McKesson Corporation (US), Omnicell, Inc. (US), and TCGRx (US) are the Leading Players in the Central Fill Pharmacy Automation Market
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%. The increasing demand for specialty drugs being dispensed by central fill pharmacies is one of the primary drivers propelling the growth of this market. Factors such as the growing need to minimize medication errors, growing patient volume which leads to an increase in prescription dispensing, and the rising focus on automation to reduce labor costs are also driving market growth. The untapped central fill pharmacy automation market in the Europe and Asia Pacific regions offer significant growth opportunities for players.
ARxIUM, Inc. (US), RxSafe, LLC (US), TCGRX Pharmacy Workflow Solutions (US), Omnicell, Inc. (US), ScriptPro (US), Kuka AG (Germany), Innovation (US), R/X Automation Solutions (US), Tension Packaging & Automation (US), McKesson Corporation (US), Cornerstone Automation Systems, LLC (CASI, US), and QMSI (US) are the key players operating in this market. Due to the intense competition in this market, major market players are increasingly focusing on expanding their geographic presence in the high-growth markets and strengthening their competitiveness by launching various technologically advanced products.
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McKesson Corporation is the leading player in the central fill pharmacy automation market, offering 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. 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. For this market, the company focuses on inorganic growth through acquisitions that either expand or complement its business. In January 2018, the company acquired RxCrossroads to enhance its portfolio of manufacturing solutions. The company also focuses on product innovation as a key strategy to enhance its market standing.
Omnicell is a leading provider of automation and business information solutions that help to simplify the medication administration process and control costly medical supplies for better operational efficiency and improved patient safety. The company provides a wide range of products such as automated dispensing systems, central pharmacy automation, IV robotics, analytics software, and medication adherence and packaging systems. With over 5,000 customers across the globe, Omnicell has a wide consumer base, enabling over 17,000 institutional and retail pharmacies across the globe to maintain high accuracy and quality standards in medication dispensing and administration, while optimizing productivity and controlling costs. Omnicell focuses on business expansions through both organic and inorganic growth strategies. The company has launched various products in the last three years to gain access to different markets and meet end-user requirements. For instance, in November 2017, the company launched the Omnicell XR2 Automated Central Pharmacy System to streamline critical workflows, maximize inventory control, improve operational efficiency, and increase medication safety. The company also focuses on increasing its market share by acquiring local and foreign players and entering into partnerships & agreements to enhance its capabilities and strengthen its geographic presence.
Related Reports:
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
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