market Growing at a CAGR of 11.5% - Leading Key Players Are ARxIUM, Inc. (US), RxSafe, LLC (US), TCGRX Pharmacy Workflow Solutions (US)
North America is expected to dominate the central fill pharmacy automation market during the forecast period.