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The Central Fill Pharmacy Automation Market size is estimated to grow by USD 480.41 million between 2022 and 2027 at a CAGR of 12.05%. The market's growth hinges on multiple factors, notably the escalation of medication errors and an expanding patient pool. Emphasis is also on automation to slash labor costs, a pivotal trend gaining momentum. However, a significant hurdle lies in stringent government regulations governing the approval of drugstore automation systems. Industry leaders are strategically forming alliances and keenly observing market trends, especially the surge in automation adoption within healthcare. This strategic approach aims to surmount regulatory obstacles, ensuring seamless integration of automated solutions while maintaining regulatory compliance. Overall, the market's trajectory is shaped by a delicate balance between innovation, regulatory adherence, and strategic partnerships.
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This report extensively covers market segmentation by application (inpatient pharmacy, outpatient pharmacy, and retail pharmacy), type (equipment and services), and geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges.
The market is driven by the increasing demand for Automated tabletop, Automated medication, and Automated storage and retrieval systems. Key trends include the adoption of Electronic prescription systems for Legally binding documentation and the focus on Patient Safety through Automated dispensing technologies. Challenges include navigating Pharmaceutical spending constraints and addressing Compliance issues, while trends like optimized Pharmacy workflow and the availability of Skilled professionals drive market growth. This dynamic landscape emphasizes the importance of efficient Pharmacy management and strategic Initial investments to overcome challenges and capitalize on market opportunities. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The rise of medication errors is notably driving the market growth. Patients who are prescribed multiple medications face a heightened risk of experiencing medication errors. These errors represent a significant source of health risks for patients, particularly in the United States, and contribute to the country's annual healthcare expenditure. Medication errors can result in situations like polypharmacy, where a combination of medications leads to adverse effects and may necessitate emergency hospital visits, further exacerbating the underlying condition. As an example, consuming large doses of acetaminophen, the active ingredient in Tylenol, even in different pill combinations, can cause liver damage. Therefore, medication errors pose severe health risks to patients.
Moreover, to address this issue, companies have developed products such as central fill drugstore automation, which aid in reducing medication errors. Central fill drugstore automation enables patients to track the timing and exact dosage of their medications using features such as color coding, braille for the visually impaired, and locking mechanisms to prevent double dosing. Medication dispensers are particularly beneficial for individuals with impaired monitoring abilities. Some medication dispensers even include dedicated sections for insulin and hypodermic syringes, catering to the needs of diabetic patients. Consequently, the advantages provided by medication dispensing systems will drive market growth during the forecast period.
The increasing adoption of automation in healthcare is an emerging trend in the market. Fully automated pharmacy solutions offer several benefits, including cost savings in staffing and the generation of precise results. By automating tasks that were previously performed manually, these automated solutions save time for healthcare professionals, enabling them to dedicate more attention to patient consultations and precise diagnoses. Additionally, automation enhances drugstore productivity by reducing the occurrence of human errors. Moreover, these solutions contribute to data-driven insights as the technology used for automation can generate a substantial volume of data, which can be leveraged for performance improvement and optimization.
The latest automatic pill dispensers come equipped with features that provide flexibility in limited spaces. These medication dispensing systems can be customized with spacious drawers, allowing for various configurations that cater to the unique needs of a drugstore. This flexibility reduces the footprint of automation on hospital floors and in pharmacies with limited space. Consequently, these factors are expected to drive market growth during the forecast period.
Stringent government regulations for approval of pharmacy automation systems are major challenges impeding the market growth. The process of commercializing drugstore automation systems, including central fill pharmacy automation, presents significant challenges as these systems must adhere to guidelines jointly established by the Department of Public Health, the Board of Registration in Pharmacy, the Drug Control Program, and the Division of Health Care Quality in the United States. Before implementing an automated drugstore system, a drugstore is required to inform the board and the department, providing details such as the pharmacy's name and address, system operating hours, system type or name, and a description of how the system will be utilized.
The approval process and regulatory landscape for these systems vary among countries, posing a major challenge for multinational companies. Additionally, changes in regulatory policies by governing bodies such as the FDA, particularly during the product development phase, can lead to delays in the market launch of potential products. Consequently, these factors will impede the growth of the market during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Capsa Healthcare LLC - The company offers mobile workstations, medication management and healthcare IT solutions, procedure carts, and pharmacy automation systems. The key offerings of the company include central fill pharmacy automation
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The Market is rapidly evolving with the integration of cutting-edge technologies such as Automated tabletop, Automated medication, and Automated storage and retrieval systems. These innovations streamline Prescription filling processes and enhance operational efficiency for Pharmacists in various healthcare settings, including Hospitals.Companies like Swisslog Healthcare are leading the charge in developing advanced Automated dispensing solutions that ensure Patient safety and improve the accuracy of Medication administration. The adoption of electronic prescription systems further ensures Legally binding documentation and reduces errors associated with Manually filling prescriptions across Multiple sites.Central fill pharmacy automation solutions prioritize Patient outcomes by optimizing Accuracy of filling and streamlining Pharmacy workflow. This approach is particularly beneficial in managing the Prevalence of chronic conditions and supporting healthcare infrastructure.
The market share growth by the inpatient pharmacy segment will be significant during the forecast period. Pharmacist services in inpatient care usually led to improved treatment with no sign of harm.
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The inpatient pharmacy segment was valued at USD 268.32 million in 2017 and continued to grow until 2021. Healthcare teams connect with patients in ways that enhance outcomes, such as making patient rounds, interviewing patients, reconciling prescriptions, and offering patient discharge counseling and follow-up. The number of patients for treatment and pharmacological actions for health improvement is rising. The rising usage of patient care and strong government backing are the primary drivers of this market growth. Hence, such factors will drive the growth of the inpatient pharmacy in the global market during the forecast period.
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North America is estimated to contribute 39% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
North America is the highest revenue contributor to the global market. The region is led by the US, followed by Canada and Mexico. The factors for the high demand for central fill pharmacy automation in the region are high awareness and the affordability of products. The US has an improved healthcare infrastructure consisting of a significant number of hospitals and retail pharmacies that increasingly demand central fill pharmacy automation to reduce medication errors and manage the high number of orders daily. The country also sees an increase in demand from the home healthcare segment. Moreover, the growing aging population also drives the demand for automatic pill dispensers in the region.
Furthermore, the high prevalence of chronic diseases such as Alzheimer's disease, diabetes, and cardiovascular diseases (CVDs) has resulted in the increased demand for central fill pharmacy automation for managing complex medication regimens. Additionally, the US makes significant investments in healthcare research. For instance, in the US, the National Institutes of Health (NIH) invests nearly USD 3.2 billion annually in medical research. High healthcare expenditure aids in the improvement of healthcare facilities, including the quality of medical devices used. Hence, the market for central fill pharmacy automation sees high growth in the region. High healthcare expenditure leads to improvement in healthcare infrastructure, leading to an increase in the number of hospitals and diagnostic centers in the country. This increases the demand for central fill pharmacy automation, thereby benefiting the market, which is expected to fuel the growth of the market in focus during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides a market research and growth analysis of the latest trends and growth opportunities from 2017 to 2027.
The Market is witnessing rapid growth driven by the adoption of cutting-edge technologies like Automated tabletop and Automated medication systems. These innovations streamline Prescription filling processes, enhancing the efficiency and accuracy of Pharmacists. Companies like Swisslog Healthcare are at the forefront of developing Automated storage and retrieval solutions, improving Patient safety and Staff productivity.
Moreover, the market caters to diverse patient demographics, including Geriatric patients and Obese patients, with tailored solutions to meet their unique needs. Pharmacy model advancements, such as Automated dispensing and Compounding, are transforming Outsourcing pharmacies and specialty drug dispensing services. With an Increasing population and rising demand for Controlled substance prescriptions, electronic prescription systems ensure Legally binding documentation while reducing errors associated with Manually filling prescriptions. The transition to centralized prescription processing alleviates the Burden on pharmacies, allowing them to focus on improving patient outcomes.
Moreover, technological developments in Pharmacy workflow management and Automated packaging enhance the accuracy of filling and reduce operational costs. This market evolution is crucial for Multispecialty hospitals and Specialty pharmacy providers, ensuring the availability and efficient delivery of Specialty drugs and Generic medicines. Despite challenges such as Healthcare spending constraints and Pharmaceutical spending regulations like Anti-dumping duties, the Market remains attractive due to its potential to optimize Pharmacy management processes, attract Skilled professionals, and yield favorable Market attractiveness through strategic Product and Services offerings and Strategic positioning in the pharmaceutical equipment landscape.
Market Scope |
|
Report Coverage |
Details |
Page number |
148 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 12.05% |
Market growth 2023-2027 |
USD 480.41 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
11.17 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 39% |
Key countries |
US, China, Germany, UK, and France |
Competitive landscape |
Leading companies, Market Positioning of companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
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., and Yuyama USA Inc. |
Market dynamics |
Parent market analysis, market growth analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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