Central Fill Pharmacy Automation Market Trends, Growth, Size, Share, Demand and Forecast to 2024| ARxIUM, Inc. (US), RxSafe, LLC (US), TCGRX Pharmacy Workflow Solutions (US), Omnicell, Inc. (US), ScriptPro (US)

The Central Fill Pharmacy Automation Market report furnishes numerous business associations with the necessary data to multiply their business' range inside the worldwide market. The report is the assortment of all the market-related subtleties directly from the funds, territorial advancement, and future market development rate. It likewise addresses the market valuation, which includes the market size, income, and offer to be familiar with the current market position on both the territorial and worldwide platforms.

The Central Fill Pharmacy Automation Market study contains an in detail descriptive overview and analysis of the market, a summary of the market shares constituted by each component, the annual growth of each sector, and the revenue potential of the section. In addition, the production and consumption data are used to determine the geographical features.

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The prominent players in the central fill pharmacy automation market are

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 reach USD 656 million by 2024 from USD 381 million in 2019, at a CAGR of 11.5%.

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%

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.

"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.

Reasons to Buy the Report

The report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them to garner a greater share. Firms purchasing the report could use one or a combination of the below-mentioned five strategies for strengthening their market presence.

This report provides insights on the following pointers:

Market Penetration: Comprehensive information on the product and service portfolios offered by the top players in the central fill pharmacy automation market.

Product & Service Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product or service launched in the central fill pharmacy automation market.

Market Development: Comprehensive information on lucrative emerging regions.

Market Diversification: Exhaustive information about new products and services, growing geographies, and recent developments in the global central fill pharmacy automation market.

Competitive Assessment: In-depth assessment of market shares, growth strategies, revenue analysis, and products & services of the leading players in the central fill pharmacy automation market.

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