Central Fill Pharmacy Automation Market size is anticipated to reach USD 20 billion by the end of 2036, growing at a CAGR of 8% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of central fill pharmacy automation was over USD 10 billion. The rising integration with telehealth services is one of the main growth drivers propelling the market. A significant growth driver for the market is the seamless integration of automation systems with telehealth services. The convergence of central fill pharmacy automation and telehealth creates a synergistic approach that addresses both prescription fulfillment efficiency and patient convenience, especially in the context of evolving healthcare delivery models. Telehealth utilization in the United States increased by approximately 38 times in April 2020 compared to the same month in 2019, according to the Centers for Disease Control and Prevention (CDC).
Automated systems that verify the accuracy of prescription orders to reduce errors in dispensing medications. Barcoding technology is used to ensure accurate prescription labeling and tracking throughout the prescription fulfillment process. The central fill pharmacy automation market has grown significantly in response to the need for cost-effective and efficient prescription fulfillment, especially in large pharmacy chains and healthcare organizations. It helps reduce the burden on individual retail pharmacies, increases accuracy, and allows pharmacists to focus on patient care and consultation.
Growth Drivers
Challenges
|
Base Year |
2023 |
|
Forecast Year |
2024-2036 |
|
CAGR |
~8% |
|
Base Year Market Size (2023) |
~ USD 10 Billion |
|
Forecast Year Market Size (2036) |
~ USD 20 Billion |
|
Regional Scope |
|
Type (Automated Dispensing Systems, Conveyor Systems)
The conveyor systems segment is estimated to account for 60% share of the global central fill pharmacy automation market in the year 2036. Conveyor systems are continually advancing, integrating cutting-edge technology such as robotics and sophisticated tracking systems. This enhances their efficiency, adaptability, and compatibility with evolving pharmacy automation needs. Technological progress is a significant driver of adoption, as pharmacies seek the most advanced and effective solutions. The global pharmacy automation industry was valued at nearly USD 3.6 billion in 2019. As the world emphasizes environmental sustainability, conveyor systems contribute by reducing the need for excess packaging and manual handling. Automation minimizes waste generation, a key environmental concern. Pharmacies that prioritize sustainability align with the global commitment to eco-friendly practices.
End User (Pharmacists, Pharmacy Technicians, Patients)
Central fill pharmacy automation market from the patients segment is expected to garner a significant share in the year 2036. Patients are increasingly concerned about environmental sustainability. Automation in central fill pharmacies contributes to sustainability by reducing the need for excess packaging and minimizing waste. Patients appreciate environmentally responsible practices in healthcare. A survey found that 66% of respondents were willing to pay more for products and services from companies committed to positive environmental and social impact. Automation systems in central fill pharmacies free up pharmacists and healthcare staff to spend more time on patient counseling and education. Patients benefit from personalized guidance on medication usage, potential side effects, and lifestyle adjustments. Enhanced counseling leads to better patient understanding and overall health outcomes.
Our in-depth analysis of the global market includes the following segments:
|
Type |
|
|
End User |
|
North American Market Forecast
The central fill pharmacy automation market in the North America region is projected to hold the largest revenue share of 40% by the end of 2036. One of the primary growth drivers for the market in North America is the continuously increasing prescription volume. The United States and Canada have been experiencing a rise in the demand for prescription medications, influenced by factors such as population growth, aging demographics, and the increasing prevalence of chronic diseases. This surge in prescription volume necessitates automation to efficiently manage the medication fulfillment process. In the United States, prescription drug expenditures were estimated to have reached USD 370.7 billion in 2019. Enhancing patient safety and medication accuracy is a critical driver for the adoption of central fill pharmacy automation.
APAC Market Statistics
The central fill pharmacy automation market in the Asia Pacific region is projected to hold the second largest share during the forecast period. One of the primary drivers for the market in the APAC region is the increasing demand for healthcare services. This demand is propelled by several factors, including a rapidly aging population, urbanization, and the prevalence of chronic diseases. As the demand for healthcare services surges, so does the need for efficient prescription fulfillment, making central fill pharmacy automation a critical solution. The World Health Organization (WHO) notes that Asia Pacific is experiencing an aging population, with a projected increase in the number of people aged 60 and over from 549 million in 2019 to 1.3 billion in 2050. Ensuring medication safety and accuracy is paramount in healthcare, and medication errors can have severe consequences for patients. Central fill pharmacy automation significantly reduces the risk of errors by automating the medication dispensing process, ensuring precise dosages and proper labeling. This enhances patient safety and builds trust in healthcare services. Efficiency in workflow is a crucial driver for central fill pharmacy automation in the APAC region.
Author Credits: Radhika Gupta, Shivam Bhutani
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?