Central Fill Pharmacy Market: Pressure on Pharmacies to Reduce Medication Errors Propels the Global Market
Central Fill Pharmacy Market: Introduction
Central fill pharmacies have gained attention in the past couple of years, as these are the source of specialty drugs. This is one of the key factors driving the global central fill pharmacy market. Moreover, increase in the geriatric population and pressure on pharmacies to reduce medication errors propels the global central fill pharmacy market. Increase in shift toward automation, which helps reduce labor cost, augments the global market.
Rise in focus on minimizing human intervention in packaging, counting, and filling pharmaceuticals boosts the growth of the global central fill pharmacy market. Moreover, the ability to get real-time inventory data and possibility to track the usage and optimizing the inventory are a few other benefits of adopting a central fill pharmacy model.
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Key Drivers, Restrains, and Opportunities of Global Central Fill Pharmacy Market
High preference to the health care sector in both developed and developing countries fuels the growth of the global central fill pharmacy market. Emerging economies are booming markets and are projected to boost the growth of the global central fill pharmacy market.
However, logistical challenges and high initial capital investment are anticipated to restrain the global central fill pharmacy market. Nevertheless, multichannel communication systems have gained attention in the past few years, which is expected to augment the global central fill pharmacy market.
North America to Capture Major Share of Global Central Fill Pharmacy Market
In terms of region, the global central fill pharmacy market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is likely to account for significant share of the global central fill pharmacy market during the forecast period. Increase in specialty medication dispenses, rise in focus on providing value-based care to patients, and surge in number of medication errors are the key factors driving the central fill pharmacy market in North America. Rise in need of automated systems for improved compounding and dispensing boosts the growth of the market in the region.
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Europe is projected to account for the second largest share of the global market in the next few years. Demand for central fill pharmacy model has increased substantially in the region. Moreover, rise in patient pool increases demand for efficient prescription filling, which induces pharmacists to provide advanced patient care. This in turn fuels the growth of the central fill pharmacy market in Europe.
Key Players Operating in Global Central Fill Pharmacy Market
Players operating in the global central fill pharmacy market focus on developing new methods to enhance the services provided by this model. Prominent players also emphasize on product approval, product launch, and establishing a strategic alliance and collaborating with other companies operating in the global market.
In 2017, Swisslog Healthcare acquired Talyst Systems, LLC. This acquisition gave Swisslog an advantage for expanding its outpatient and inpatient pharmacy solutions coupled with the company’s field service network.
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In 2018, TCGRx acquired Parata Systems. This acquisition expanded the company’s ongoing growth initiatives with inventory control, central fill, and automated blister card packaging technologies. This expanded TCGRx's presence in the market.
Major players operating in the global central fill pharmacy market are:
- Cornerstone Automation Systems
- LLC ARxIUM, Inc.
- Kuka AG
- TCGRX Pharmacy Workflow Solutions
- RxSafe, LLC
- Omnicell, Inc.
- McKesson Corporation
- R/X Automation Solutions
- Tension Packaging & Automation
- Other prominent players
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