Central Fill Pharmacy Automation Market Growing at 11.5% CAGR to 2024 Driven by Automated Compounding and Workflow Management

“New Report added on Central Fill Pharmacy Automation Market Research By Product, Connectivity, Application, Development, Growth and Segment Forecasts and Regional Overview to 2024”

Central fill pharmacy automation market projected to reach USD 656 million by 2024 from USD 381 million in 2019, at a CAGR of 11.5%. Increasing demand for specialty drugs being dispensed by central fill pharmacies one of primary drivers propelling growth of this market. Based on product & service, central fill pharmacy automation market segmented into equipment, services, & software.

Detailed insights on the upcoming trends, R&D activities, and product or service launched in the central fill pharmacy automation market. High capital investments required to set up and maintain a central fill facility may hinder growth of market. 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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By product and service, central fill pharmacy automation market is segmented by equipment, services, & software. Equipment segment is further segmented into integrated workflow process automation systems, automated medication dispensing systems, automated packaging and labeling systems, automated tabletop counters, automated medication compounding systems, automated storage and retrieval systems, and other automated systems for tracking, tablet splitting, and filling.

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.

The equipment segment is expected to account for the largest share of the central fill pharmacy automation market, by product & service, in 2018.

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.

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The central fill pharmacy market in Europe is expected to grow at the highest CAGR during the forecast period. The Europe region is currently under-penetrated with respect to the number of central fill facilities. Countries such as the UK are adopting the central fill pharmacy model which will aid market growth in the coming years.

Central fill pharmacy automation market study highlights division of equipment vendors and consulting vendors. Equipment vendors segment is estimated to account for largest market share in 2018. Large share of equipment vendors segment can be attributed to wide range of products offered by them, vast geographic presence, strong technical expertise, & access to spare parts (resulting in reduced downtime).

Top players in central fill pharmacy automation market are ARxIUM, Inc. (US), RxSafe, LLC (US), TCGRX Pharmacy Workflow Solutions (US), Omnicell, Inc. (US), McKesson Corporation (US), ScriptPro (US), Kuka AG (Germany), Innovation (US), R/X Automation Solutions (US), Tension Packaging & Automation (US), Cornerstone Automation Systems, LLC (CASI, US), and QMSI (US).

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Research Coverage:
The report analyzes the market for various central fill pharmacies and their adoption patterns. It aims at estimating the market size and future growth potential of the central fill pharmacy automation market and the different segments such as by product and service, and vendor. The report also includes an in-depth competitive analysis of the key players in this market along with their company profiles, product& service offerings, and recent developments.

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%

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.

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