CHICAGO, April 25, 2019 /PRNewswire/ -- According to the new market research report "Central Fill Pharmacy Automation Market by Product (Equipment (Medication Dispensing System, Automated Medication Compounding Systems, Workflow Management), Service (Process Optimization, Facility Design), Software), Vendor - Global Forecast to 2024", published by MarketsandMarkets™, the Central Fill Pharmacy Automation Market is projected to reach USD 656 million by 2024 from USD 381 million in 2019, at a CAGR of 11.5%.
Don't miss out on business opportunities in Central Fill Pharmacy Automation Market
The increasing demand for specialty drugs being dispensed by central fill pharmacies is one of the primary drivers propelling the growth of this market. Other factors such as the need to minimize medication errors, growing patient volume (which in turn is increasing the burden on pharmacies), and the growing focus on automation to reduce labor costs are also driving market growth.
By product and service, the equipment segment is expected to account for the largest share of the central fill pharmacy automation market
The central fill pharmacy automation market, by product and service, is segmented into equipment, services, and software. The equipment segment accounted for the largest market share in 2018. A number of automated systems are used in facilities offering the advantages of freeing up manpower, allowing greater throughput, and increasing the number of processed prescriptions. These facilities form an indispensable tool for central fill pharmacies to improve the prescription assembly, verification, and delivery back to the pharmacy. This contributes to the large share of the segment.
Browse in-depth TOC on "Central Fill Pharmacy Automation Market"
60 – Tables
23 – Figures
126 – Pages
Get 10% Free Customization on this Report:
The equipment vendors are increasing with the increasing demand for automation systems
Based on vendor, the central fill pharmacy automation market is segmented into equipment vendors and consulting vendors. The equipment vendors segment is estimated to account for the largest market share in 2018. This is mainly attributed to their broad product portfolio, vast geographic presence, strong technical expertise, and easy access to spare parts (resulting in reduced downtime).
North America is expected to dominate the central fill pharmacy automation market during the forecast period
In 2018, North America dominated the central fill pharmacy automation market, followed by Europe, and this trend is expected to continue during the forecast period. The rising focus on providing value-based care to patients, increase in specialty medication dispensing, growing number of medication errors, and the need for automated systems for improved compounding and dispensing are major factors that have resulted in the increased adoption of central fill pharmacy automation equipment and services in North America.
Inquiry Before Buying:
Prominent players in the central fill pharmacy automation market are ARxIUM, Inc. (US), RxSafe, LLC (US), TCGRX Pharmacy Workflow Solutions (US), McKesson Corporation (US), Omnicell, Inc. (US), ScriptPro (US), Kuka AG (Germany), Innovation (US), R/X Automation Solutions (US), Tension Packaging & Automation (US), Cornerstone Automation Systems, LLC (CASI, US), and QMSI (US)
Browse Adjacent Markets: Medical Devices Market Research Reports & Consulting
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Mr. Shelly Singh
630 Dundee Road
Northbrook, IL 60062
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/central-fill-pharmacy-automation-market.asp
Visit Our Website: https://www.marketsandmarkets.com