The 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 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Central fill pharmacy involves the separation of dispensing tasks, centralized prescription/packaging functions, and decentralized refill tasks at remote pick-up sites. Central fill pharmacy automation involves utilization of automated systems and software for centralized filling of prescriptions while ensuring accuracy and efficiency. The automated systems streamline workflows through barcode verification, counting and sorting of medications, eliminating manual errors. They also reduce labor costs and package prescriptions accurately at a large scale to meet institutional demand.

Market key trends:

One of the major trends fueling the growth of central fill pharmacy automation market is the growing adoption of automated central fill systems by hospitals, healthcare institutions and pharmacy chains. Automation helps reduce errors, improves dispensing accuracy and enhances productivity. It allows centralized filling of large volumes of prescriptions at a faster rate while freeing up pharmacists for clinical duties. centralized filling with automation meets the demands of large patient population while ensuring quality and safety. Automated systems are capable of filling thousands of prescriptions on a daily basis accurately and efficiently. This high throughput supported by automation addresses the needs of large healthcare systems and retail pharmacy chains.

Porter’s Analysis

Threat of new entrants: The threat is moderate as the industry already has major players and high capital required to enter.

Bargaining power of buyers: The bargaining power of buyers is high as they have large volumes and can force lower prices.

Bargaining power of suppliers: Suppliers have moderate power as they depend on major players for bulk orders and revenue.

Threat of new substitutes: Threat is low as there are limited substitutes that can offer automation at scale.

Competitive rivalry: High due to presence of major established players.

SWOT Analysis

Strength: Automation increases efficiency and reduces errors. Varied solutions suited for retail and hospital pharmacies.

Weakness: High initial investment and maintenance costs. Requires trained staff for optimization.

Opportunity: Growing geriatric population and demand for personalized medication. Increasing focus on reducing medication errors.

Threats: Data security challenges and equipment downtime affecting operations. Price wars among established vendors.

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 optimize filling process. North America dominates currently due to presence of major players and increasing focus on healthcare reforms in the US.

Regional analysis: North America dominates the market currently with a share of over 50% in 2023 led by major players and healthcare reforms focusing on patient safety. Asia Pacific is expected to grow at the fastest rate during the forecast period supported by rising healthcare expenditure, increasing generics market and growing senior population in China and India.

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. The major players are focusing on product innovation and partnerships to strengthen distribution networks and meet the growing demand.

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https://www.ukwebwire.com/central-fill-pharmacy-automation-market-size-share-growth-outlook-2023/