The 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.
Recent Developments in Central Fill Pharmacy Automation Market:
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 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. In 2018, the automated medication dispensing systems segment accounted for the largest share of the central fill pharmacy automation equipment market.
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.
Key questions addressed by the report:
- How will the current technological trends affect the central fill pharmacy automation in the long term?
- How is the service market for central fill pharmacy automation is moving?
- Which regions are likely to grow at the highest CAGR?
- What are the growth strategies being implemented by major market players?
- Which are the vendors that offer their product and services for the central fill pharmacy automation market?
Key Industry Drivers:
- Increasing Specialty Drug Dispensing
- Growing Need to Minimize Medication Errors
- Rising Patient Pool
- Growing Focus on Automation to Reduce Labor Costs
Market’s Revenue Growth Expectations:
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%.
Geographical Growth Scenario:
“North America is expected to dominate the market during the forecast period”
In 2019, North America Accounts Largest Market Share, 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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Leading Major Key Players in Global Industry:
- ARxIUM, Inc. (US)
- RxSafe, LLC (US)
- TCGRX Pharmacy Workflow Solutions (US)
- McKesson Corporation (US) and More.
McKesson Corporation is a leading player in the central fill pharmacy automation market. The company offers 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.