September 01, 2022 09:10 ET | Source: CMI CMI

Seattle, Sept. 01, 2022 (GLOBE NEWSWIRE) -- According to Coherent Market Insights’ analysis, the global central fill pharmacy automation market is estimated to be valued at US$ 416.06 Million in 2022 and is expected to exhibit a CAGR of 12.2% during the forecast period (2022-2030).

Key Trends and Analysis of the Global Central Fill Pharmacy Automation Market:

Key trends in the market include launch of technologically advanced solutions, increasing partnerships between market players, and growing healthcare expenditure by various healthcare regulatory organizations.

Increasing product launches of technologically advanced solutions is expected to fuel the market growth over forecast period. For instance, in August 2021, iA, a provider of software-enabled pharmacy fulfilment and automation solutions, announced the introduction of three new solutions which are Pharmacy Fulfillment, SmartPod, a therapy management solution that aid in enhancing the pharmacist-patient relationship by helping pharmacies improve fulfilment efficiencies and manage inventory while enabling pharmacy providers the ability to offer greater patient choice.

Market players are involved in strategies such as partnerships, which is expected to drive growth of the global central fill pharmacy automation market over the forecast period. for instance, in february 2020, omnicell, inc., provider of medication management solutions, and geisinger, a health and wellness organization, announced their partnership to introduce Omnicell XT automated dispensing systems to improve nurse-pharmacy workflows and medication safety and security

Moreover, growing healthcare expenditure by various healthcare regulatory organizations in the U.S. is expected to drive the growth of global central fill pharmacy automation market. For instance, according to the U.S. Centers for Medicare and Medicaid Services’ 2020 findings on the National Health Expenditure (NHE), hospital expenditure grew by 6.4% to US$ 1,270.1 billion in 2020, compared to the previous year 2019. Additionally, physician and clinical services expenditures grew 5.4% to US$ 809.5 billion in 2020, faster growth than the 4.2% in 2019.

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Increasing investments in R&D activities by market players is expected to augment the market growth over forecast period. For instance, according to the National Center for Science and Engineering Statistics (NCSES) within the National Science Foundation, in 2019, research and experimental development performed in the U.S. totaled around US$ 606.1 billion in 2018.

Key players operating in the Global Central Fill Pharmacy Automation Market include Omnicell, ARxIUM, ScriptPro, Cardinal Health, Parata Systems, RxSafe, LLC, Tension Packaging & Automation, McKesson Corporation, Cornerstone Automation Systems, LLC, Quality Manufacturing Systems, Inc., Noritsu, Capsa Healthcare, Yuyama USA, and Catalyst Healthcare Ltd.

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