by The central fill pharmacy automation market has gained significant traction over the past few years owing to the various advantages offered by central fill pharmacies. Central fill pharmacies employ highly automated systems and processes to centralized fill and package unit-dose medications according to physician prescriptions. This centralized filling approach helps reduce errors, improve accuracy, and enhance productivity and workflow efficiency. Central fill pharmacies are particularly beneficial for large healthcare organizations and retail pharmacy chains seeking to consolidate prescription fulfillment operations.
The global 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 key trends:
One of the key trends driving growth of the central fill pharmacy automation market is the rising need to optimize pharmacy operations and reduce costs. Central fill pharmacies allow organizations to consolidate prescription drug inventory, filling, and packaging processes at a single centralized location. This centralized approach enables standardized procedures and leveraging of automation technologies to streamline workflows. It helps reduce labor costs through improved efficiencies and avoid unnecessary expenses associated with maintaining inventory at multiple pharmacy locations. Centralized filling also helps free up floor space that can be utilized for other revenue generating activities like adding more dispensing windows or clinical services. Overall, central fill pharmacy automation solutions help both healthcare providers and pharmacy chains optimize costs and maximize return on investment.
Porter’s Analysis
Threat of new entrants: Moderate threat as huge capital investments and regulatory requirements limit new players from entering the market.
Bargaining power of buyers: Moderate as buyers have bargaining power due to presence of several players but switching costs are moderate.
Bargaining power of suppliers: Moderate as suppliers have bargaining power due to patent protection and differentiation but switching costs for buyers are low.
Threat of new substitutes: Low threat as no cost-effective substitute exists for centralized pharmacy automation.
Competitive rivalry: High rivalry due to presence of global players offering similar offerings competing on quality and pricing.
Key Takeaways
The Global Central Fill Pharmacy Automation Market Size is expected to witness high growth. The North America region currently dominates the market owing to increasing number of central fill pharmacies and pharmacy benefit managers outsourcing central fill operations. 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.
Regional analysis:
The Asia Pacific region is expected to grow at fastest pace during the forecast period due to increasing healthcare infrastructure and growing awareness about automated pharmacy systems. Countries like China and India are expected to be highly lucrative markets.
Key players: Key players operating in the Central Fill Pharmacy Automation Market are focusing on offering integrated solutions and expanding in emerging markets through partnerships and acquisitions to strengthen their market presence. Omnicell leads the market with wide product portfolio and global presence while Cardinal Health focuses on contract pedigree services and automation solutions for pharmacies.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.
