Global Central Fill Pharmacy Market: Overview
Central fill pharmacies have gained huge attention in the past couple of years as it the source of specialty drugs being dispensed from it. This is one of the key factors driving demand in the global central fill pharmacy market. Moreover, the rising number of geriatric population pressuring pharmacies and urge to reduce medication errors has boosted demand in the global central fill pharmacy market. The growing shift towards automation that helps in reducing labor cost will further benefit growth in this market.
Rising focus on minimizing human intervention in packaging, counting, filling pharmaceutical drugs triggered growth in the global central fill pharmacy market. Moreover, the ability to get real-time inventory data and possibility to tracks the usage and optimizing the inventory are a few other benefits of using a central fill pharmacy model. With all these information remaining intact, there are other regional and players’ competition information that also augmented growth in the global central fill pharmacy market. Collectively all this information will get detailed analyses in the global central fill pharmacy market and help in taking better-analyzed decisions by market participants in the coming years.
Global Central Fill Pharmacy Market: Notable Developments
Players operating the global central fill pharmacy market are focusing on developing new ways to enhance the services provided by this model. Prominent players are also focusing on product approval, product launch, and are engaged in establishing a strategic alliance and collaborating with other companies operating in this market across the globe. For instance:
- Recently, Talyst Systems, LLC was acquired by Swisslog Healthcare. This acquisition gave Swisslog an advantage for expanding its outpatient and inpatient pharmacy solutions coupled with the company’s field service network.
- Another example is of TCGRx that recently acquired Parata Systems. This aim behind this acquisition is to expand the company’s ongoing growth initiatives with inventory control, central fill, and automated blister card packaging technologies. This will expand the presence of TCGRx at a larger scale.
Other leading players operating in the global central fill pharmacy market includes Cornerstone Automation Systems, LLC ARxIUM, Inc., Kuka AG, TCGRX Pharmacy Workflow Solutions, RxSafe, LLC, Omnicell, Inc., McKesson Corporation, Innovation, R/X Automation Solutions, ScriptPro, and Tension Packaging & Automation.
Global Central Fill Pharmacy Market: Trends and Opportunities
High preference given to the healthcare sector in both developed and developing economies is affecting the growth in the global central fill pharmacy market. Emerging economies are booming markets that have huge potential and will expand the growth in this market.
However, factors such as logistical challenges and high initial capital investments might restrict the growth of the central fill pharmacy. But with growing multichannel communication systems has gained huge attention could help in augmenting growth in the global central fill pharmacy market.
Increasing Focus of Pharmacists to Enhance Europe Central Fill Pharmacy Market
Regions explained in the global central fill pharmacy market include North America, Asia Pacific, Latin America, Europe, and the Middle East and Africa. Of these, North America is expected to hold a dominating share in the global central fill pharmacy market. Europe is projected to hold the second position in the market. Growth in specialty medication dispenses, rising focus on providing value-based care to patients, and a growing number of medication errors are some of the key factors driving demand in North America central fill pharmacy market. Rising need for automated systems for improved compounding and dispensing has largely affected growth in this market.
In Europe, the demand for central fill pharmacy model has increased substantially, and further enhances the growth in this market. Moreover, rising patient pool augmenting efficient prescription filling and increasing focus of pharmacists to provide advanced patient care has further fueled the growth for central fill pharmacy in Europe.
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