by The Central Fill Pharmacy Automation Market is estimated to be valued at US$ 466.82 Mn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Central fill pharmacy automation involves an automated system to centralize the process of filling prescriptions in one or few centralized locations rather than individual retail pharmacies. This reduces dispensing errors, improves accuracy and consistency of medication distribution while optimizing pharmacists and technicians workflow. With integration of robotic arms, carousels and intelligent software systems, central fill pharmacies can efficiently process large volumes of prescriptions in less time with maximized automation.
Market Dynamics:
Growing need for optimized and efficient prescription dispensing amid rising medication volumes is a key factor driving the central fill pharmacy automation market. According to American Medical Association, the average number of prescriptions dispensed per year in the U.S. grew from 3.5 billion in 1990 to nearly 4 billion in 2017. This increase in prescription count is straining pharmacy staff and necessitating the need for automation. Furthermore, cost pressures on pharmacies to reduce dispensing errors while maintaining profits is also propelling the demand for central fill systems. Integrated central fill pharmacy solutions offer cost benefits through optimized inventory management, minimal dispensing errors and improved pharmacist productivity. Automation reduces labor requirements by 30-40% thereby lowering overall dispensing costs.
Segment Analysis
The central fill pharmacy automation market is dominated by centralized pharmacies sub segment owing to advantages like increased productivity and workflow efficiency. Centralized pharmacies utilize high speed central fill automation systems to package high volumes of prescriptions which helps increase productivity significantly compared to traditional pharmacy practice.
PEST Analysis
Political: Regulations supporting healthcare cost reduction and patient safety are driving increased adoption of central fill pharmacy automation systems which help lower prescription dispensing costs.
Economic: Cost pressures on pharmacies are propelling greater use of automation to enhance productivity and throughput with limited staff. Central fill models assisted by automation deliver substantial cost savings.
Social: Growing geriatric population prone to chronic diseases and higher medication needs is augmenting the demand for automated solutions to ensure patients receive accurate and timely medications.
Technological: Advancements in robotics, AI and automation technologies are enabling the development of highly sophisticated central fill systems with improved workflow, accuracy and throughput.
Key Takeaways
The global central fill pharmacy automation market is expected to witness high growth, exhibiting CAGR of 12. over the forecast period, due to increasing demand for error-proof automation systems and need to enhance productivity. Regionally, North America dominates currently due to stringent safety regulations and presence of many large central fill pharmacies. However, Asia Pacific is expected to emerge as the fastest growing market due to expanding healthcare infrastructure and growing pharmaceutical industry.
Key players operating in the central fill pharmacy automation market are Omnicell, ARxIUM, ScriptPro, Cardinal Health, Parata Systems, RxSafe, LLC, Tension Packaging & Automation, McKesson Corporation, Cornerstone Automation Systems, LLC, Quality Manufacturing Systems, Inc., Noritsu, Capsa Healthcare, Yuyama USA, and Catalyst Healthcare Ltd. ScriptPro and Cardinal Health currently lead the market owing to their extensive product portfolios catering to all aspects of central fill workflow.
Regional analysis
The US market accounts for the major share currently owing to a large number of centralized pharmacies and stringent regulatory norms around medication safety. However, China and Japan are anticipated to offer high growth opportunities attributed to universal healthcare expansion, increasing medical insurance coverage and growing pharmaceutical industry.
Key players operating in the central fill pharmacy automation market are Omnicell, ARxIUM, ScriptPro, Cardinal Health, Parata Systems, RxSafe, LLC, Tension Packaging & Automation, McKesson Corporation, Cornerstone Automation Systems, LLC, Quality Manufacturing Systems, Inc., Noritsu, Capsa Healthcare, Yuyama USA, and Catalyst Healthcare Ltd.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
