Central Fill Pharmacy Automation Market size is set to grow by USD 480.41 million from 2023-2027, Agilent Technologies Inc., ARxIUM Inc. and Becton Dickinson and Co., and more to emerge as Some of the Key Vendors, Technavio
NEW YORK, April 16, 2024 /PRNewswire/ -- The global central fill pharmacy automation market size is estimated to grow by USD 480.41 mn from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 12.05% during the forecast period. North America held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 39%.
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Major Players in the Market
Numerous companies are capitalizing on this growing trend by implementing strategic measures such as alliances, partnerships, mergers, and acquisitions. Among the notable players in the cheese based snacks market are:
Agilent Technologies Inc., ARxIUM Inc., Becton Dickinson and Co., Capsa Healthcare LLC, Cornerstone Automation Systems LLC, FORMULATRIX Inc., Gebr. Willach GmbH, Innovation Associates, KUKA AG, LABEL ELETTRONICA S.R.L., McKesson Corp., Noritsu America Corp., Omnicell Inc., Oracle Corp., Quality Manufacturing Systems Inc., Rxsafe LLC, ScriptPro LLC, Sensum d.o.o., Tension Corp., Yuyama USA Inc.
Analyst Review
The Central Fill Pharmacy Automation market is experiencing significant growth due to the increasing adoption of automated tabletop systems in hospitals and pharmacies. Automated medication dispensing and prescription filling are key components of this market, ensuring patient safety and accuracy of filling. Swisslog Healthcare and other industry leaders provide automated dispensing solutions, enabling centralized prescription management and improving pharmacy workflow. With the prevalence of chronic conditions and the need for skilled pharmacy professionals, compliance with electronic prescriptions and legally binding documents is crucial. Pharmaceutical spending continues to rise, making anti-dumping duties a concern for market players. Despite these challenges, the market for pharmacy management systems remains robust, driven by the need for efficient pharmacy workflows and improved patient outcomes.
Key Market Drivers
The Central Fill Pharmacy Automation Market is gaining momentum due to the prevalence of chronic diseases and the burden on pharmacies from managing multiple medications for patients. With more than half of Americans taking multiple prescriptions daily, the risk of medication errors is significant, leading to health risks, emergency hospital visits, and increased healthcare spending. Centralized prescription filling through pharmacy automation enhances the accuracy of filling and streamlines pharmacy workflows, improving patient outcomes. Technological development in pharmacy automation is essential for multispecialty hospitals, specialty medicine, and specialty drugs, contributing to survival and quality of care for patients with chronic diseases. Initial investments in pharmacy automation, including automated packaging and pharmaceutical equipment, are offset by long-term savings and compliance with regulatory requirements. The market for pharmacy automation is attractive for strategic positioning, offering product and service solutions that ensure process modeling, skilled professionals, and anti-dumping duties. Pharmacy management and compliance are crucial aspects of pharmacy automation, ensuring the survival and growth of the pharmaceutical industry amidst increasing pharmaceutical spending.
Challenges and Opportunities
Central Fill Pharmacy Automation Market: Swisslog Healthcare leads the way in automated pharmacy solutions, providing tabletop systems for prescription filling and tension packaging. Hospitals and outsourcing pharmacies adopt this model for patient safety and staff productivity, especially for geriatric and obese patients. Pharmacists must adhere to legal guidelines, notifying the Board of Registration in Pharmacy and the Department of Public Health before implementation. Automated dispensing systems ensure accuracy of filling, streamlining pharmacy workflow and improving patient outcomes. With the increasing prevalence of chronic diseases and the burden on pharmacies, central fill pharmacy automation is a technologically developed response to the prevalence of controlled substances and specialty drug dispensing. Electronic prescriptions are legally binding, reducing manual filling errors at multiple sites. This pharmacy model enhances survival and quality of care for patients with chronic diseases in multispecialty hospitals, specializing in specialty medicine and specialty drugs.
The Central Fill Pharmacy Automation Market is experiencing significant growth due to the global adoption of automation in healthcare. Automation in pharmacy solutions, including those for generic medicines, contributes to cost savings in healthcare spending and healthcare infrastructure by reducing the need for staffing and increasing productivity. Initial investments in pharmacy automation are offset by long-term benefits such as compliance with regulations, improved pharmacy management, and increased throughput. Automated packaging, medication dispensing, and prescription filling systems are key product offerings in this market. Market attractiveness is driven by the increasing demand for precision in diagnosis and patient safety, particularly for geriatric and obese patients. Strategic positioning for market leaders includes offering automated tabletop solutions, pharmaceutical equipment, and tension packaging systems. Pharmaceutical spending on automation is expected to increase due to the need for skilled professionals and the implementation of anti-dumping duties. Automation also contributes to data-driven insights, allowing for performance improvement and optimization. Market players such as Swisslog Healthcare are leading the way in automated dispensing and medication management, improving patient safety and staff productivity.
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Market Overview
The Central Fill Pharmacy Automation market is a significant sector in the healthcare industry, utilizing advanced technologies to streamline medication distribution processes. Key components of this market include Patient Safety, Prescription Filling, and Inventory Management. Harmonic integration of Harmacy Systems and Pharmacy Automation Systems is crucial for efficient Patient Care. Central Fill Pharmacy Automation systems employ technologies like Barcode Scanning, RFID, and Robotics to ensure accurate and timely dispensing of medications. These systems also facilitate real-time inventory tracking, reducing drug wastage and stockouts. Additionally, they offer features like Medication Verification, Drug Interaction Checks, and Compliance Reporting, enhancing patient safety and care. Overall, Central Fill Pharmacy Automation is a vital investment for healthcare organizations, improving operational efficiency and patient outcomes.
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/
SOURCE Technavio
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