Market Analysis: Global Central Fill Pharmacy Automation Market
Global central fill pharmacy automation market is expected to rise to an estimated value of USD 821.64 million by 2026 registering a healthy CAGR in the forecast period of 2019-2026. This rise in the market value can be attributed to the rising specialty drugs being dispensed by central fill pharmacies and the rising need to reduce medication errors.
Market Definition: Global Central Fill Pharmacy Automation Market
Central fill pharmacy automation is the completely automated pharmacy dispensing system that minimizes the need for manual/human labor by managing the entire inventory systems through machines and robots. There is no involvement of humans in numbering, counting, collecting, and filling the pharmaceutical drugs and medicines. It is adopted in pharmaceutical industries, hospitals, pharmacies. The use of central fill pharmacy automation reduces the errors in operations, optimizes efficiency and ensures quick operations.
- Rising interest in specialized drugs and their demand which would accelerate the growth of this market
- The rising need to reduce the cost of labor by replacing them with automated machines and devices
- The urge and necessity to reduce treatment defects and errors
- Increase in the number of patients due to unhealthy lifestyle
- Technological advancements and increased expenditure in research and development would foster the growth of this market.
- High cost of acquisition and installation of equipments
- Challenges pertaining to maintenance of logistics would hinder the growth of this market
Segmentation: Global Central Fill Pharmacy Automation Market
By Product & Service
- Automated Medication Dispensing System
- Integrated Workflow Automation Systems
- Automated Packaging & Labeling Systems
- Automated Tabletop Counters
- Automated Medication Compounding Systems
- Automated Storage & Retrieval Systems
- Workflow & Process Optimization
- Facility Designing
- Custom Software Development
- Other Services
- Inventory Management
- Turnkey System Manufacturing
- Equipment Vendors
- Consulting Vendors
- North America
- South America
- Rest of South America
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Saudi Arabia
- United Arab Emirates
- Rest of Middle East and Africa
Key Developments in the Market:
- In December 2018, TCGRx acquired Parata Systems, a pioneer in pharmacy automation solutions. With this combination of the experts in pharmacy automation and advanced technology, the companies would expand their existing growth by focusing to provide autonomous pharma solutions and would strive to be the global leaders in pharmacy automation.
- In November 2018, ARxIUM launched cGMP RIVA IV Compounding system for 503B central fill and hospital facilities. It is a completely automated system that provides syringes and IV bags with the maximum level of reliability, safety, quality and trust with proper monitoring. cGMP RIVA IV enables users to safely manufacture a large variety of medications, and at the same time ensure environmental safety and control. This is the only fully automated cGMP available in the market, and thus would gain momentum due to its advanced technology and features that cater it to work independently. This system would ensure maximum quality thereby ensuring satisfaction to its users, and thus would increase the overall demand for central fill pharmacy automation globally.
Competitive Analysis: Global Central Fill Pharmacy Automation Market
Global central fill pharmacy automation market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of central fill pharmacy automation market for global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
Key Market Competitors: Global Central Fill Pharmacy Automation Market
Few of the major market competitors currently working in the central fill pharmacy automation market are ARxIUM, RxSafe, Llc, TCGRx, McKesson Corporation, Omnicell, Inc., Innovation Associates, Tension Packaging & Automation., Cornerstone Automation Systems, LLC., Quality Manufacturing Systems, Inc., www.rx30.com., Skledar Enterprises Inc., Parata Systems, Capstone Consultants LLC. and Providen Logistics Ltd. amongst others.
Research Methodology: Global Central Fill Pharmacy Automation Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analysed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request an Analyst Call or can drop down your inquiry.
The key research methodology used by DBMR Research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
Demand Side: Doctors, Surgeons, Medical Consultants, Nurses, Hospital Buyers, Group Purchasing Organizations, Associations, Insurers, Medical Payers, Healthcare Authorities, Universities, Technological Writers, Scientists, Promoters, and Investors among others.
Supply Side: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, and Regulatory Affairs Managers among others.
Reasons to Purchase this Report
- Current and future of global central fill pharmacy automation market outlook in the developed and emerging markets
- The segment that is expected to dominate the market as well as the segment which holds highest CAGR in the forecast period
- Regions/Countries that are expected to witness the fastest growth rates during the forecast period
- The latest developments, market shares, and strategies that are employed by the major market players
Customization of the Report:
- All segmentation provided above in this report is represented at country level
- All products covered in the market, product volume and average selling prices will be included as customizable options which may incur no or minimal additional cost (depends on customization)