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 from 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The central fill pharmacy automation market deals with automated packaging and dispensing systems used by pharmacies to pre-package medications into unit dose packages or patient-specific doses. These systems help to reduce medication errors, improve accuracy in dispensing drugs and decrease labor costs for filling prescriptions. The central fill pharmacy automation solutions automate the process of prescription dispensing and packaging by automating tasks such as counting, packing, and labeling a large volume of orders accurately and efficiently at a centralized filling location from which prescriptions are shipped to local pharmacies or directly sent to patients.
Market key trends:
One of the key trends in the central fill pharmacy automation market is the rising adoption of mail order pharmacy businesses. Mail order pharmacies offer convenience of home delivery of medications to patients and also provide cost benefits to health plans. Central fill pharmacies help mail order pharmacy businesses to efficiently manage high volumes of prescription orders by automating filling, packaging and distribution tasks. This is expected to drive the demand for central fill pharmacy automation solutions over the forecast period.
Porter’s Analysis
Threat of new entrants: The global central fill pharmacy automation market is highly capital intensive. This makes the threat of new entrants low as large investments are required to enter the market.
Bargaining power of buyers: The bargaining power of buyers is moderate. Buyers have various alternatives available in the market but switching costs associated with new automation system adoption limits their bargaining power.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to low switching costs from one supplier to another. However, regulations and quality standards keep their bargaining power in check.
Threat of new substitutes: There are no close substitutes for central fill pharmacy automation system. Prospect of new substitutes is low.
Competitive rivalry: The global market is dominated by major players. Intense competition exists among existing players to gain market share.
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 need to reduce medication errors and improve efficiency.
Regional analysis: North America dominates the central fill pharmacy automation market currently due to implementation of regulations to curb medication errors and rising geriatric population. Asia Pacific is expected to exhibit the fastest growth over the forecast period owing to growing pharmaceutical industry and increasing focus on reducing medication errors in countries like India and China.
Key players: 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. These players are focusing on new product launches and enhancing their global footprint to gain competitive advantage.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it