Global Central Fill Pharmacy Automation Market to Reach USD 887 Million by 2028
Published | 17 May 2022
Global central fill pharmacy automation market is projected to grow as a result of automation as it enhances the accuracy of filling prescriptions and reduces the overall cost of filling…
The global Central Fill Pharmacy market was worth USD 432.86 million in 2021, registering a strong CAGR during 2018-2021. The global central fill pharmacy automation market is further expected to reach USD 887.01 million by 2028 at a CAGR of 11.3% during the forecast period (2022-2028). The market's growth can be attributed to a rise in global demand for specialized drug dispensing. Central fill pharmacy automation is a fully automated pharmacy dispensing system that manages the complete inventory system with the help of machines and robots. The global central fill pharmacy automation market has grown in popularity among its end-users due to the focus on reducing pharmaceutical mistakes and expanding the patient pool. Furthermore, the growing use of automation in practically all industrial sectors has increased the demand for central fill pharmacy automation.
Rising Healthcare Expenditure in Healthcare Sector is the Lucrative Market Opportunity in the Industry
The cost of non-adherence to medications to the US healthcare system is USD 300 billion. Adherence packaging technology and centralized filling are more essential than ever in the United States, with 23% of the population consuming three or more drugs per day. As a result, increased healthcare spending by governments in both developed and developing nations would be a key market opportunity for the global central fill pharmacy industry in the coming years. As per National Health Expenditure Data, NHE increased by 9.7% to $4.1 trillion in 2020, or to $12,530 per person, and accounted for 19.7% of GDP (GDP). Medicare spending is expected to rise 3.5 % to $829.5 billion in 2020, accounting for 20% of total NHE. Health-care spending by the federal government increased by 36.0 % in 2020, compared to 5.9% in 2019. The COVID-19 pandemic was a major factor in its faster market expansion. National health spending is expected to increase at an average annual rate of 5.4 % from 2019 to 2028, reaching $6.2 trillion by 2028. Pharmacists can become more active in value-based care by implementing the right automation solutions, which would assist improve patient outcomes. As a result of rising healthcare expenditures and industry player collaborations, lucrative opportunities in the industry are emerging.
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 up to 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 popularized 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.
North America Accounted for the Largest Share in the Global Central Fill Pharmacy Automations Market
North America accounted for the largest share of the global central fill pharmacy automation market in 2021. Due to the presence of leading players in the region, increasing investments pertaining to research & development (R&D), advancement in pharmaceutical sector, rising cases of chronic diseases driving the central fill pharmacy automation market in the region.
North America is witnessing increasing number of cancer cases. According to National Cancer Institute, by 2040, the number of new cancer cases per year is expected to rise to 29.5 million. Cancer remains the second leading cause of death in the United States, trailing only heart disease. According to the data provided by American Cancer Society, in 2022, the United States is anticipated to see 1.9 million new cancer cases and 609,360 cancer deaths, for a total of 1,670 fatalities each day. These alarming factors are constantly increasing the patient pool, resulting in automation of the pharmacy sector.
Impact Of COVID-19 On the Global Central Fill Pharmacy Automations Market
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 fueled the demand for central fill pharmacy automation in the market.
Competitive Landscape
The central fill pharmacy automation market is moderately competitive and highly fragmented, with numerous global and regional players operating in it. The key players dominating the market are ARxIUM, Inc., RXSAFE, LLC, Parata systems, Omnicell, Inc., McKesson Corporation, ScriptPro, Kuka AG, Innovation Associates Inc., and other prominent players. McKesson Corporation is a market leader in pharmacy automation for central fill. In central fill pharmacy automation McKesson Corporation offers products such as drug dispensing systems and pharmacy management software solutions. In recent years, players such as Parata Systems, ARxIUM, McKesson Corporation, and QMSI have gained significant revenue by providing central filling services and customized solutions tailored to the needs of their customers.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global central fill pharmacy automation market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global central fill pharmacy automation market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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