by Central fill pharmacy automation involves automated systems that help improve efficiency and accuracy in dispensing medications. Central fill pharmacies utilize automated systems to sort and package medications at a centralized facility to be later delivered or picked up from satellite locations like pharmacies, hospitals, and nursing homes. Some common automated systems used include automated dispensing systems, automated packaging and labeling systems and automated storage and retrieval systems. These systems help increase the speed of dispensing large volumes of prescriptions with reduced errors thereby improving patient safety. Automated technologies streamline workflows, reduce costs and alleviate staffing issues especially in light of growing prescription volumes.
The global Central Fill Pharmacy Automation Market is estimated to be valued at US$ 537.78 Mn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing demand for automated dispensing systems from healthcare facilities is a major trend driving the central fill pharmacy automation market growth. Automated technologies help central fill pharmacies dispense large quantities of medications accurately and faster to multiple locations with minimum staff. This is especially beneficial considering the shortages of pharmacy technicians. Moreover, automated systems improve safety by virtually eliminating medication dispensing errors compared to manual processes. They also optimize pharmacists’ time by reducing repetitive tasks so they can focus more on direct patient care services. Ongoing technological advancements are further expanding the capabilities of automated systems to efficiently manage large prescription volumes and meet the increasing demands of the healthcare industry.
SWOT Analysis
Strength: Central fill pharmacy automation helps reduce error rates and improves efficiency in filling large volumes of prescriptions. It allows reallocating labour to more skilled activities.
Weakness: High initial investment costs associated with purchase and installation of central fill pharmacy automation equipment. Smaller pharmacies may not have sufficient volumes to justify the costs.
Opportunity: Growing geriatric population and increasing prevalence of chronic diseases is expected to drive the volume of prescriptions filled. This makes central fill pharmacy automation an attractive option for large pharmacy chains and PBMs to improve productivity.
Threats: Technology developments may make some current central fill automation solutions obsolete quickly. New players may disrupt the market with more advanced and cost-effective solutions. Regulation changes could affect the viability of large centralized fill models.
Key Takeaways
The Global Central Fill Pharmacy Automation Market Demand is expected to witness high over the forecast period of 2024 to 2031. The global Central Fill Pharmacy Automation Market is estimated to be valued at US$ 537.78 Mn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2024 to 2031.
Regional analysis: North America currently dominates the market driven by a large number of central fill facilities set up by pharmacy benefit managers and retail pharmacy chains in the region. The growth is higher in the US market owing to increasing rates of chronic diseases, higher prescription volumes and healthcare reforms promoting pharmacy automation. Asia Pacific is expected to offer lucrative growth opportunities owing to growing healthcare infrastructure, rising medical costs and increasing investments by global players looking to expand in emerging Asian markets.
Key players: Ostara Nutrient Recovery Technologies Inc., Nutrient Recovery & Upcycling LLC, Cambi AS, AgriProtein Holdings Ltd., Anuvia Plant Nutrients are some of the leading players operating in the Central Fill Pharmacy Automation market. The key players are focusing on new product launches and mergers & acquisitions to strengthen their market position. For example, in 2021 Ostara partnered with BioHiTech Global Inc. to utilize their wastewater treatment technology to further recover nutrients from Ostara’s wastewater streams.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
