Central Fill Pharmacy Automation Market Trends and Forecast to 2024- Industry Analysis by Regions, Growth, Size Type and Applications

2019 Research Report on Global Central Fill Pharmacy Automation Market is a professional and comprehensive report on the Central Fill Pharmacy Automation industry.

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Key Players: ARxIUM, Inc. (US), RxSafe, LLC (US), TCGRX Pharmacy Workflow Solutions (US), Omnicell, Inc. (US), ScriptPro (US), Kuka AG (Germany), Innovation (US), R/X Automation Solutions (US), Tension Packaging & Automation (US), McKesson Corporation (US), Cornerstone Automation Systems, LLC (CASI, US), and QMSI (US).

“The central fill pharmacy automation market is projected to grow at a CAGR of 11.5% during the forecast period (2019–2024).”

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%.The increasing demand for specialty drugs being dispensed by central fill pharmacies is one of the primary drivers propelling the growth of this market. The need to minimize medication errors, growing patient volume (which, in turn, is increasing the burden on pharmacies), and the increasing focus on automation to reduce labor costs are the other major factors driving market growth. The untapped central fill pharmacy automation market in Europe and APAC offer significant growth opportunities for players. However, the high capital investments required to set up and maintain a central fill facility may hinder the growth of this market.

“The software segment is expected to grow at the highest rate during the forecast period.”

Based on product and service, the central fill pharmacy automation market is segmented into equipment, services, and software.The software segment is projected to witness the highest growth in the central fill pharmacy automation market during the forecast period. This growth can be attributed to the ability of these software solutions to automate the inventory ordering, receiving, stocking, picking, and verification processes by integrating all the systems in a central fill facility.

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“Equipment vendors are estimated to dominate the market during the forecast period.”

Based on the vendor, the central fill pharmacy automation market is segmented into equipment vendors and consulting vendors. The equipment vendors segment is estimated to hold the largest share of the market and also grow at the highest rate during the forecast period. This growth can be attributed to the wide range of products offered by these vendors, vast geographic presence, strong technical expertise, and access to spare parts. Also, these vendors offer the equipment, services, and software under one roof, making them the preferred choice among customers.

“Europe is projected to witness the highest growth during the forecast period.”

Even though North America is accounted for the largest share of the central fill pharmacy automation market in 2018, Europe is expected to witness the highest CAGR during the forecast period. This is primarily attributed to the increasing demand for efficient prescription filling with the rising patient pool and the increasing focus of pharmacists on providing efficient patient care. Also, the countries in this region are beginning to adopt the central fill pharmacy model which will aid the growth of the overall market in the coming years.

A breakdown of the primary participants referred to for this report is provided below:

By Company Type: Tier 1–35%, Tier 2–45%, and Tier 3–20%
By Designation: C-level–35%, Director-level–25%, and Others–40%
By Region: North America–45%, Europe–30%, Asia Pacific–20%,Rest of the World–5%

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In the end, the Global Central Fill Pharmacy Automation Market report’s conclusion part notes the estimation of the industry veterans.

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This release was published on openPR.