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Central Fill Pharmacy Automation Market Research Analysis 2024-2033 | Growth, Size, Demand, Analysis, Insights
Central Fill Pharmacy Automation Market Research
According to The Business Research Company's, 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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Market Drivers and Trends:
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.
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.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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Major Key Players of the Market:
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.
Central Fill Pharmacy Automation Market 2024 Key Insights:
• 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%.
• Rising Demand For Central Fill Pharmacy Automation Driven By Increasing Medication Errors
• Technological Advancements Driving Innovation In The Central Fill Pharmacy Automation Market
• North America was the largest region in the central fill pharmacy automation market in 2023
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