Central Fill Pharmacy Automation Market Transforms Healthcare, Key Metrics and Growth Drivers Predict Robust Market Expansion

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Central Fill Pharmacy Automation Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $0.99 billion In 2028 At A CAGR Of 11.6% :

The central fill pharmacy automation market size has grown rapidly in recent years. It will grow from $0.57 billion in 2023 to $0.64 billion in 2024 at a compound annual growth rate (CAGR) of 11.4%. The growth in the historic period can be attributed to increased prescription volume, labor shortages, medication safety and accuracy, rising healthcare costs, and expansion of pharmacy services.

The central fill pharmacy automation market size is expected to see rapid growth in the next few years. It will grow to $0.99 billion in 2028 at a compound annual growth rate (CAGR) of 11.6%. The growth in the forecast period can be attributed to rising prescription demand, emphasis on patient safety and quality, regulatory compliance requirements, and E-commerce and tele pharmacy. Major trends in the forecast period include integration with telehealth and remote care, interoperability and health information exchange, regulatory compliance and quality assurance, and green initiatives and sustainability.

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Central Fill Pharmacy Automation Market Major Segments
The central fill pharmacy automation market covered in this report is segmented -

1) By Product : Equipment, Software, Services
2) By Vendor: Equipment Vendor, Consulting Vendor
3) By Application: Inpatient Pharmacy, Outpatient Pharmacy, Retail Pharmacy, Other Applications

Key Driver - Rising Demand For Tissue Paper Products Fuels Growth Of Tissue Paper Converting Machine Market

The growing need to minimize medication errors is expected to propel the growth of the central fill pharmacy automation market going forward. Medication errors are preventable events that may cause or lead to inappropriate medication use or patient harm. Medication errors are rising due to increased complexity in healthcare systems, higher patient volumes, and the proliferation of new medications. Central fill pharmacy automation reduces medication errors by streamlining the medication dispensing process, ensuring accurate and consistent preparation of prescriptions. This technology minimizes human errors and enhances efficiency in handling large volumes of prescriptions. For instance, in September 2022, according to the World Health Organization, a Switzerland-based intergovernmental organization, medication errors cost $2.16 billion, representing 3% of the total national healthcare expenditure. Additionally, 237 million medication errors are reported in a year, with 66 million potentially clinically significant. The estimated costs to the government of avoidable adverse reactions to medication are $106.24 million annually. Therefore, the growing need to minimize medication errors is driving the growth of the central fill pharmacy automation market.

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Prominent Trend - Technological Advancements Driving Innovation In The Central Fill Pharmacy Automation Market

Major companies operating in the central fill pharmacy automation market are focusing on developing technologically advanced solutions, such as cloud-based pharmacy automation, to gain a competitive edge in the market. Cloud-based pharmacy automation refers to using cloud computing technology to facilitate and manage pharmacy operations. For instance, in February 2024, Innovation Associates Inc., a US-based company that develops high-volume pharmacy automation technology and software solutions, launched Shared Central Fulfillment, a new cloud-based solution that enables pharmacy fulfillment owners to offer centralized fulfillment services to multiple pharmacy partners from a single fulfillment center. This solution is designed to create a more sustainable work environment for pharmacy providers, ultimately advancing the pharmacist's role in healthcare. It enables large and small pharmacy operations to take advantage of central fill operations, expanding prescription fulfillment solutions across multiple pharmacy partners from a single location.

Central Fill Pharmacy Automation Market Players
Major companies operating in the central fill pharmacy automation market are McKesson Corporation, Cencora Inc., Cardinal Health Inc., Becton Dickinson and Company, Grifols SA, Kuka AG, J M Smith Corporation, Omnicell Inc., Swisslog Healthcare, Parata Systems LLC, ScriptPro LLC, PBA Health, Capsa Healthcare, Cornerstone Automation Systems LLC, ARxIUM Inc., Talyst LLC, Kirby Lester, Quality Manufacturing Systems Inc., R/X Automation Solutions, RxSafe LLC, Innovation Associates Inc.

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Largest And Fastest Growing Region In The Market
North America was the largest region in the central fill pharmacy automation market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the central fill pharmacy automation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Central Fill Pharmacy Automation Market Report Structure
3. Central Fill Pharmacy Automation Market Trends And Strategies
4. Central Fill Pharmacy Automation Market - Macro Economic Scenario
5. Central Fill Pharmacy Automation Market Size And Growth
…..
27. Central Fill Pharmacy Automation Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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