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Central Fill Pharmacy Automation Global Market Report 2024 - By Growth, Share, Size, Trends, Forecast To 2033
Central Fill Pharmacy Automation Market
As per the report, 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 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%.
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Rising Demand For Central Fill Pharmacy Automation Driven By Increasing Medication Errors
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.
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.
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
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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.
Contents of the report:
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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