Global Central Fill Pharmacy Automation Market Thriving– Projected to Reach Worth USD 777.1 Million in 2027
Published | 03 September 2021
Global central fill pharmacy automation market is being driven by the prevalence of rising chronic diseases and the need for automation in the pharmacy sector.The ease of pharmacy automation makes dispensing robots affordable for pharmacies with daily prescription volumes as low as 150...
A recent study by the strategic consulting and market research firm BlueWeave Consulting revealed that the global central fill pharmacy automation market was worth USD 405.3 Million in 2020 and anticipated to reach the valuation of USD 777.1 Million at a CAGR of 10.3% by 2027. Automation in the pharmacy sector is expected to contribute to market growth. Additionally, the rising prevalence of chronic diseases in many regions has increased the burden on pharmacies, especially in the United States, which has the maximum number of obese and elderly populations. Moreover, with reduced medication errors and labor costs, central fill pharmacy automation is gaining popularity. With pharmacy automation, dispensing robots are now cost-effective for pharmacies with prescriptions as low as 150 per day. Additionally, specialty drugs delivered through central fill pharmacies have provided the market with new growth opportunities.
Growing Patient Pool Driving Market Demand
Globally, the patient pool is expanding at an accelerating pace. The rise in chronic diseases, infections, and immunological illnesses contributes to the increasing patient base. Additionally, the growing geriatric population is also driving the market. According to the UN Population Division, the global aging population will increase to 2 million by 2050. These factors have increased the burden on pharmacists around the world. Automation in dispensing and other pharmacy services has enhanced efficiency & dispensing time, reduced medication errors, improved safe packaging of drugs, and more. For instance, the BoxPicker by Swisslog Healthcare provides automated pharmacy storage and retrieval of medication systems. It eliminates picking errors and improves safety at dispensing, thereby stimulating market growth.
Technological Advancements Promoting the Market to Consumers
The ever-evolving advancements in the central fill pharmacy automation market have further promoted its significance in the pharmacy sector. The RoboPharma central fill pharmacy automation system is capable of filing upto 100,000 prescriptions per day. One of the benefits of robotic dispensing is its ability to dispense up to 300 prescription scripts each day with a single technician handling everything. Such innovative solutions have revolutionized the pharmacy automation industry and popularised the central fill pharmacy automation market. Furthermore, these advancements have increased the quality of patient care and digital healthcare.
Automated Medication Dispensing System Segment Leading the Market.
The central fill pharmacy automation market is segmented into software, equipment, and services based on products and services. The equipment segment is further divided into automated medication dispensing systems, integrated workflow automation systems, automated packaging &labeling systems, automated medication compounding systems, automated tabletop counters, automated storage and retrieval systems, and others. On the other hand, the services segment has been further categorized into consulting, facility designing, custom software development, and others. Automated medication dispensing systems accounted for the most significant share of the market in 2020. They consist of mini-drawers that are stocked per patient by the pharmacy. Almost 90% of pharmacy inventory can be stored in a cabinet using new technology. Secure access ensures that only authorized persons can open the drawer and that only specific quantities of medication are accessible. This segment is high in demand as it reduces medication errors and avoids drug abuse in hospital & clinic settings.
Impact of COVID-19
The COVID-19 pandemic has had a positive impact on the central fill pharmacy automation market. Automation has become commonplace in many industries in response to the loss of the workforce. Social distancing norms and the need to reduce labor costs have resulted in the implementation of central fill pharmacy automation systems in many pharmacies around the world. During the Coronavirus pandemic, ScrpitPro enabled pharmacists to manage workflow and pharmacy operations remotely from their homes and other locations using workflow platforms and pharmacy management software. The current focus on digital healthcare has further fuelled the demand for central fill pharmacy automation in the market.
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North America Dominates the Cenral Fill Pharmacy Automation Market
The central fill pharmacy automation market is categorized into North America, Europe, the Asia-Pacific, Latin America, and the Middle East & Africa. Among these, North America leads the market with the highest market share in 2020. Growing numbers of pharmacies in this region have driven the growth of the central fill pharmacy automation market. Nearly 23% of the population of the United States takes three or more medications daily. However, the European region is expected to witness the most significant growth in the central fill pharmacy automation market during the forecast period. The introduction of specialty drugs in this region dispensed by central fill pharmacy has driven the market's growth, especially in the United Kingdom, Germany, and Spain.
Various global and regional players compete in the central fill pharmacy automation market, which is slightly competitive and highly fragmented. The key players dominating the market are ARxIUM, Inc., RXSAFE, LLC, TCGRX Pharmacy Workflow Solutions, Omnicell, Inc., McKesson Corporation, ScriptPro, Kuka AG, Innovation Associates Inc., R/X Automation Solutions, Tension Packaging & Automation, Cornerstone Automation Systems, LLC, Quality Manufacturing Systems Inc., Capsa Healthcare, Synergy Medical, Providen Logistics Ltd., and other prominent players. The critical marketing strategies adopted by the players include new launches, partnerships, and collaborations to expand their clientele base. For example, in June 2021, Pack4U, a medication delivery company, opened a central fill hub in Saskatchewan, allowing pharmacies to go digital and improve patient care.
The report's in-depth analysis provides information about growth potential, upcoming trends, and statistics of theglobal Central Fill Pharmacy Automation market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the global Central Fill Pharmacy Automation market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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