Sanjose, CA USA, Feb 08, 2020 (Wired Release) – Credence Research The market for central fill pharmacy automation was estimated at US$ 308.1 million in 2018, with CAGR expected to grow by 10.1 per cent over the forecast period from 2019 to 2027. The global market for central fill pharmacy automation is growing effectively from 2019 to 2027, accredited to an increase in the uptake of speciality medicines delivered through central fill pharmacies. Advancing robotic technology along with updated software integration, improving supply chain services, support programs and consulting services to streamline inventory management and workflow will drive market growth on a global scale. Numerous reported medication errors due to improper patient or drug information, storage, quality control, standardization and others will upsurge the Central Fill Pharmacy Automation. The launch of new equipment with improved solutions & technology and the increase in high-speed volume will drive market growth in the near future.
Equipment vendors promote adherence to patient medications along with speciality drugs, focus on high-quality personalized counseling and clinical services, provide high-speed automation technology and ensure enhanced patient safety with digital imaging technology. For example, in August 2018, TCGRx launched the PharmAlyticsTM Business Intelligence System for enhanced pharmacy inventory management. In August 2017, Swisslog Holding AG acquired Talyst Systems, LLC further expanded its pharmaceutical automation solutions across North America, Asia and EMEA.
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Top producers and service providers are engaged in new product development on a global scale. An increasing number of international collaborations and partnerships with hospital chains, retailers and major pharmaceutical chains will drive market growth in the U.S. and Europe. The U.S. market holds the maximum market share possible. Key factors include increasing demand for speciality drugs, rising capital facilities for central fill for improved patient outcomes at lower cost, faster delivery of drugs, reduced labour costs, and improved drug packaging accuracy with zero errors along with increased control.
Over the estimated timeline North America is likely to dominate overall market growth. Growth is due to a massive emphasis on value-based healthcare for patients, a rapid increase in the number of prescription errors, and the need to install automated systems to enhance dispensing and compounding. In addition, large-scale acceptance of central fill pharmacy automation services and devices in countries such as Canada and the The U.S. will increase the market size in North America.
It is predicted that the market for central fill pharmacy automation in Europe will witness lucrative growth. Untapped market growth potential and low penetration of the region’s central fill pharmacy facilities are among the regional market’s key growth drivers. In addition, the burgeoning demand for skilled prescription filling and the pharmacists ‘ highlight to improve patient care services will boost the expansion of the European market. Country such as the UK is predicted to be the major regional revenue contributor.
The markets in the Asia Pacific and Latin America are also likely to witness a commendable surge over the forecast timeframe.
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Geographic Coverage
North America Central Fill Pharmacy Automation Market Revenue and Forecast
Europe Central Fill Pharmacy Automation Market Revenue and Forecast
Asia Pacific Central Fill Pharmacy Automation Market Revenue and Forecast
Latin America Central Fill Pharmacy Automation Market Revenue and Forecast
Middle East and Africa Central Fill Pharmacy Automation Market Revenue and Forecast
List of Companies Covered:
TCGRx (Parata Systems), Scriptpro, ARxIUM, Inc, Cornerstone Automation Systems, LLC (CASI), Omnicell, Inc, Tension Packaging & Automation, RxSafe, LLC, Innovation Associates, Inc., Kuka AG, R/X Automation Solutions, Capsa Healthcare, McKesson Corp., Simplimatic Engineering Holdings LLC, Conveyco Technologies Inc., Synergy Medical and others.
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Key questions answered in this report:
What are the current market trends and dynamics in the central fill pharmacy automation market and valuable opportunities for emerging players?
Which segment accounts for the fastest CAGR during the forecast period?
Which product & service type segment holds a larger market share and why?
Are low and middle-income economies investing in the central fill pharmacy automation market?
What is the market trend and dynamics in emerging markets such as Asia Pacific, Latin America and Middle East & Africa?
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Research methodology devised for this study:
Our methodology comprises a blend of primary and secondary research for engineering the market size, shares and estimations for global Central Fill Pharmacy Automation market specific to key segments, and regional segmentation.
A. Secondary Research
Some of the basic, but most important sources referred during the study included company annual reports, press releases, and relevant documents throwing light upon the recent developments in the global Central Fill Pharmacy Automation market. Reliable sources such as scientific journals, university research papers and government websites were equally referred for recognizing business opportunities in various geographical markets and market penetration of various products/services. In addition, paid databases were referred to collect information useful for the extensive commercial study of the key players operating in the Central Fill Pharmacy Automation market. In the case where no data was available on the public domain, we used modelling and estimates to arrive at comprehensive data sets. Secondary research helped to prepare a base for Central Fill Pharmacy Automation market study.
B. Primary Research
The extensive secondary research carried out was complemented by extensive primary research to validate data and analysis. Primary research involved telephonic interviews, e-mail interactions as well as face-to-face interviews with leading industry experts.
The participants tracked for primary interviews include:
Vice President/ CEOs
Marketing/product managers
Market intelligence managers
National sales managers
Purchasing managers
Distributors
Other stakeholders
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