(EMAILWIRE.COM, April 14, 2021 ) 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 Pharmacy Automation Market Growth.

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%.

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Geographical View in-detailed:

The Europe market is expected to grow at the highest CAGR during the forecast period

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.

Global Key Leaders:

Prominent players in the central fill pharmacy automation market are ARxIUM, Inc. (US), RxSafe, LLC (US), TCGRX Pharmacy Workflow Solutions (US), Omnicell, Inc. (US), McKesson Corporation (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).

McKesson Corporation is a leading player in the pharmacy automation market. The company offers products such as drug dispensing systems along with pharmacy management software solutions in this market. McKesson’s high volume solutions offer better operational efficiency to healthcare facilities and also allow the company to customize solutions as per the requirement of different healthcare facilities. The company offers a wide range of services for centralized facilities such as consulting, setting-up, and integrating services, among others.

The company reaches its customers through its wide network of distributors and sales offices located across the globe. This vast geographical presence of the company helps it maintain its position at the global level. McKesson focuses on partnering with payers, hospitals, pharmacies, pharmaceutical companies, and other organizations across the spectrum of care to deliver better care to patients in every setting. The company also focuses on innovation in existing products and solutions as a key strategy to enhance its market standing. While McKesson is a well-established company in the US and Canadian markets, it will benefit by increasing its presence in the European region.

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Recent Developments:

- In 2018, TCGRx acquired Parata Systems, to expand the company’s existing growth initiatives with central fill, inventory control, and automated blister card packaging technologies.

- In 2018, ARxIUM, Inc., launched cGMP RIVA IV Compounding system for 503B facilities.

- In 2018, Swisslog Healthcare acquired Talyst Systems, LLC. With the aim of expanding Swisslog’s inpatient and outpatient pharmacy solutions along with the company’s field service network.