DUBLIN--(BUSINESS WIRE)--The "Central Fill Pharmacy Automation Market - Growth, Trends, and Forecast (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
The Central Fill Pharmacy Automation Market studied was anticipated to grow with a CAGR of nearly 11.2% during the forecast period. The major factors attributing to the increased adoption of central fill pharmacies in recent years include growth in the global prevalence of various cancers, immunological disorders, necessitating the automated dispense of specialty drugs with reduced medication errors and increasing unintentional injuries in geriatric population demands the fastest and accurate supply of medication.
For instance, according to the World Health Organization Report - 2018, about 28-35% of people aged 65 and over, fall each year increasing to 32-42% for those over 70 years of age, which is expected to rise in the forecast period fueling the market. Moreover, the reduction of labor costs with the adoption of automation is likely to drive the growth of the central fill pharmacy automation market throughout the forecast period.
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- ARxIUM Inc
- Cornerstone Automation Systems LLC
- Kuka AG
- McKesson Corporation
- Omnicell Inc
- Parata Systems LLC
- Quality Manufacturing Systems Inc
- R/X Automation Solutions
- RxSafe LLC
Key Market Trends
The Automated Medication Dispensing Systems is Estimated to Hold the Largest Revenue Share Over the Forecast Period
- The automated medication dispensing systems segment is estimated to account for the largest market share in recent years and expected to do so over the forecast period. This dominance is because of their ability to eliminate medication errors and decreased procedural time duration along with enhanced patient safety and overall staff productivity contributing to the growth of the market.
- On the other hand, in recent years various companies like Parata Systems, ARxIUM, McKesson Corporation, and QMSI generated good revenue by providing central filling services and customized solutions as per the customer requirements. For example, McKesson Corporation, a key player in the central fill pharmacy automation market offers services such as Central Fill as a Service along with drug dispensing systems and pharmacy management software solutions for better operational efficiency resulting in higher availability to the increasing demand.
North America Dominates the Central Fill Pharmacy Automation Market and Expected to do Same in the Forecast Period.
North America is expected to dominate the overall central fill pharmacy automation market throughout the forecast period due to the presence of the huge number of geriatric patients and obese patients in the United States demanding the central fill pharmacy model owing to their advantages. For instance, the American Medical Association report in 2018, nearly 40% of adults over the age of 20 representing about 93.3 million people in the United States were obese, projected to increase in the forecast period driving the market.
Furthermore, a rise in the growing number of medication errors due to human intervention in specialty medication dispenses resulting in steep growth of demand to focus on providing value-based care to patients in the United States. Also, an increase in the shift towards automated systems due to reduced labor costs for filling, packaging, and labeling coupled with enhanced compounding and dispensing has drawn attention in this market driving the demand in North America central fill pharmacy market contributing to its outstanding market revenue share throughout the forecast period.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Demand for Specialty Drug Prescription Filling Solutions In The Developed Economies
4.2.2 Reduced Labor Cost and Filling More Prescriptions Without Errors in Lesser Time
4.3 Market Restraints
4.3.1 Lack of Skilled Healthcare Professionals to Operate
4.3.2 High Initial Capital Investments and Installation Challenges
4.4 Porter's Five Force Analysis
5 MARKET SEGMENTATION
5.1 Products & Services
22.214.171.124 Automated Medication Dispensing System
126.96.36.199 Automated Packaging and Labeling Systems
188.8.131.52 Automated Medication Compounding Systems
5.2.1 North America
5.2.4 Rest of World
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/7t709g.