by The global Central Fill Pharmacy Automation Market is estimated to be valued at US$ 466.82 Mn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Central fill pharmacy automation utilizes robotic systems to optimize pharmacy operations like receiving and sorting bulk prescriptions, verifying and filling prescriptions and packaging and labeling filled prescriptions. It helps improve productivity, reduce filling errors and costs associated with filling prescriptions.
Market key trends:
One of the major trends in the market is the growing adoption of central fill pharmacy automation systems by pharmacies and healthcare organizations to manage high prescription volumes and enhance productivity. With increasing drug sales and complexity of prescriptions, demand for centralized prescription filling is rising. According to NCPA, 73% of pharmacies have either adopted or are considering adopting central fill models. Central fill automation helps pharmacies fill more prescriptions with maximum efficiency while maintaining safety and accuracy levels.
Market Key Trends:
One of the key trends in the central fill pharmacy automation market is the growing need to reduce medication errors. Central fill pharmacies use automated systems and robots to package and label medications, which significantly reduces the chances of human error compared to traditional pharmacy dispensing models. This is driving greater adoption of central fill pharmacy automation systems. Central fill locations are also able to achieve higher dispensing volumes through automation compared to traditional pharmacies, improving efficiencies.
SWOT Analysis
Strengths: Automated central fill pharmacies improve accuracy of medication dispensing and reduce errors. They also improve productivity and allow higher dispensing volumes.
Weaknesses: High upfront investment costs for automation equipment. Technical glitches or malfunctions can disrupt medication dispensing.
Opportunities: Growing demand for pharmacy automation from retailers and healthcare providers. Increasing focus on reducing pharmacy labor costs through automation.
Threats: Resistance from traditional pharmacy workers about job losses due to automation. Technology advancements may make some existing automation solutions obsolete quickly.
Key Takeaways
The global Central Fill Pharmacy Automation Market is expected to witness high growth at a CAGR of 12% over the forecast period of 2023 to 2030. The market size for 2023 is estimated at US$ 466.82 Mn.
Regional Analysis
North America is expected to dominate the central fill pharmacy automation market during the forecast period. This is attributed to the presence of major players and early adoption of pharmacy automation technologies. The growing need to reduce healthcare costs is also driving greater uptake of central fill automation models in the U.S. and Canada.
Asia Pacific is projected to exhibit the fastest growth during the same period. Factors such as rising healthcare spending, growing generic drug markets, and increasing focus on reducing medication errors are fueling demand. The involvement of retailers and pharmacy chains is further supporting regional market growth.
Key Players
Key players operating in the Central Fill Pharmacy Automation Market are Omnicell, ARxIUM, ScriptPro, Cardinal Health, Parata Systems, RxSafe, LLC, Tension Packaging & Automation, McKesson Corporation, Cornerstone Automation Systems, LLC, Quality Manufacturing Systems, Inc., Noritsu, Capsa Healthcare, Yuyama USA, and Catalyst Healthcare Ltd.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.